Canadian Banks Fear Their Mobile Technology is Falling Behind: Report

With Apple Pay and the like “spoiling” customers (well, Canadians are still waiting to be spoiled by Apple Pay), local bank leaders are concerned that their services aren’t ready to meet the mobile banking needs of their customers.


After surveying 50 high-level or C-suite execs from financial services institutions about the mobile banking and IT capabilities of their institution, global hosting and IT services company CenturyLink found that nearly half think they don’t have the IT infrastructure, systems, and processes in place to meet customer expectations.

“To stay competitive in a technology-driven marketplace, Canadian banks must be both financial institutions and mobile technology innovators,” said Roji Oommen, managing director of financial services at CenturyLink. “Given that many of these banks don’t believe they have the infrastructure in place to fully embrace mobile technology, strategic technology partners like CenturyLink can help identify and integrate the right IT and mobile technology solutions.”

Besides being a great business opportunity for CenturyLink, it is important to emphasize what the leaders of these financial institutions had to say. Royal Bank chief executive Dave McKay, for example, stressed the need to work with early-stage financial technology companies as a must-have to thrive in a digital world.

TD Bank chief exec Bharat Masrani, on the other hand, emphasized the need for rules governing new entrants, as they don’t need to comply with the same regulations as banks, giving them, from his perspective, an “unfair” advantage (via The Star).

Fact is, by partnering with Rogers’ suretap, financial institutions have made their move; but overall, big banks are usually slow to move. On the other hand, Canadians are slow to adopt mobile payments. Meanwhile, iPhone users are still waiting for Apple Pay to launch in Canada.

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  • hub2

    Canadians are slow to adopt mobile payments because current options suck compared to the Apple Pay that they’re dragging their heels on supporting.

    Very few will go through the hassle of unlocking their phone and launching a specific app.


  • Let keep our fingers crossed…. for november 🙂

  • Rio

    Announcement first week of October and the release November with 9.1!

  • I was hoping for a small nod during the keynote about Apple Pay in Canada. But nothing. Fingers crossed for iOS 9.1 in November!!

  • aaloo

    our canadian dollar and our canadian banks both suck 🙁

  • Ray

    Canada is slow to adopt because I think they are overly cautious. Yes we are behind the USA in mobile payments, but I sure am glad we have the banking system we do. Canada’s bank system is way better than the USA. Be thankful for that. That said, all backs bend you over and take what they can get from you.

  • Aleks Oniszczak

    Just stick a BMO MasterCard sticker to the back of your phone and there you go, you have a tap-to-pay phone that works almost everywhere. You don’t need to unlock your phone or launch an app. Heck, it’ll work even if your phone is dead.

  • Haha that’s not a bad idea, with any PayPass supported card. Except…well, your credit card being exposed if you lose your phone.

  • In other words if they can’t make money on the new tech and control it, they don’t want it around.