Eyes On Canadian Fintech: The Latest Developments in Convenience and Security
Canadian firms are pioneering new tools and processes for financial services. Consumers and businesses would do well to pay attention to their growth.
Karoline Gore gives Finance Monthly an overview of promising Candian fintechs to look out for.
With the rest of the world sprinting toward the inclusivity and diversity of fintech, Canada is catching up swiftly. It is the inclusivity of cashless transactions and peer-to-peer lending, in particular, that are catching the attention of the Canadian market. So it isn’t surprising that Canadian fintech is now attracting a rather diverse age demographic with 46% of them being over the age of 40, according to TransUnion Canada.
In response to this growing demographic, Canadian fintech companies are rolling out some very exciting developments. So which companies are making a splash, and how?
Talem Health Analytics and Ownest Financial
Two Canadian fintech companies are front and center in Holt FinTech Accelerator’s 2020 Cohort list. Talem Health Analytics, based in Nova Scotia, has helped insurers streamline data and empowered them to detect and avoid fraudulent attempts through their AI injury causation tool. They also help insurance firms map out rather accurate recovery trajectories so they can better develop plans to suit their clients. The Calgary-based Ownest Financial that cut down the internal processing time of their partner lenders by 90%. They partnered up with 125 Canadian lender companies to give consumers an easier time to shop around for mortgages, personal loans, and even car financing, to mention a few. They also boast that their clients need about 70% less paperwork, making the whole lending experience swifter and less complicated.
MindBridge’s AI Reducing Financial Risk
Surprisingly, only 45% of consumers feel confident that they can spot and identify errors in financial statements before turning them into reports, according to the Association of Certified Fraud Examiners. The Canadian fintech MindBridge has developed an AI that rapidly scans and identifies anomalies in financial statements and reports. This helps organizations and consumers reduce their financial risk and avoid damaging credit scores. MindBridge’s AI is effectively transforming how accounting can be done, streamlining the auditing process, and improving financial management for businesses and their owners, and private consumers.
AptPay’s Faster Cash Disbursement
The Canadian fintech AptPay is making a splash in the UK. They’ve partnered up with Mastercard to facilitate an accelerated cash disbursement processing for businesses in various industries and sectors. It is through AptPay’s Application Programming Interface (API), that companies and businesses can integrate Mastercard Send to start payouts. Through AptPay’s compliance services, businesses and their employees can be assured that their transactions are secure and are compliant with the rules set for their particular industries. The API will also enable real-time digital payments that can be linked to banks. The best feature is that payments can be rejected, approved, and reversed by recipients—so they are not simply inert in the whole process.
As consumers and businesses are fully realizing the convenience, inclusivity, and safety of cashless transactions, it is the job of fintech companies to provide better services and processes. Thankfully, Canadian fintech is paying attention and is setting its own trends through its developments and initiatives. The coming months will be a truly exciting time for Canadian fintech and consumers should pay attention.