Sixty per cent. According to McKinsey & Co., that’s the estimated percentage of retail profits financial institutions could lose to the emerging FinTech sector within the next 10 years.
As part of the BC Technology Industry Association’s new FinTech Program, Central 1 Credit Union, Coast Capital Savings, Ficanex Services Limited Partnership, and PayPal Canada have joined forces as founding members of the program to foster the FinTech sector and support small business in B.C.
Central 1 is one of Vancouver’s largest technology companies and has already pioneered products that deliver cutting-edge online and mobile software solutions.
“We are developing banking technology services such as Deposit Anywhere™ that make it easier for people to conduct financial transactions and meet their financial goals, wherever they are at any time of day,” said Oscar van der Meer, chief technology and payments officer at Central 1 Credit Union.
The first FinTech Day took place in June, and Central 1 will host future meetings in 2016 to build on its payments expertise and help the sector flourish. ◊