Developing and Implementing Effective Fintech Strategies

Bogie Ozdemir

Consider the following:

  • 70% of young adults would rather visit the dentist than a bank;11 See 60 Minutes (available at

  • bank-machine received deposits are 10 times cheaper than in-branch received deposits, while fintech-based deposits are 100 times cheaper than in-branch received deposits;22 See Huffington Post (available at and

  • one of Canada’s favourite banks is Tangerine Bank, which is not one of the big five.

Let us examine these three facts. The majority of young adults avoid bricks and mortar bank branches, and many of these members of Generation Z may never have actually had the experience of using a high street bank. Fintech offers tremendous efficiency benefits that are becoming a differentiator in an increasingly competitive environment. We are at a point in business history where it is no longer practical and cost-effective to scale manual processes as the technology is available and mature enough to automate many of them. However, it is the last of the three bullets above that

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