CIBC, a personal banking and financial services app, was the most downloaded FinTech app in Q2 2022 with 488k downloads a more than four-fold increase from Q2 2021 levels. Wealthsimple, a managed portfolio Investing platform, and CIBC app downloads have diverged in recent months indicating that Canadian economic outlook in the short term is worsening and Canadians money management is shifting to lower risk options. Wealthsimple has also struggled expanding and pulled out of the UK market at the end of 2021, transferring its customers to Moneyfarm, whilst CIBC app had highest ranking in customer satisfaction in Canada, according to a 2021 study from J.D. Power and received the highest overall score for mobile banking functionality and user experience from Forrester.
Paypal, a payments platform, had the most downloads from Q2 2021 to Q2 2022 with 2.08m in total. Overall, the app has been downloaded 6.7m times which is almost one in five Canadians (population of Canada is 38m) with only the TD Canada app having more total downloads at 8.4m.
WealthTech dominates the list accounting for four of the five companies listed and the PayTech sector accounted for one. Nine out of ten Canadians reported using online banking in the last year and bank customers are highly satisfied with their banking experience online and via app??based solutions, with satisfaction levels at 93% and 80% respectively. Digital payments transaction value is projected to reach $119bn in 2022 and is also expected to rise in Canada with an estimated CAGR of 15.35% from 2022 to 2027.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global.??2022 FinTech Global
