Banking is a major industry in Canada. It plays a key role in the country’s financial system and economic growth. In fact, banks account for more than 70 percent of the assets of the financial services sector of the country. Over 90 percent of which is from the country’s six giant domestic banks. As of 2002, the banking industry was composed of 14 domestic banks, 20 foreign bank branches and 33 foreign bank subsidiaries. Collectively, these institutions managed more than $ 1.7 trillion in assets.
The financial world is growing rapidly due to its unstoppable technological development. Technology tremendously alters the landscape of the banking industries across the globe. Canada is not an exception. As new banks emerge and penetrate the market, Canadian banks face increased competition from other financial services giants and new foreign entrants. Thus, as international Internet banks mushroom left and right, Canadian banks are setting online branches, allowing their clients to make transactions over the Internet.
Many of Canada’s major banks made considerable investments in technology to address these challenges. They now provide innovative products and services that fulfill customer demands, intensifying their competitiveness. Through online banking, they are able to expand their customer base and break national borders. Today, Canada’s largest banks offer services online.
The Bank of Montreal, the Canadian Imperial Bank of Commerce, the TD Bank, the Royal Bank of Canada and many others have launched their own websites that their clients can use to conduct transactions easily and efficiently. These banks also make sure that they are not only informative and helpful, but also secure. Competition is stiff, but online banking has broadened the horizons for Canadian banks. They are now extending their services to the United States, Europe and Asia. Canada is also the birthplace of many new online banks such as the Bank West.
If you want to know more about Canada’s leading Internet banks, you have come to the right place. This site contains a collection of their profiles, complete with their history and services being offered.