17. 2011: Google launched Google Pockets within the U.S., three years earlier than Apple Pay even popped up on our iPhones. Over the subsequent decade, Google examined many variations of the app—and even launched a second one, named Google Pay (which was meant to exchange Google Pockets). In February 2024, the corporate stated it will finish Google Pay within the U.S.—and change it with Google Pockets. In its present iteration, Google Pockets serves as a complete digital pockets that may retailer cost and loyalty playing cards, transit and occasion tickets, proof of COVID vaccination and even digital automobile keys.
18. 2014: Scotiabank renamed ING Direct Canada, which it acquired two years earlier, as Tangerine. ING Direct was Canada’s first branchless financial institution and one of many first establishments to supply a no-fee high-interest financial savings account (HISA). Immediately, below its new title, Canada’s first online-only financial institution continues to supply beneficial charges and low charges.
19. 2014: ShareOwner Investments was the primary robo-advisor to function in Canada—by a matter of months. In the beginning, the portfolio administration platform allowed Canadian traders to choose certainly one of 5 mannequin portfolios or to create their very own from an inventory of round 50 ETFs. Over the subsequent few years, robo-advisors gained recognition amongst traders, as extra startups cropped up, Wealthsimple acquired ShareOwner Investments, and BMO grew to become the primary main Canadian financial institution with its personal robo service, SmartFolio.
20. 2015: Following devastating floods in Alberta, residence insurance coverage suppliers Aviva Canada, The Co-operators, RSA Canada and 13 others supplied overland flood insurance coverage, which by no means existed earlier than. Beforehand, insurers typically solely supplied sewer backup protection, which protects towards one other kind of water harm.
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21. 2016: BMO was the primary financial institution to supply biometric identification for company bank card customers. With this expertise, prospects might full on-line funds with a “selfie” or fingerprint verify. On the cell banking facet, a brand new model of the Tangerine app included biometric applied sciences like EyeVerify (for eyeprint ID expertise) and VocalPassword (for voice authentication).
22. 2017: Toronto-based PayBright was the primary firm to supply a purchase now, pay later choice to Canadians. The service, supplied at on-line check-outs, permits consumers to pay for routine purchases—every little thing from clothes and make-up to flights—via installments. Many related firms now function in Canada, together with Affirm (which acquired PayBright in 2021), Sezzle and Afterpay. Some massive banks have additionally created installment cost merchandise and bank card options, together with CIBC (with Tempo It) and Scotiabank (with SelectPay).
23. 2019: RBC made NOMI Budgets out there via the RBC cell banking app. NOMI Budgets, which the financial institution described as the primary of its sort in Canada, makes use of synthetic intelligence (AI) to proactively analyze a buyer’s spending historical past, make funds suggestions and ship well timed updates.
24. 2022: OpenAI launched ChatGPT, a generative AI chatbot. Inside two months, it had an estimated 100 million month-to-month lively customers, making it the fastest-growing client utility in historical past. The brand new tech has myriad potential purposes in finance, together with efficiency measurement and forecasting, information analytics, customer support, and real-time calculations and recommendation.