NCFA Fintech Confidential December 2020 (Issue 3)

As fintech and big tech
players expand their payment
functionality, banks will need to
be invested in teen banking —
or risk being left behind.
In Canada, we can just look to Europe for
a glimpse into the future. Open banking,
neobanks, consumer-friendly legislation and
services like the UK’s Current Account Switch
Service will eventually come to Canada.
And if there is one lesson to be learned, it is
that embracing those changes is crucial. FIs
who were adequately prepared are thriving
in this new environment. By doing nothing,
Canada is at risk of becoming a net importer
of financial technology for teens.
BE RELEVANT
- Morgan Stanley Research
In the end, it all comes down to being relevant
for tomorrow’s mass customers, Generation Z,
right NOW. Gen Z’s appetite for new payment
products and experiences is a no-brainer.
There are clear signs that their demands for
alternative cashless, context-relevant and
rewarding mobile experiences are unmet.
This technologically savvy cohort represents
a massive opportunity for FIs willing to provide
products tailored to their needs. Those FIs
looking for ways to drive meaningful mobile
engagement for Gen Z can rely on Fintechs
such as WALO.
An early value-added relationship between
the youth and FIs will pave the way for loyal
and lucrative lifelong relationships.
About:
Rim Charkani
Co-Founder & CEO
WALO
Rim Charkani is the co-founder and CEO of WALO, a fintech on
a mission to ensure the financial health of future generations.
Prior to founding WALO, Rim has held multiple key roles such
as senior corporate strategy advisor at the Desjardins Group,
Strategy Consulting manager at KPMG Canada, and Digital
Consulting manager at KPMG Australia. Rim holds an MBA in
Information Technology Management from Laval University
and a Master’s degree in Management from EDHEC Business
School (France).
CULTURE
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