For young Canadians, what matters most are digital experiences and lower fees. If they don't get those from big banks, they'll be gone

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By Jonah Prousky

For decades, Canada’s Big Six banks have controlled most of the country’s financial market. That’s been good for shareholders, not so much for customers. While the Six rank among the most profitable banks in the world, average Canadians pay high fees for financial services.

Fortunately, Canada’s banking and investing landscape is changing. The rise of fintech companies such as Wealthsimple, Neo Financial, Questrade, and Simplii Financial has brought much-needed competition. These disruptors now offer alternatives to nearly every traditional spending, saving and investing product, often at little to no cost. Which is why many millennials and Gen Z-ers are losing faith in traditional banks. Personally, I keep an account with a Big Six bank for one reason only: to deposit the occasional physical cheque. The day my fintech can handle that, I’m done with traditional banking altogether.

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Consider investing. Imagine you have $100,000 to invest over 10 years. At a Big Six bank branch, you might be schmoozed into a mutual fund with a two per cent annual management........

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