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In 2024, 77% of Canadians said that they use online banking much more than in person or other banking alternatives. The satisfaction rate for mobile banking is very high in the Canadian population, despite economic instability since the pandemic and other world issues. Banking is evolving to the digital world, making physical banking unnecessary, and soon, maybe obsolete.

I chose to include this article because it shows the priorities of Canadians today when it comes to banking. Even with worries about security and information breaches, Canadians continue to gravitate towards the option that is easier, and more convenient. With banking apps you can deposit cheques, pay bills, invest, and so much more from your couch.

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The evolution of how Canadians bank: digital gains and the evolving role of branches

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Though in Canada we have the main 6 banks that most of the population uses, there are so many more banks, credit cards, and options for investing your money. Many corporations team up with banks to offer special perks for taking out loans, stocks, and other types of either debt or investments. These corporations encourage you to take on debt, and spend that money within their stores. In turn this is increasing the debt crisis without many people even batting an eye, simply because of how easy it is to access these promos online.

I chose this article because it shows a large problem within todays mobile banking. The ease of use is a double edged sword, making it easier to do your banking and pay your bills on your phone, but also making it scarily easy to take out large sums of money. With the amount of options and perks for different credit cards, it's common for a single person to have dozens under their name, often racking up debt among many different mediums.

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Vass Bednar is a contributing columnist for The Globe and Mail and host of the new podcast, Lately. She is the executive director of McMaster University's master of public policy in digital society program.
Imagine Scotiabank encouraging you to buy a car, or RBC trying to sell you a house so that it can lock you into a mortgage. It would seem odd, and scam-like. And yet we tolerate the reverse when retailers expand into banking.

Despite the Big Six's dominance in Canada, we have more banks than we think. But a few of those other options to manage your money are retailers, too - encouraging you to borrow money and spend it in their stores. A private retailer's primary motive of profit maximization is at odds with the fiscal prudence that a bank is supposed to encourage you to practise. This duality is duplicitous.

While Canadian Tire may have once felt bank-like with its Monopoly-money-esque loyalty coupons, it turns out that Canadian Tire Bank has been licensed under Canada's notoriously stringent Bank Act since 2003 (for real money). Its associated Triangle Rewards program allows you to redeem Canadian Tire money at other stores that Canadian Tire owns.

Telecommunications giant Rogers also has Rogers Bank, which was established in 2013 and offers credit card products. Grocery titan Loblaw also owns President's Choice Bank (established in 1996), which operates the PC Money Account and offers PC Optimum points on everyday banking transactions and purchases. Sears Canada similarly had a "bank" until 2005, and you can get a special credit card at Home Depot and other stores.

These rewards programs can also be viewed as a form of preferential discounting, and their existence makes some sense because retailers already have foot traffic. But let's be real: These banks are spun up by retail giants that already have market power and are trying to further entrench it through the presumed "flywheel" of banking services supercharged by loyalty programs at the expense of consumers' best interests (namely, preserving their capital and deploying it judiciously). The associated promise of points incentivizes consumers to spend more money, more often; it's the opposite of saving.

These arrangements also allow retailers to skim the credit-card fees for themselves. When banks issue credit cards, they make a little bit of money every time the card is used, claiming the majority of the interchange fee. Some firms have even tried to wage a war with the Visa-Mastercard duopoly because of how high their fees are.

But instead of actually challenging that behaviour, they're just replicating (and perpetuating) it; sometimes through white-labelled cards that rely on one of those companies. The pairing of a retailer with a loyalty program, or a loyalty program with a banking system can make good sense; but the combination of all three is extractive and ultimately, exploitative. Decoupling retailers from banking would be better for consumer privacy, data security and fair lending processes.

The United States actively separates retailers from also being banks through a principle in the Bank Holding Company Act that prevents commercial companies from obtaining banking charters. Canada has no such rule. This separation was tested back in 2005 when Walmart tried to obtain a special banking charter, prompting pushback from consumer groups, competitors and threats from legislators. In 2007, Walmart sheepishly abandoned this prospect. Two years later, it received a Canadian banking licence without media fanfare or political attention, which it then used to issue its own credit cards. We simply don't seem to hold the same value of keeping commerce and banking separate.

Marketplaces are morphing and companies have concurrent functions that can make us underestimate their complexity. For instance, Starbucks collects cash from its members through its Rewards program and operates like a treasury but isn't formally legislated as such - despite holding more money than many banks. Every time you preload your app for your next Frappuccino, you offer Starbucks an interest-free loan. Sometimes customers are literally treated as if they are a bank.

Canadians often boast about their stable, reliable banking system. As politicians support the evolution of this system toward a consumer-led-banking context that unlocks open banking and facilitates payment modernization, we should do more to eliminate the fundamental conflict of interest inherent between a savings institution (a bank) and a spending one (a retailer), even if it means losing a little bit of competition in the process. Participating in slick marketing programs that allow you to engage in lite banking activity seems contradictory and foolish. It's a little bit silly, just like Canadian Tire money was.

Not everything needs to be an everything store. Since Walmart shied away from its bid in 2005, many traditional, familiar retailers have begun to emulate digital platforms. Now would be a smart time for Canada to mandate a structural separation between banks or partnerships with financial institutions and retailers in the name of smart competition.

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Opinion: In Canada, we bank where we buy

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Despite the Big Six's dominance in Canada, we have more banks than we think

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RBC shares multiple tips on how to stay safe while banking online. They recommend using a unique password for banking purposes only, setting up two step verification to help combat fraud and theft, and using Interact E Transfer for virtual money transfers that will be safe from hackers. They assure that mobile banking is safe and that banks thoroughly test their apps and websites for safety of funds and information.

I chose this article because many people in Canada, especially the older generation, are skeptical of online banking from their phones or computers. This article provides decent information on how your information is protected, and what the banks do to help make sure you maintain privacy. It's also useful for the younger generation who often blindly trust technology despite how much research they've done, and can assure them that it's safe.

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Mobile banking is one of the safest and most secure ways to manage your money. In a recent conversation, Liam Elliott, Senior Manager of Digital Identity and Security at RBC answers some questions about mobile banking, addressing common consumer concerns.

Q: How safe is it to do your banking on a cell phone?

"Banking through an app on your phone or tablet - also commonly referred to as mobile banking - is one of the safest ways to bank for a few reasons," says Elliott.

For starters, there are many layers of security that work together to create a secure banking environment in mobile banking apps.

Banks take great care to make online and mobile banking safe and secure, using a variety of technologies and security mechanisms to protect their clients' financial information.

Mobile phones tend to have built-in cryptographic (coded) hardware that can be leveraged to improve security and authentication. Think facial recognition, eye scanning, Touch ID, or other biometric identification features that come with many phones.

The App Store and Google Play also have strict standards, and bank apps must go through extensive testing and verification before they are made available.

"From a technology standpoint, the hardware and software security features that exist on the phone make banking very secure," says Elliott.

Q: More sites now require complex sign-ins. Do extra steps help protect information?

Multiple steps - typically known as "two-step verification" or "multi-factor authentication" - are an added security feature that asks users to provide two different types of information to prove their identity.

For example, you'll need to prove that you own your phone, the associated cell number and are able to unlock it before being given the authorization to receive a code to input into a site or an app. Unless hackers get your phone, your phone passcode, your email address and your email password, they won't be able to log in.

"Two-step verification gives us the advantage that if one channel - such as username/password - is compromised for any reason, we have alternative methods to reach out to you, and ensure another layer of security is used to protect against hackers accessing your banking information," explains Elliott.

Q: What other mobile banking features can help boost security?

Card Lock and Interac e-Transfer Autodeposit are two features that add extra security to mobile banking.

Card Lock, for example, allows you to lock your card directly from your phone if you've misplaced it. "With this feature, you don't need to worry that your card will be misused if it's been lost or stolen," says Elliott.

The Autodeposit feature for e-Transfer transactions also adds another layer of protection while adding more convenience. "Autodeposit acts as a security feature because it removes the step of having to enter and communicate a security question and answer," Elliott says.

What's more, Autodeposit helps protect you against email fraud. "With Autodeposit, there is no security question to email, answer or intercept," says Elliott.

Q: How can monitoring accounts digitally help keep finances safe?

Besides giving you a clear view of your banking activity, checking your accounts regularly actually boosts the effectiveness of behind-the-scenes processes.

"At RBC, every time you check in with your accounts, we have a record of that," explains Elliott. "If that check-in doesn't fit the pattern, we will challenge you with a Personal Verification Question. We score each of your logins, and every transaction thereafter is monitored by the fraud department. If they see something unusual after a strange login, they can step in and stop a fraudulent transaction before it happens."

Q: Lastly, what are easy things people can do to help keep their banking information safe?

"First and foremost, do not re-use your passwords," urges Elliott. "Whatever password you're using for your banking, use something else for other sites you log into."

Also, setting up two-step verification is simple and you only have to set it up once and then you are better protected.

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How Can Mobile Banking Help You Protect and Manage Your Money?

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RBC's Senior Manager of Digital Identity and Security answers common questions about the security benefits of mobile banking.

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This article reviews key advantages and disadvantages of mobile banking in Canada. Some named advantages include accessibility, time saving, and enhanced control over your finances, investments, and more. It also includes some disadvantages, such as some security risks, technical issues that can cancel transactions, dependency on internet connection, and potential fees on interactions between consumers and the bank.

I chose this article because it gives a realistic view on both the good and bad that can come from mobile banking. It shows the problems that you might encounter while using this new technology, and also the perks that you can obtain while taking advantage of these services.

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Mobile Banking: Advantages and Disadvantages

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Know advantages and disadvantages of mobile banking, including convenience, security concerns, and its impact on modern financial management and transactions.

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Even though mobile banking is easily accessible and extremely convenient, there can still be problems and instances of fraud. Multiple owners of small businesses are out thousands of dollars because thief's stole their cheques directly from the mail, editing the names and dates before depositing them online. There is little to no security when it comes to online cheque deposits for most banking websites.

I chose this video because it demonstrates one of the main issues that comes with online and mobile banking. Though the banks have many different ways to verify users, and other types of cyber security, not everything is 100% secure when it comes to privacy and confirmation.

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How criminals are using mobile banking to steal from your bank account I 13 Investigates

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Tangerine is a very prevalent banking app in Canada, and has millions of users across the country. This video covers a few basic advantages and disadvantages. For pros, we have multiple different services, such as high interest savings accounts and tax free savings accounts. It also has a very user friendly interface for all of its users. For some cons, we have a lack of physical branches, and also fees on certain ATM withdrawals, which might deter some customers.

I chose this video because it's important to research your bank before creating an account, especially for online only companies such as Tangerine. Customers might seek out certain advantages, or leave because of certain disadvantages, and it's always important to do your own research from trusted sources.

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Tangerine Bank Review 2025 | Pros and Cons | Detailed Overview

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A new scam has appeared in the world of online banking has appeared, with scammers impersonating banking financial institutions. They intercept e-transfers between clients and the institution, and between clients. They reached the clients through a phone call, and convinced them that they were apart of the financial institutions. The clients then redirected the transfers to the scammers, securely stealing their money.

I chose this article because it's important to understand the problems and complications that can come with mobile banking and money transfers. Though the apps are mostly safe, certain groups of people are constantly changing tactics to take advantage of certain security openings and other vulnerable groups.

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New bank scam warning | How scammers are intercepting e-transfers

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This video explains how mobile banking works. It explains the basics, such as how money transferred from a physical bank to an online bank it s contained in an electronic wallet. This money can then be used to pay bills, buy goods in stores and online, and contribute to investments. All you need to start a transfer is the name and phone number of the recipient, or an online card through Apple wallet for in store purchases.

I chose this video because it comprehensively explains the basics of online banking and how/where you can find your money. It easily explains the concepts and basics of mobile banking and is a useful source for anyone with questions about its technicality.

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This photo shows the main 6 banks in Canada. These are the banks that most of the Canadian population use and have come to trust.

I chose this image because these banks are important to the Canadian economy and the customer base of online bankers.

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This photo shows a user of mobile banking experience a technical issue when it comes to transactions.

I chose this image because technical issues are one of the major disadvantages of mobile banking, as internet connection or servers can be unreliable at times.

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1. What surprised me the most while researching is the amount of fraud and heft happening for mobile banking users, as most banks advertise their services as 100% safe and secure. 2. I almost exclusively bank online and visit the bank in person once a year at most. I found this research relevant because I've never explored the world of online banking and the problems it can cause certain users. 3. I would and probably will pass on this information to my close friends and family because everyone I know uses online banking, making them all at risk. I've learned some very important tips and tricks to ensure online safety.