Are Fintechs Winning Canada’s Business Banking Race?

Determining who is truly winning the small business banking race requires a deep dive into how fintech challengers like Float and Keep are disrupting traditional financial models in Canada. While the big five banks still control over 85% of the total market share, agile fintechs are capturing high-growth segments by addressing the specific pain points of small-to-medium enterprises (SMEs). This session highlights a critical shift: fintechs are no longer just service providers but are becoming end-to-end financial operating systems that automate workflows, expense management, and real-time payments.

The technical landscape of winning the small business banking race has evolved toward a symbiotic relationship between incumbents and disruptors. Traditional banks often struggle with legacy infrastructure and a cultural risk aversion that slows down innovation, yet they remain essential partners for underwriting and regulatory compliance. Meanwhile, fintechs leverage agentic AI and open banking protocols to offer speed-to-funding that traditional institutions cannot yet match, with some platforms approving corporate credit cards in minutes rather than days.

Data from recent market audits suggest that winning the small business banking race depends on the ability to provide a seamless, integrated user experience. With nearly 98% of Canadian companies classified as small or mid-sized, the opportunity for modernization is massive. This workshop explores how the race is being run through superior customer loyalty scores, where fintechs frequently outshine traditional banks by margins of 40 points or more in Net Promoter Scores.

Attendees will explore these key themes from the session:

• The shift from fragmented banking tools to integrated financial operating systems.
• How corporate spend cards act as a gateway for broader fintech adoption.
• The impact of Canada’s regulatory landscape and open banking on market competition.

Join this forward-looking discussion to see how your organization can adapt to the changing dynamics of winning the small business banking race.