David Becoming Goliath: How Questrade and Wealthsimple are Reinventing Banking

Reshaping the Canadian banking landscape is no longer a distant goal for fintech challengers; it is a current reality as Questrade and Wealthsimple move into direct competition with the Big Five. This session explores the high-velocity era of finance where these former startups have secured direct access to national payment infrastructure and full banking licenses. By shifting the focus from simple fee extraction to intentional wealth creation, these platforms are forcing traditional institutions to justify their legacy models. Attendees will hear how Wealthsimple became a direct participant in the e-Transfer network and why Questrade’s acquisition of a banking license signals a massive expansion into the total addressable market of retail banking.

The technical discussion focuses on the transition from fragmented tools to integrated financial operating systems that automate the entire user journey. Reshaping the Canadian banking landscape requires more than just a sleek app; it demands regulatory grit and the ability to offer sophisticated services like direct indexing and private market access to the mass market. The panelists break down how “intent-driven finance” allows for real-time, automated wealth management where bills are paid and investments are topped up without manual intervention.

Strategic innovation is the primary driver for reshaping the Canadian banking landscape in 2026. The session highlights how these companies leverage brand equity to win customer trust, which remains the most critical factor for moving core financial relationships away from traditional banks. As barriers to entry fall and open banking protocols expand, the ability to deliver high-yield, no-fee accounts alongside real-time human support is setting a new industry standard.

The session covers these essential takeaways:

• The strategic path from being a securities dealer to securing a full banking license.
• How direct infrastructure access allows fintechs to bypass traditional gatekeepers.
• The evolution of “Intent-Driven Finance” and automated wealth creation tools.

Watch the full session to learn how these industry leaders are successfully reshaping the Canadian banking landscape and what it means for the future of your financial strategy.