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Canada’s banking industry is fragmented. That’s not a trend: it’s a structural change — and it demands a strategic response.

  • As barriers fall, new entrants are offering Canadian banking customers distinctive models. They’re all about convenience, specialization, advice, ecosystems and customer experience.
  • Industry players with the clearest choices, strongest economics and greatest ability to capture money in motion across the customer journey can position themselves to win the long game.

Personalization will be a key driver of banking success in the years ahead.

Canadians are aging and poised to drive the greatest transfer of generational wealth in history. As demographics change, banks will need to understand their client’ preferences and priorities on a much deeper level.

Two people loading luggage into a vehicle

Operating models will need effective AI and digital technology to operationalize data.

The ability to turn customer data into real-time insights has the power to engage Canadians in entirely new ways. Banks must rethink operating models in light of structural changes and deploy tech strategically.

Person with a bicycle using a smartphone

Speed and agility are crucial to execute strategy.

To thrive in today’s market, banks need to redesign workflows, clarify accountability and make smarter investment decisions. This creates efficient and nimble operating models that adapt to customers’ expectations.

Professional writing on a glass wall in an office

People will need to work differently as banks evolve for the AI era.

It’s not enough to change the model and deploy the tools. Banks must take a thoughtful approach, considering what people do today, where agentic AI will make an impact and how to manage that change at scale across the enterprise.

Two people sitting on a running track

Banks must become participants in open ecosystems.

Ownership isn’t the goal. To compete in open ecosystems, banks need clear API strategies and operating models to connect them with fintechs and other platforms to create more innovative, integrated customer experiences.

Person using a smartphone outdoors

Operating models will need effective AI and digital technology to operationalize data.

The ability to turn customer data into real-time insights has the power to engage Canadians in entirely new ways. Banks must rethink operating models in light of structural changes and deploy tech strategically.

Two people working on laptops at a kitchen table

Thought leadership

Why Canada’s changing market calls for a new retail banking playbook

Explore how retail banking leaders can respond to shifting demographics, rising competition and evolving customer expectations.

Puneet Mann

Why loyalty is becoming retail banking’s next competitive battleground

Discover how Canadian banks can strengthen customer loyalty through personalization, better experiences and AI-driven insights.

Puneet Mann

In Canada, 51% of customers are not committed to their primary financial institution.

Source: EY Retail Banking Consumer Preferences Research Jan 2026

How EY can help

Strategic advisory

Guiding banks in making informed choices about where and how to compete.

Transformation

Designing and implementing operating model, technology and organizational change.

AI and data enablement

Embedding AI-driven insights and automation across the enterprise.

Customer experience and innovation

Crafting personalized journeys that deepen engagement and loyalty.

Risk and resilience

Building trust through robust risk frameworks and cybersecurity.

Talent and workforce development

Preparing the workforce for the future of banking.

The team

Photographic portrait of Puneet Mann
Puneet Mann
EY Canada Retail Banking Leader, Ernst & Young LLP
Photograph Philippe Grégoire
Philippe Grégoire
Partner, Lending Transformation, Ernst & Young L.P.
Photographic portrait of Tad Chisti
Tad Chisti
Partner, National Customer Technology Leader, EY Canada Studio+
Photographic portrait of Abhishek Sinha
Abhishek Sinha
Ernst & Young – Canada Partner, Technology Consulting, FSO Consulting
Photograph of Shini Dewnath
Shini Dewnath
Partner, Risk Analytics and Transformation
Photograph of Naen Lamarche
Naen Lamarche
Partner, EY Canada Credit Union Leader
Contact us
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