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Online Banking in Canada

Owner
Gavin
In Canada, Banking is the major industry and it contributes majorly to the financial system and economic growth of Cananda. In fact, banks account for more than 70 percent of the assets of the financial services sector of the country. If we go by the figures of 2002, then Canadian banking industry was composed of 14 domestic banks, 20 foreign bank branches and 33 foreign bank subsidiaries. These institutions, together, managed more than $1.7 trillion in assets.  

Technologocal advancements all around the globe are leading to a rapid growth of the financial world. Because of the emergence of new banks in the market, the competition for the Canadian banks has soared high tremendously. Canadian banks are setting up online branches of its banks to have a neck to neck fight with the International Internet Banks springing up from all sides. The online branches will help the clients in making the transactions over internet.

Major banks of Canada have made huge investments in technology to face the challenges put forward by other financial services giants and new foreign entrants. They have strengthened their competitiveness by providing innovative products and services that fulfill customer demands. Online banking has helped them in expanding their customer base and breaking national borders.  The Bank of Montreal, the Canadian Imperial Bank of Commerce, the TD Bank, the Royal Bank of Canada and many others have launched their own websites. These banks are not only informative and helpful, but secure as well.

Online banking has helped Canadian banks in expanding its horizons. They are now also extending their services to the United States, Europe and Asia. Though the competition is tough, but Canada has put up a brave front by introducing online banking.

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