Adapting to a changing environment
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Research
FDATA and Paytechs: Canadian Consumer and Small Business Attitudes Towards Financial Services and Open Banking
FDATA NA and Paytechs of Canada | Steve Boms and Alex Vronces | Apr 4, 2022
April 4, 2022, Toronto and Washington, DC: More than half of Canadians feel stress when interacting with Canada’s financial services sector and believe they would benefit from increased competition and transparency in the financial services market, according to a landmark survey commissioned by FDATA North America and Paytechs of Canada. The findings indicate this is especially true among women, young people, and new Canadians. Among the biggest sources of dissatisfaction are high fees and a lack of choice.
See: New Mastercard Study: Majority of Canadian Consumers Embrace Open Banking
The findings are derived from two surveys conducted by Pollara Strategic Insights. One was of a randomly-selected sample of 2,001 Canadians 18 years of age or older. The other was of a randomly-selected sample of 600 Canadian small business owners. In each, respondents were asked about their experiences with Canada’s financial services sector.
Key Findings:
- About half of Canadians (52%) and small business owners (51%) feel stress when interacting with the financial services sector. Those who operate larger small businesses (10+ employees) are significantly more stressed (72%). Moreover, the majority (54%) of these larger small business owners feel the amount of time they spend dealing with the financial services sector is getting in the way of them actually running and growing their business, twice the overall level among small business owners (26%). Immigrant small business owners are more likely to be stressed by their interactions with the sector.
- Over two-thirds of Canadians believe more competition in the financial services sector would lead to a greater choice in products (70%) and lower financial services fees (67%). Moreover, small business owners are over four times more likely to agree than disagree with the sentiment that Canadian small businesses would benefit from increased competition in the financial services sector (64% vs. 14%).
See: Ipsos Survey: Most Canadians Say (88%) We Need More Competition
- Among specific changes tested, Canadians are most likely to feel they would personally benefit from easier ways to “shop around” to get the best possible rate (75% would benefit), easier ways to transfer money quickly and securely (73%), and tools that help make personalized investment decisions (69%).
- Among specific changes tested, small business owners are most likely to feel they would benefit from easier ways to “shop around” to get the best possible rate (73% would benefit), better ways to transfer funds between different accounts (68%), and alternatives to credit cards with lower interchange fees for merchants (62%).
- There is widespread agreement among the users of Non-Bank FinTech Apps that they are easy to use (91%), have lower fees (82%), and help save money (73%).
Continue to the original release --> here
Download the 29 page PDF survey results --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Research: ECB publishes report on payment habits and attitudes as part of digital euro project
ECB | Release | Mar 30, 2022
The European Central Bank (ECB) published today the findings of its commissioned research on citizens’ payment habits and their attitudes towards digital payments in order to gain a deeper understanding of user preferences as part of the digital euro project.
Based on the responses of focus groups and online communities across all euro area countries, the report shows a strong preference for payment methods with pan-European reach and universal acceptance in physical shops and online. Users favour payment solutions that are convenient, fast and easy to use. Participants valued the possibility of instant and contactless person-to-person payments, regardless of the platform or device. Focus group respondents also wished for a one-stop-solution that would incorporate all the current payment options into one system.
See: A European approach to DeFi regulation
Safety and security were a concern among respondents, who sought guarantees against fraud and hacking, as well as secure and reliable payment authentication methods. Biometric methods of payment verification, such as those involving iris scan technology, were widely supported by participants, while flexible and adjustable privacy settings were seen as desirable.
“We want the digital euro to add value for end users and merit their confidence,” says ECB Executive Board member Fabio Panetta, Chair of the High-Level Task Force on a digital euro.
“A digital euro could enhance European payments by providing a universally accepted and secure solution that facilitates contactless and instant payments.”
Continue to the original release --> here
Download the 128 page PDF 'Study on New Digital Payment Methods' --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Vancouver Ranks 12th Globally As Fintech Hub
Techouver | Mar 31, 2021
As the Canadian fintech sector looks to rebound from challenges brought on by the pandemic, its future global strength will depend, in part, on the willingness and ability of all ecosystem players to foster innovation, collaborate and expand internationally.
A new report from Accenture titled Collaborating to Win in Canada’s Fintech Ecosystem benchmarks four Canadian technology hubs against 16 other leading and emerging fintech hubs around the world. Overall Canada performed well with Toronto ranking 8th, Vancouver 12th, Montreal 14th, and Calgary 16th out of 20.
The report also examines global investment growth trends across all hubs, noting that that Canada punches above its weight in terms of number of deals closed while total deal value is more subdued compared to leading global hubs.
See: Fintech industry research and reports
According to the report British Columbia is currently home to over 120 fintechs, with Vancouver itself fast becoming a well-rounded technology hub.
Robert Vokes, senior managing director and financial services lead at Accenture in Canada:
“Canada has much to learn and much to contribute to our global peers, including those who are developing open banking, digital identity and data portability solutions. Our ecosystem of Canadian fintechs, major financial institutions and policymakers are coming together to transform and reinvent business models that address the changing digital habits of Canadians – they are shaping and developing future standards that will support the industry while preserving the strength of our financial system.”
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Will this carbon footprint tracker be a game-changer for small businesses?
Protocol | Sarah Roach | Mar 17, 2022
Source: Veeterzy, Unsplash
Normative introduced a free version of its carbon emissions tracker for small to medium-sized businesses.
Tracking carbon emissions is hard, especially for small and medium-sized businesses. A Google-backed company is coming to their rescue, though.
Swedish startup Normative introduced a free version of its carbon emissions tracker, which it created to help relatively small companies get a baseline understanding of their emissions. That's the first step to putting together a climate plan.
“We want to make measuring carbon emissions and joining the race to net zero accessible to everyone,” Normative co-founder and CEO Kristian Rönn said in a statement. “This new tool is our second step towards engaging value chains across the world, and we will continue to develop and push our technology to help businesses take climate action.”
See: Canada’s Low-Carbon Tech opportunity is now or risk another familiar story
Normative’s Business Carbon Calculator helps small and medium-sized businesses monitor their carbon emissions and locate emission hotspots based on data like the size of their facilities and how much they spend on heating, electricity and gas. A team of fellows from Google.org, software engineers, UX designers and product managers have spent the past several months developing the calculator on a pro bono basis. Normative also offers larger businesses a paid product.
Smaller businesses can play a key role in the push to cut global emissions before 2030 and reach net zero emissions before 2050. Meeting those targets would help limit global warming to 1.5 degrees Celsius, a key threshold for preserving a safe climate. Small and medium-sized enterprises make up about 90% of all enterprises and half of all jobs worldwide, according to the World Bank.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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US Investment Crowdfunding Exemptions Explained
Crowdfund Insider | JD Alois | Mar 11, 2022
In the United States, securities or investment crowdfunding was legalized under the JOBS Act of 2012. This bi-partisan legislation was in recognition of changes in technology as well as an understanding of the need to better facilitate capital formation for early-stage firms.
See: How Crowdfunding Can Support a Post-Covid World
Effectively, there are three main securities exemptions utilized in the US to raise money online. The below document is a high-level summary of the different exemptions (not legal advice).
- Regulation Crowdfunding or Reg CF
- Regulation A or Reg A+
- Regulation D 506c or Reg D 506c
Reg CF is an exemption that enables issuers to raise up to $5 million from anyone. Issuers must list the securities offering on a FINRA regulated Funding Portal or Broker-Dealer. Securities crowdfunding is still a young industry that continues to evolve. Last year, the SEC enabled several material changes to improve online capital formation.
Continue to the full article --> here
Download high level summary comparing exemptions --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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90% of IT Managed Service Providers Experienced a Successful Cyber-Attack (in the Past 18 months)
Info Security | James Coker | Mar 10, 2022
Adapting to a changing environment
IT managed services providers (MSPs) have faced extraordinary challenges during the pandemic. In many cases, they have carried the burden of responsibility for ensuring their customers have been able to continue to operate in the face of an uncertain and constantly changing business environment. At the same time, they have also had to adapt in order to continue to operate and survive.
Nine in 10 (90%) managed service providers (MSPs) experienced a successful cyber-attack in the past 18 months, according to new research by N-able. More than four-fifths (82%) of MSPs reported seeing attacks on their customers rise in the past 18 months, preventing an average of 18 attacks per month.
See: U.S. CISA Agency warns of potential increase in Cyber threats
The research reflected the views of 500 senior decision-makers at MSPs about their security experiences both before the pandemic and today.
Dave MacKinnon, chief security officer at N-able, commented: “MSPs have worked tirelessly throughout the pandemic to ensure that the businesses they support can stay online and connected as circumstances changed. But the cyber-criminals they’re protecting against are working equally as hard to make use of these shifts against their targets. MSPs need to understand how the threat landscape continues to evolve and make the changes needed to protect both their customers and themselves and make the most of the enormous opportunity that enhancing security provides.”
Over half of respondents experienced financial loss and business disruption following an attack. At the same time, 46% said they had lost business, 45% suffered reputational effects and 28% saw their customers suffer a loss of trust.
See: Fintech Cybersecurity Best Practices
The most common attack methods detected by MSPs were phishing (75%), DDoS (56%) and ransomware (42%).
Attachs on MSPs are on the rise. SMEs are increasing their security budgets.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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2021 Powerlist: Women in Fintech
Innovate Finance | Mar 8, 2022
The Women in FinTech Powerlist 2021 shines a spotlight on the women leading innovation in financial services. Now in its 7th year, the Powerlist has increasingly attracted a global audience, resulting in applications and nominations from around the world. The 2021 iteration shines a spotlight on 250 women across 9 categories.
See:
Women In Fintech Will Play A Crucial Part In The Covid-19 Recovery Plan
Companies flooded Twitter on International Women’s Day. Then Gender Pay Gap Bot exposed the truth
“The transformation of financial services is being driven by passionate, inspiring female leaders representing all levels of seniority and all components of the FinTech ecosystem. In their role as entrepreneurs, founders, investors, bankers, communicators, tech experts, and more, it is these outstanding women who are moving the needle and making financial services more sustainable, more effective, and more inclusive for all. Shining a light on the incredible women making a true difference is an honour, and something we look forward to every year here at Innovate Finance." Janine Hirt, CEO, Innovate Finance
A select number of women were chosen for the ‘Standout 45’ distinction by a panel of independent judges. Innovate Finance called on the FinTech ecosystem to nominate and submit applications, and received 1000s of responses, highlighting that there is certainly no lack of female talent within the sector!
We want to congratulate everyone for their hard work and achievements and hope to see you all again for next year’s Powerlist.
View the Women in Fintech Full Powerlist 2021 --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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