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State of Fair Banking 2020

DUCA Impact Lab | Keith Taylor | Feb 4, 2021

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Defining Fair Banking

Pursuing the mission of ‘Building banking that benefits all’ requires a working definition of what that type of banking looks like. It needs to go beyond a set of ‘customer promises’ and needs to articulate a definition of fairness that enables banking consumers to spot fair banking when they see it.

We believe fair banking is any financial product or service that lives up to the following set of principles:

  • Pricing is clear, transparent, and well understood
  • Pricing is representative of the cost of funds, cost of administration and risk, rather than what the market will bear
  • It is clear to all parties how any personal data is being used by the lender
  • Personal data is only used for purposes agreed to by both the borrower and lender
  • The terms and conditions, including penalties and the rights of each party are clearly explained and well understood by both lender and borrower
  • Products are only recommended that will bring the borrower closer to their expressed goals
  • The borrower is clear on what the institution will do (and not do), with deposits to earn a return
  • The assessment of risk is objective, transparent and not prejudicial
  • Financial institution recommendations are not biased towards in-house product recommendations
  • Products empower consumers when they need access to financial services, not just when they do not

See:  Fintech Fridays EP45:  DUCA Impact Lab with Keith Taylor - Mission-driven and Consumer-centric Financial Services

Since we released the last report in 2019, much has happened. The COVID-19 pandemic has shocked the world and trailing with it came an economic recession we have not witnessed in nearly a century. Although the novel coronavirus does not discriminate, the infectious disease as well as the economic precarity of the pandemic is impacting individuals differently depending on their socioeconomic status. In the next few weeks, we will discuss the implications and the questions raised from the data and what the status of fair banking looks like today.

The first iteration of this study from 2019 will prove to be an important baseline to understand how the challenges of the public health crisis has rippled into the financial health and wellbeing of everyday Canadians through 2020 and beyond.

Download the State of Fair Banking: Borrower and Lender Perspectives (70 page PDF )--> here


NCFA Jan 2018 resize - State of Fair Banking 2020 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:

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