Rise of neobanks and impact on traditional banking

[@coachsteve10]

Title of the video has a typo. Says "nebanks". Just a friendly heads up to make the edit to "neo"

[@mikedennington8856]

I wondered what a nebank was.

[@FinancialFreedomLifestyle]

Wealthsimple is by far the future of banking in Canada.

[@Andrew-hp1jk]

LOL. Couldn't be further from the truth. The average Wealthsimple client holds about $10k with them. These neobanks are solutions for clients that mostly no one wants.

[@FinancialFreedomLifestyle]

@@Andrew-hp1jk Your too focused on the present and not looking into the future. Let's chat in 5 years.

[@pussydestroyer1191]

Paid shill

[@Andrew-hp1jk]

@@FinancialFreedomLifestyle those who have money, aren't switching to these solutions. I do believe that disruption is needed in our banking system, however, I believe the disruption will come in the form of higher levels of service and more client connection. Old school banking.

[@Infernal_Puppet]

@@Andrew-hp1jk Maybe if you time travel back to the 50s. Most people are broke and we'll see more service replaced by automation to cut costs. At least these online platforms don't sodomize you with management fees like the boomer institutions do.

[@elai3147]

only issue with online banks was applying for a mortgage, process was a nightmare

[@FinancialFreedomLifestyle]

Go through a mortgage broker

[@elai3147]

@@FinancialFreedomLifestyle did that it was even worse, broker kept pushing towards b lenders even though qualifying for the big 5 wasn’t an issue

[@FinancialFreedomLifestyle]

@@elai3147 B lenders typically have better rates qualifying rules. My first 5-6 properties were all with B lenders and still use them today. I prefer them over the big 6.

[@bailey-k6b]

@@elai3147 You got yourself a BAD broker

[@CanadianSon]

@@elai3147most mortgage brokers know that b lenders often have better products than the big 5, which is why they will offer to you. But lots of people prefer the brand recognition for sure

[@localbraddah07]

EQB Bank is the future! Opened cash high interest account and USD account. The only account I'll leave with a traditional bank would be my mortgage and travel points credit card. Other than that, online banks are growing YoY.

[@fopifopfopifop3540]

We absolutely need more régulations and controls on this mini banks. It's important to keep our bank system robust and not having banks who will be bankrupt like in the US

[@brads2041]

This seems more like advertising for eq than a broader discussion of neo banks

[@gsingher320]

Wealthsimple is king

[@Roguerebel297]

Banks have been flubbing for my entire adult life, why not just do it myself. Also my bank called me simple minded despite me making more with fun money on wealth simple than they have with 80% of my portfolio :/

[@john_doe_not_found]

Try to synchronize your audio and video, it makes watching the video look more professional and less like a poorly dubbed kung-fu movie.

[@Jancan20]

I keep my Scotia account just for the line of credit

[@captinzoom]

Wealth simple is pretty straightforward. I don't know anyone with EQ.

[@SamZedder]

EQ has been around longer than Wealthsimple. Canadian investment sites have mentioned them as options for years. Other than the trading platform, what does Wealthsimple offer you that excites you about them?

[@freecloudfish]

I used EQ to move money into WS 😂

[@brads2041]

Me

[@Bilgewater]

I love wealthsimple

[@bhaalgorn]

What do you wish was better about it? ​@@codechartreuse

[@bongassociatesanalytics124]

Will they freeze bank accounts based off political opinions? If no then they are many steps ahead.

[@silvrsurfer]

Banks only did that by direct order of the government (during the truckers thing). They aren't above the Government unfortunately. Blame the governments, not the banks

[@ADobbin1]

neo bank? I remember the commercials for one 25 years ago. Orange bank or something like that.

[@ramahadranhennessy9300]

Doing all your banking online is a terrible idea: just take a quick look into what governments want to do with CBDCs and you’ll understand why cash is king

[@himynameis294]

Yeah keep it under your mattress.

[@Gxmwp]

​@@himynameis294you loose money to inflation by doing that instead of keeping it in a high interest savings account or investing some in something as simple as a market tracking etf or index fund. Hell, if you're scared that one bank in particular will suddenly run off with your money and, by some miracle, the Canadian insurance inherently attached to all bank accounts fails, then just spread your money between different banks.

[@Antoine.Gagnon]

Matrix

[@RMD992-f2n]

Credit unions are better than banks

[@GearsDemon]

Screw traditional banks.