Rise of neobanks and impact on traditional banking

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  • Опубліковано 25 жов 2024

КОМЕНТАРІ • 48

  • @coachsteve10
    @coachsteve10 2 місяці тому +25

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

  • @FinancialFreedomLifestyle
    @FinancialFreedomLifestyle 2 місяці тому +47

    Wealthsimple is by far the future of banking in Canada.

    • @Andrew-hp1jk
      @Andrew-hp1jk 2 місяці тому +5

      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
      @FinancialFreedomLifestyle 2 місяці тому +6

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

    • @pussydestroyer1191
      @pussydestroyer1191 2 місяці тому

      Paid shill

    • @Andrew-hp1jk
      @Andrew-hp1jk 2 місяці тому +1

      @@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
      @Infernal_Puppet 2 місяці тому

      @@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
    @elai3147 2 місяці тому +7

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

    • @FinancialFreedomLifestyle
      @FinancialFreedomLifestyle 2 місяці тому +3

      Go through a mortgage broker

    • @elai3147
      @elai3147 2 місяці тому +1

      @@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
      @FinancialFreedomLifestyle 2 місяці тому +1

      @@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
      @bailey-k6b 2 місяці тому

      @@elai3147 You got yourself a BAD broker

    • @CanadianSon
      @CanadianSon 2 місяці тому

      @@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
    @localbraddah07 2 місяці тому +8

    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
    @fopifopfopifop3540 2 місяці тому

    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
    @brads2041 2 місяці тому

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

  • @gsingher320
    @gsingher320 2 місяці тому +1

    Wealthsimple is king

  • @Roguerebel297
    @Roguerebel297 2 місяці тому

    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
    @john_doe_not_found 2 місяці тому +9

    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
    @Jancan20 2 місяці тому +2

    I keep my Scotia account just for the line of credit

  • @captinzoom
    @captinzoom 2 місяці тому +17

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

    • @SamZedder
      @SamZedder 2 місяці тому

      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
      @freecloudfish 2 місяці тому

      I used EQ to move money into WS 😂

    • @brads2041
      @brads2041 2 місяці тому

      Me

  • @Bilgewater
    @Bilgewater 2 місяці тому +17

    I love wealthsimple

    • @bhaalgorn
      @bhaalgorn 2 місяці тому

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

  • @bongassociatesanalytics124
    @bongassociatesanalytics124 Місяць тому

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

    • @silvrsurfer
      @silvrsurfer Місяць тому

      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
    @ADobbin1 2 місяці тому

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

  • @ramahadranhennessy9300
    @ramahadranhennessy9300 2 місяці тому +11

    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
      @himynameis294 2 місяці тому +5

      Yeah keep it under your mattress.

    • @Gxmwp
      @Gxmwp 2 місяці тому

      ​@@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
    @Antoine.Gagnon 2 місяці тому +1

    Matrix

  • @RMD992-f2n
    @RMD992-f2n 2 місяці тому +1

    Credit unions are better than banks

  • @GearsDemon
    @GearsDemon 2 місяці тому +9

    Screw traditional banks.