17. 2011: Google released Google Wallet in the U.S., three years before Apple Pay even popped up on our iPhones. Over the next decade, Google tested many versions of the app—and even launched a second one, named Google Pay (which was intended to replace Google Wallet). In February 2024, the company said it would end Google Pay in the U.S.—and replace it with Google Wallet. In its current iteration, Google Wallet serves as a comprehensive digital wallet that can store payment and loyalty cards, transit and event tickets, proof of COVID vaccination and even digital car keys.
18. 2014: Scotiabank renamed ING Direct Canada, which it acquired two years earlier, as Tangerine. ING Direct was Canada’s first branchless bank and one of the first institutions to offer a no-fee high-interest savings account (HISA). Today, under its new name, Canada’s first online-only bank continues to offer favourable rates and low fees.
19. 2014: ShareOwner Investments was the first robo-advisor to operate in Canada—by a matter of months. At the start, the portfolio management platform allowed Canadian investors to pick one of five model portfolios or to create their own from a list of around 50 ETFs. Over the next few years, robo-advisors gained popularity among investors, as more startups cropped up, Wealthsimple acquired ShareOwner Investments, and BMO became the first major Canadian bank with its own robo service, SmartFolio.
20. 2015: Following devastating floods in Alberta, home insurance providers Aviva Canada, The Co-operators, RSA Canada and 13 others offered overland flood insurance, which never existed before. Previously, insurers generally only offered sewer backup coverage, which protects against another type of water damage.
21. 2016: BMO was the first bank to offer biometric identification for corporate credit card users. With this technology, customers could complete online payments with a “selfie” or fingerprint check. On the mobile banking side, a new version of the Tangerine app incorporated biometric technologies like EyeVerify (for eyeprint ID technology) and VocalPassword (for voice authentication).
22. 2017: Toronto-based PayBright was the first company to offer a buy now, pay later option to Canadians. The service, offered at online check-outs, allows shoppers to pay for routine purchases—everything from clothing and makeup to flights—through installments. Many similar companies now operate in Canada, including Affirm (which acquired PayBright in 2021), Sezzle and Afterpay. Some large banks have also created installment payment products and credit card features, including CIBC (with Pace It) and Scotiabank (with SelectPay).
23. 2019: RBC made NOMI Budgets available through the RBC mobile banking app. NOMI Budgets, which the bank described as the first of its kind in Canada, uses artificial intelligence (AI) to proactively analyze a customer’s spending history, make budget recommendations and send timely updates.
24. 2022: OpenAI released ChatGPT, a generative AI chatbot. Within two months, it had an estimated 100 million monthly active users, making it the fastest-growing consumer application in history. The new tech has myriad potential applications in finance, including performance measurement and forecasting, data analytics, customer service, and real-time calculations and advice.
Justin Dallaire
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