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  • Footprint of FinTechs in the Canadian Mortgage Market
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Footprint of FinTechs in the Canadian Mortgage Market

PDF - Report

This report highlights the importance of new financial technology (“FinTech”) products and firms in the financial services industry. It identifies areas of opportunity and threats that key stakeholders could consider to find:

  • operational efficiencies
  • improve services
  • contribute to financial stability

FinTech firms have exponentially increased in number over the past decade in Canada. There is not a clear consensus in the industry with respect to what “FinTech” means. The definition used for this research is where any business is applying disruptive technologies to enable innovation within the mortgage life cycle.

They offer a number of opportunities and risks to the Canadian mortgage market. These should be further explored by policy-makers and lenders to enhance the supply of housing and seek innovative options to house Canadians. This, without jeopardizing the stability of our financial system.

Regulators may benefits from being actively involved to:

  • ensure FinTech firms are ready to face potential new international entrants.
  • respond to the potential market demand push on technological innovation likely coming from COVID19.
Author:
CMHC
Document Type:
PDF
Date Published:
November 5, 2020
Download

Key questions addressed in this research

  • How can we define mortgage FinTech? Who are the key mortgage FinTech players in Canada? Which international mortgage FinTechs could enter into the Canadian space?
  • What opportunities the mortgage FinTech industry offers to assist underserved borrowers and achieve customer and market efficiencies?
  • What role large lenders have in the adoption of mortgage technology? What are the key barriers that mortgage FinTechs face in Canada?
  • What are the key enabling drivers that could stir innovation and growth in this sector?
  • What are the key barriers for technology adoption and what can be done about it?
  • What could be some relevant considerations and next steps for policy makers, regulators and key players in the mortgage FinTech industry?

This report is part of the Research Insight series. Read the full report Review of FinTech in Canada’s Mortgage Industry (PDF).

Sign up for our newsletter and let us notify you when new research insights are released.

About CMHC Research Insights

Research insights are summaries of our research reports. These insights:

  • identify a housing research issue, gap or need
  • provide an overview of the research project undertaken to address it
  • Present major findings of the research

Examples of research insights topics:

  • adaptability and accessibility
  • affordable housing
  • housing market and finance
research-insight-footprint-fintechs-canadian-mortgage-market-69671-enpdf

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