Rise of neobanks and impact on traditional banking

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  • Опубликовано: 25 окт 2024

Комментарии • 48

  • @coachsteve10
    @coachsteve10 2 месяца назад +25

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

  • @FinancialFreedomLifestyle
    @FinancialFreedomLifestyle 2 месяца назад +47

    Wealthsimple is by far the future of banking in Canada.

    • @Andrew-hp1jk
      @Andrew-hp1jk 2 месяца назад +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 месяца назад +6

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

    • @pussydestroyer1191
      @pussydestroyer1191 2 месяца назад

      Paid shill

    • @Andrew-hp1jk
      @Andrew-hp1jk 2 месяца назад +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 месяца назад

      @@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 месяца назад +7

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

    • @FinancialFreedomLifestyle
      @FinancialFreedomLifestyle 2 месяца назад +3

      Go through a mortgage broker

    • @elai3147
      @elai3147 2 месяца назад +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 месяца назад +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 месяца назад

      @@elai3147 You got yourself a BAD broker

    • @CanadianSon
      @CanadianSon 2 месяца назад

      @@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 месяца назад +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 месяца назад

    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 месяца назад

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

  • @gsingher320
    @gsingher320 2 месяца назад +1

    Wealthsimple is king

  • @Roguerebel297
    @Roguerebel297 2 месяца назад

    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 месяца назад +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 месяца назад +2

    I keep my Scotia account just for the line of credit

  • @captinzoom
    @captinzoom 2 месяца назад +17

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

    • @SamZedder
      @SamZedder 2 месяца назад

      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 месяца назад

      I used EQ to move money into WS 😂

    • @brads2041
      @brads2041 2 месяца назад

      Me

  • @Bilgewater
    @Bilgewater 2 месяца назад +17

    I love wealthsimple

    • @bhaalgorn
      @bhaalgorn 2 месяца назад

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

  • @bongassociatesanalytics124
    @bongassociatesanalytics124 Месяц назад

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

    • @silvrsurfer
      @silvrsurfer Месяц назад

      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 месяца назад

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

  • @ramahadranhennessy9300
    @ramahadranhennessy9300 2 месяца назад +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 месяца назад +5

      Yeah keep it under your mattress.

    • @Gxmwp
      @Gxmwp 2 месяца назад

      ​@@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 месяца назад +1

    Matrix

  • @RMD992-f2n
    @RMD992-f2n 2 месяца назад +1

    Credit unions are better than banks

  • @GearsDemon
    @GearsDemon 2 месяца назад +9

    Screw traditional banks.