Cultural Shift in the Canadian banking sector with Andrew Chao

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We recently got the chance to chat with Andrew Chau co-founder and CEO of Neo Financial. a technology company that is disrupting Canada’s finance oligopoly for the first time in over 20 years – with fully digital, everyday consumer banking products that not only earn members up to 30 times more than Canada’s Big Five banks, it also connects consumers to local businesses without the hassle of multiple loyalty/member cards. 

Andrew’s background runs deep in entrepreneurship. Prior to starting Neo Financial, In 2014, Andrew left his corporate job to pursue SkipTheDishes —Canada’s leading food ordering and delivery platform. Similar to how Skip changed the way Canadians ordered food, Andrew has set out to create a cultural shift in how Canadians bank. Today the Big Five control over 90% of the market share, and as a result, Canada has seen a lack of innovation and choice compared to other countries.

In this podcast, Andrew dove into a conversation about open banking through a consumer lens, exploring why there is a lack of innovation in this sector and the impact it is having on Canadians.