Companies jumping into the mobile payments market have executives at Canadian banks nervous, with Apple, Google, and others trying to encroach on the banking industry.
"New technologies are raising consumer expectations of what banks do - and how they do it," said Bharat Masrani, CEO of Toronto-Dominion Bank, in a statement to shareholders. "And in many cases, they are being deployed by non-traditional entities to compete in the banking space."
To help compete against major disruption from tech companies, banks are creating their own mobile applications to cater to members. Some are choosing to partner with mobile payment providers, while others are creating apps so customers can withdraw money from ATMs using their smartphones.
In an effort to stay ahead of the curve, expect some banks to begin working on apps that can be used by wearables - with the niche market expected to boom in the near future.