The Motley Fool
Canadian bank stocks have historically been a great investment over the long term, and the industry hasn’t changed much over the years. Of course, competition drives innovation and new products are created, but for a long time, the core operations of banks stayed the same, even as regulations changed.
That all began to change with the improvement in technology, when banks began to build their digital infrastructure and go online.
Creating digital banks serves two key purposes: it makes banking easier and more convenient for customers as well as being a much cheaper way of operating the business, especially once the company has large scale.