[kevin_nisbet]

I don't know if the point should be that people won't use a startup bank, just that the assets being directed to the startups/disruptors are not presently threatening to the big banks. I would suspect this is currently the case with WealthSimple here in Canada as well. WealthSimple is at something like $50 billion assets under management [1].

Vanguard asset allocation ETFs are at like $1.3T [2]. 4 Of Canada's Big banks appear to add up to just over 2T Assets under management based on what Google just gave me as summary. So while I think this is a great outcome for a startup (even with Power backing them), to me it seems in a similar space as the above article that we're still talking a relatively small market share, and likely still closer to early adopter status.

[1] - https://en.wikipedia.org/wiki/Wealthsimple#:~:text=As%20of%2... [2] - https://www.vanguard.ca/en/product/investment-capabilities/a...

[smnrchrds]

I don't think the total assets under management is the correct indicator. Vanguard, Big 5 Canadian banks, and even Power Corp cater not only to consumers but also to institutional investors and ultra high net worth individuals. Wealthsimple, to the best of my knowledge, is purely consumer-facing. It is not competing for the same markets as the other ones. Its parent company Power Corp, which is competing in the same area, has an AUM that is comparable to the Big 5 banks. I wonder if there is enough public data to compare consumer products in isolation.