Markets and Financial Institutions

Jerry Buckland () and Brenda Spotton Visano
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Jerry Buckland: Redekop School of Business Canadian Mennonite University

Chapter Chapter 6 in Financial Vulnerability in Canada, 2022, pp 119-147 from Springer

Abstract: Abstract This chapter explores the delivery of and access to basic banking services, including the promise of access by emerging financial technologies (fintech). We demonstrate how there is a significant poverty penalty associated with barriers to mainstream banking for a family of four eking out a living at the official poverty line. We examine available alternative financial services options such as payday loans and the like and discuss why an individual might be using these higher cost credit options. We survey the state of the fintech developments in Canada and explain why we are not yet convinced of the claim by many that such emerging options will increase accessibility of basic banking services.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-92581-9_6

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DOI: 10.1007/978-3-030-92581-9_6

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