It would help a great deal to introduce more competition in this space. Many of our members make headlines on a regular basis and serve millions of Canadians on a daily basis. They're already breaking into the market, but there are still frictions.
There was a study done of about 50 countries that looked at what happened after governments introduced pro-competition reforms in the financial sector. They found that on average and across all the countries, venture capital investment in fintech increased by 50%. Venture capital investment in fintech in Canada last year was about $1 billion. We can expect that to go up by a similar amount.
It's also very important to make these reforms here as well, because it's not just about servicing Canadians or bank customers better; it's also about making Canada more productive, and the financial sector is crucial to that.