Banks across Canada are investing in fintech start-ups to bring innovation in the banking industry, according to a PricewaterhouseCoopers (PwC) report.

The report- Canadian Banks 2016: Embracing the FinTech movement- revealed that Canadian banks are focused on responding to both the threats and opportunities of fintech.

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As a result, the country’s banks are not only including responses to fintechs in their growth strategy, but are also investing in ecosystems to offer a competitive edge.

The country is now home to many fintech firms by leveraging the latest mobile, cloud and digital technologies.

The report says that the industry will ultimately employ parallel strategies that will involve partnering with some fintechs while innovating to compete with others fintechs.

This approach may be significant in driving the sector forward by reimagining operating models, streamlining costs, increasing penetration in underserved markets, innovating through new product development, and opening new revenue streams, according to PwC.

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PwC Canada national financial services leader Diane Kazarian said: "Canadian banks must stay the course with a long term view and continue, as they have, to respond to the needs of an evolving market to create a stronger ecosystem that will position them to be even more competitive on a global level.

"This must encompass business model innovation, technology and architecture enablement, as well as cultural evolution to align with the new realities imposed by the tremendous uptick in the FinTech space."