Canadians may pride ourselves on being careful, but this caution exacts hidden tolls: stagnant innovation, overpriced services and high fees. From stalled open banking to high phone bills and bank fees, our reluctance to push back has become a silent tax. If we began voting with our dollars by shifting where we shop and bank, we would force change. Until then, our

risk aversion remains our most expensive habit. For example, our reluctance to switch carriers has entrenched one of the most expensive telecom markets in the world, with

43 per cent of us having been with the same provider for more than five years, according to RBC Capital Markets’ 2025

Canadian telecommunications outlook. Canadians avoid changing providers because it can take days to port a number, and few want to deal with the hassle. Even the so-called discount brands, such as Fido, Koodo and Virgin Plus, are owned by the Big Three providers: Rogers Communications Inc., Telus Corp. and BCE Inc.

Since the largest competitors all mirror each other with high-priced and unlimited data plans, customers assume the outcome will be virtually identical wherever they go. Fear of service interruptions, losing bundle discounts or the belief that “good enough” service is fine all reinforce this inertia. The result is fewer challenges to the status quo and little incentive for carriers to innovate or cut costs.

Take eSIMs. In Europe, you can buy a 30-day eSIM card for about US$30. Telus, by contrast, charges $18

per day for roaming, which can add up to more than $500 for a month abroad. Canadians continue to overpay for wireless service because we do not demand better. Until we do, the Big Three will keep profiting from our complacency.

Where telcos dominate our phone plans, Canada’s Big Six banks dominate finance. Together, they hold more than 90 per cent of deposits , according to the Canadian Anti-Monopoly Project. Most Canadians rarely switch:

70 per cent of us have kept the same bank account for more than a decade, Ratehub surveys said, and many of us still use the

first account our parents opened for us . That loyalty comes at a price. In the United Kingdom and United States,

fintech challengers have captured meaningful market share, with 32 per cent and 42 per cent, respectively, McKinsey Co. said. In Canada, only

13 per cent of customers use fintechs. With so little pressure, the big banks innovate slowly, charge more and pass the bill to Canadians.

The result is billions out of our pockets. Canadian banks make

$7.7 billion more each year in excess income compared to what customers in more competitive markets face, a 2024 North Economics report estimated. This income typically comes from additional fees, which amount to about $250 per person annually, or the cost of two streaming subscriptions.

It does not stop there. Canadians hold around $480 billion in personal chequing accounts, according to Bank of Canada data, and much of it is in accounts that earn nothing. Even if just a quarter of that were shifted into higher-interest accounts offered by Neo Financial Technologies Inc. or EQ Bank, Canadians would collectively gain an extra $2.4 billion every year.

Risk aversion also stifles bold ideas, and open banking is one being smothered in Canada. Open banking gives consumers real-time access to all their financial accounts. It lets us immediately share our financial data securely when applying for a mortgage, credit card or loan, without having to fill out long and cumbersome applications because of the need to access an account balance, transaction history and more.

In markets that have adopted open banking, customers access money faster, switch accounts freely to pay less in fees and earn more interest, and it pushes banks to compete while new fintechs thrive.

The Canadian federal government promised open banking implementation in 2024. Now that has

slipped to 2026 , meaning we’re the last G7 nation to adopt it. The delay matters. Without it, banks control who sees your financial profile and that makes it hard to move.

How does this actually impact Canadians? Imagine you want a $20,000 loan and your bank offers five per cent interest. Another lender would approve you at three per cent, but only if it could see your full financial picture. On a five-year term, that two-percentage-point gap costs more than $2,100 in extra interest. Until open banking arrives, that money stays with entrenched institutions instead of in your pocket.

Risk aversion may feel safe, but in financial terms, it is painful. Each year we delay, each dollar we do not redirect, we pay for it. The cycle feeds on itself. Incumbents keep their dominance

when Canadians stick with the same providers , and challengers face higher hurdles to grow. Without enough customers shifting, new players cannot showcase the full benefits of lower prices, better service or innovative products. The gap never feels big enough to justify the hassle of switching, and the status quo endures.

If Canadians vote with their wallets by shifting where they shop and bank, we break that cycle. We create the demand that builds scale, lowers costs, sparks innovation and, most importantly, puts money back in our pockets. The only thing standing in the way is our complacency.

  • Bank of Canada’s Rogers says competition in Canada’s financial sector will boost productivity
  • Mark Carney must let open banking do its job if he wants to move fast to improve Canada

Andrew Chau is chief executive and co-founder of Neo Financial Technologies Inc.