Tiffani Montez

Table of Contents Executive Summary The next phase of commerce media growth will come from outside retail FMNs are extending the commerce media model beyond retail FMNs are carving out a larger role in commerce media No FMN player has assembled the winning formula FMNs are extending their reach beyond banking apps to get closer to consumer spending activity The next phase of FMN competition will be shaped by forces beyond financial data Recommendations for FMNs Media Gallery

Mobile banking has lost its edge as a competitive differentiator. As core features standardize, banks must now compete on feature innovation to stand out. Our sixth annual study reveals where Canadian banks are falling behind and what it takes to pull ahead.

As payments reach ubiquity and differentiation collapses, growth is shifting to digital wallets that influence, orchestrate, and embed commerce across the customer journey. Banks and providers that move first will shape the next era of consumer engagement. This report explores the three shifts reshaping the wallet landscape, from payment utilities to commerce enablers, orchestrators, and, ultimately, ambient commerce.