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> In Canada if you look at telecoms, banks, insurance, grocers, airlines, etc – there are a few major competitors and that's about it. It's very difficult to st
by sofixa 2y ago
> In Canada if you look at telecoms, banks, insurance, grocers, airlines, etc – there are a few major competitors and that's about it. It's very difficult to start a competitor, often for regulatory reasons, and most smaller competitors end up getting bought out by the big guys.
> As a result, they have crazy shitty experiences. Telecoms are frustratingly expensive for cable and mobile services. Banks are dreadful and charge fees left and right, for basic things that are free in the US. Customer support with any of these companies is terrible.
This is funny to me from across the pond, because that's how I'd describe the US as well.
Small amount of telecoms and banks that charge exorbitant fees sounds like the US too.
High barrier to entry for physical infrastructure and banking are the reality all around the world, and for good reasons. There's more to it than that.
- willhslade 2y agohttps://en.wikipedia.org/wiki/List_of_largest_banks_in_the_United_States https://en.wikipedia.org/wiki/List_of_largest_banks_in_the_U... In the first quarter of 2024, there were 4,012 commercial banks and 556 savings and loan associations in the U.S. insured by the Federal Deposit Insurance Corporation (FDIC) with US$23.957 trillion in assets.[1] Canada has the big 5 / 6 and then a lot of credit unions. Still not 1/10 as many as the good old USA, and that's one industry.
- sofixa 2y ago> Canada has the big 5 / 6 and then a lot of credit unions Can't you say literally the same thing about the US?
- willhslade 2y agoAccording to this, the big 5 control 89% of the banking sector in Canada, and 35% of the market share in the USA. https://www.visualcapitalist.com/canada-u-s-banking-differences/ https://www.visualcapitalist.com/canada-u-s-banking-differen... Let's just agree to disagree.