... that's news from July 29, "2021" a year ago so it's after the facts. How is it going now as in year 2022?What are people's thoughts about Canada Post getting into banking? They only shut it down in the 1960s in Canada, and it's still being done in other countries, namely Japan.
Reason why I'm curious is that there are obviously underserved communities, and more recently, Scotiabank is pulling out of Grand Manan: https://www.cbc.ca/news/canada/new-brunswick/grand-manan-scotiabank-ferry-blacks-harbour-1.6539874
You can argue that you can do almost everything on-line/credit cards/debit, etc. The key is ALMOST. There's always going to be some edge cases where you want/need cash, and given the fact that postal offices are everywhere, it doesn't seem to have that much of an added burden. What will likely happen is that commercial banks will possibly pull out, leaving the postal banks around.
Personally, it sounds like a good idea, particularly when the government wants to target high banking fees. Having some bare bones account seems reasonable. Or, another option is to partner with Simplii/Tangerine or some other virtual bank to provide brick locations for ATMs/banking services to avoid re-inventing the wheel. Canada post is already partnering with TD for personal loans, so I don't see that big a stretch: Canada Post and TD enter strategic alliance to expand access to financial services for Canadians
For some other points supporting postal banking: Postal Banking
Personally, I say it's not a bad idea/niche -first, providing a service for the under-serveds, particularly the rural areas, and 2. a potential to capture share in the (smaller) niche market(s).