Manulife wants to attract millennial customers from Canada’s Big Five banks with new digital products, including a cash-back credit card, a high-interest savings account, an unlimited-transaction chequing account and travel insurance. The firm is also is waiving its $10 monthly fee for each month customers add $100 or more to their savings. (Financial Post)

Talking point: Manulife Bank has been around for 25 years, but it’s never been able to take much market share away from the Big Five, as 80 per cent of millennials have an account with one of them, according to Manulife Bank CEO Rick Lunny. Lunny is hoping that this new package can help his firm take market share away from those banks. However, Manulife is far from the only one looking to sign up customers by offering digital banking services. In April, the credit union Meridian launched Motusbank, which offers online bank accounts and mortgage lending. Insurance giant Power Corporation has backed Toronto-based startup Koho through its fintech fund, Portag3 Ventures. Koho provides a digital bank account linked to a prepaid card, automates savings for customers and offers cash back for groceries, travel and dining out.