Online Banking is Now the Most Common Way Canadians Bank
A recent survey titled ‘How Canadians Bank’ with over 4,000 participants commissioned by the Canadian Bankers Association (CBA) has revealed that online banking has become the most common form of banking for most Canadians. The survey found that most Canadians visit their bank’s website three times as often as they do their branch.
“Canadians clearly value convenience through technology and banks in Canada are meeting the evolving preferences of their customers by developing new digital options that make banking secure, convenient and accessible for all Canadians”, said Neil Parmenter, President and CEO, CBA.
The number of Canadians carrying out mobile app-based banking also continues to rise, especially among Millennial customers. Almost 88% of Canadians say their bank has improved service through technology, with that figure increasing to 98% for Millennials, which is now the largest generation in Canada.
Here are some other interesting findings of the survey:
- 56 percent of Canadians reported using mobile banking in the last year, up considerably from 2016 and 2014 results, at 44 per cent and 31 per cent respectively.
- 32 percent of Canadians’ financial transactions are done with a mobile device, which is expected to increase to 41 percent in five years.
- More than one-third (36 percent) of Millennials (Gen Y) say apps are their leading banking method, versus 23 percent for all demographic groups, and more than half of Millennials (54 percent) plan to increase its use of banking apps within five years.
- 42 percent of Canadians say they are “very satisfied” with app-based banking services, with satisfaction levels highest among Gen Y (54 percent).
You can more about these and other findings at this link.