A survey of 4,000 Canadians commissioned by theCanadian Bankers Association (ABC) presents and quantifies various trends also noted in the insurance sector.
It claims that the widespread adoption of digital, brought about by the pandemic, has accelerated change in the way Canadians access banking services.
The survey reveals that 78% of them use digital modes, both online and from an app, to carry out most of their banking activities, up from 68% in 2016.
In all, 9 out of 10 people, or 89% of respondents, said they had used online banking services in the past year. Half say it’s their most common payment method. The use of banking services from mobile apps is also on the rise, with 65% of respondents saying they used banking apps last year, up from 56% in 2018 and 44% in 2016.
Specifically, nearly half of Gen Z respondents and more than a third of millennials who took the survey say they make the bulk of their payments through an app. When all demographics are combined, app usage drops to 29%.
“This general trend of using online and mobile banking services has accelerated during the pandemic. Consumers under 30 are the main drivers of this trend, says the survey. Digital-driven customer preferences are likely to become more entrenched in the years to come. It adds that “86% of Canadians have confidence in the security of the digital services offered by their bank. A slightly higher number, 87%, said they trust their bank to protect their personal information. »
High satisfaction rates
Canadians and their banking activities is a survey conducted twice a year by Abacus data on behalf of the ABC. It indicates that a clear majority of Canadians, 93%, are satisfied with online banking services. A very similar percentage of respondents, over 90%, also say they are satisfied with in-person banking.
Customers want to have “the ability to perform digital financial transactions, in real time, from anywhere and on a reliable and secure network, add the authors. Significant investments in modernization have enabled banks [du Canada] to anticipate these changes in the preferences of their customers and to respond to them. »
The report also looks at the role of cash, trust in banking innovations and cryptocurrency. With young people in the lead, more than half of Canadian consumers, or 56%, said they were considering using a private cryptocurrency. A third of consumers surveyed (36%) expect to use another form of money within five years.