TORONTO, June 12, 2024 – The evolutionary digital transformation we have witnessed since the onset of the pandemic half a decade ago has caused a lasting and irreversible shift to digital adoption among Canadians for their banking services. This is a key finding of biennial study How Canadians Bank commissioned by the Canadian Bankers Association (CBA), which examines the banking trends and attitudes of Canadians.

“The growth of digital channels signifies a rising preference for tech-driven banking services among Canadians,” said Anthony G. Ostler, President and CEO of the Canadian Bankers Association. “Consumers enjoy smooth financial interactions with digital banking platforms and advanced payment solutions, contributing to the overall improvement in trust and customer satisfaction.”

KEY FINDINGS:

Shift in preference from using online banking to mobile banking apps

The uptake of digital banking continues, with a shift in preference from using online banking to mobile banking apps, mainly driven by young adults. Close to half of survey respondents (47 per cent) said that online banking has been their most common banking method, down from 52 per cent in 2018; while 30 per cent of respondents primarily used a mobile app, up from 23 per cent in 2018. Fewer customers did the majority of their banking at branches (12 per cent) or using automated banking machines (ABMs) (eight per cent). Young adults are more likely to be app-centric, while older adults perform more online banking.

Canadians expect to increase use of banking technologies

Financial technology has evolved products and services offered over the years, increasing demands for digital payments, shifting consumer payment preferences significantly. The reported use of Interac e-Transfer has almost doubled in six years. The frequency of using Tap & Pay with credit/debit cards remains strong and the use of smartphone Tap & Pay has risen to 4.3 per cent (from 2.7 per cent), surpassing the pre-pandemic level. In the next five years, Canadians expect to increase use of banking technologies including mobile banking apps (41 percent), Interac e-Transfer (40 percent), and Tap & Pay (32 per cent).

Canadians reported high levels of satisfaction with the banking services

Canadians reported high levels of satisfaction with the banking services they accessed from banks in Canada – from online banking (97 per cent), app-based banking (96 per cent), to banking via ABMs (95 per cent). The proportion of people who said they were very satisfied were consistent across different demographic groups.

Use of digital currencies has not advanced much

The use of digital currencies has not advanced much in the last few years with only nine per cent reporting that they used cryptocurrency now, compared to 13 per cent in 2021. The most common reason for using cryptocurrency would be as an investment (41 per cent), followed by keeping transactions private (38 per cent) and convenience (21 per cent).

Canadians turn to their banks for advice on how to avoid financial fraud and scams

Financial fraud and scams have been a rising concern and 75 per cent reported they would turn to their bank for advice on how to avoid being scammed. Recognizing the importance of protecting personal and financial information of Canadians, the CBA has developed a series of fraud prevention toolkits with the aim to protect Canadians from common scams and financial crime.

Please visit the CBA’s How Canadians Bank survey at https://cba.ca/how-canadians-bank-2024?l-en to learn more about these and other findings.

About How Canadians Bank

How Canadians Bank is a nationwide survey conducted online between January 20, 2024 and February 6, 2024 among a representative sample of 4,000 adults in Canada.

About the Canadian Bankers Association

The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada’s economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. www.cba.ca

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