Banking Channel Usage and Preferences - Canada - July 2016
“The merging of digital and human channels in the form of chatbots and robo-advisors is the next key development in the world of banking channels.”
Sanjay Sharma, Senior Financial Services Analyst
This report looks at the following areas:
- Age is a key determinant of payment methods used
- Around one in four 18-34s has used a payment app with Starbucks being the most popular
- Channel preference is transaction dependent
As banking channels continue to evolve with technological advances, consumers have more choices, especially for the more routine banking transactions. The Canadian payment landscape is also changing with the advent of new payment systems such as Apple Pay. The line between financial institutions and technology companies continues to blur in the dynamic world of payments. But not all consumers are rushing to embrace mobile banking and payment apps. Older consumers generally prefer the more traditional ways but even they are increasingly adopting digital channels. On the other hand, even younger consumers prefer to deal with humans when purchasing banking products and services, particularly the more complex products.
This Report delves in to this multi-channel world of banking and the emerging FinTech landscape. The use of artificial intelligence and advanced programming is also adding to the dynamism of banking channel choices as they become more transaction dependent. This Report covers the overall Canadian consumer attitudes and behaviours related to banking channels. It explores the preferred channel for different transactions, barriers to adoption of mobile banking, payment methods, mobile payment apps, banking channel usage and general attitudes related to channel preferences.
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