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Consumer Attitudes towards FinTech - Canada - June 2017

“Awareness of some of the newer digital products is still fairly low so companies offering these products need to explain to Canadians how these products can simplify their financial lives.”

 - Sanjay Sharma, Senior Financial Services Analyst

This report will cover the following areas:

  •     Women are not as prolific in digital finance tool usage
  •     Consumers are not overly enthusiastic about mobile payment adoption
  •     Men are more optimistic about the positive impact of technology
  •     Canadians are fairly satisfied with current providers
  •     Around three in 10 Canadians are interested in using technology to improve decision-making

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Table of contents

  1. Overview

      • Regional classifications
        • Income
        • Executive Summary

            • The issues
              • Women are not as prolific in digital finance tool usage
                • Figure 1: Awareness and usage of digital financial products and services, March 2017
              • Consumers are not overly enthusiastic about mobile payment adoption
                • Figure 2: Attitudes related to purchases and payments, March 2017
              • Men are more optimistic about the positive impact of technology
                • Figure 3: Agreement with statements on future technology, March 2017
              • Canadians are fairly satisfied with current providers
                • Figure 4: Attitudes related to satisfaction with current financial services, March 2017
              • Around three in 10 Canadians are interested in using technology to improve decision-making
                • Figure 5: Interest in emerging products and services, March 2017
              • The opportunities
                • Increasing usage of digital financial products and services
                  • Mobile banking adoption and monetisation
                    • Financial products and technology companies
                      • The potential of wearables
                        • Robo-advisors and the unadvised market
                          • What it means
                          • The Market – What You Need to Know

                            • Canadian economy has a strong start to 2017
                              • Interest rate hikes could be on the horizon
                                • Home Capital’s troubles
                                  • A growing 35-44-year-old population and an increase in Asian Canadians bode well for Fintech adoption
                                    • High social media usage and ownership of mobile devices bode well for Fintech
                                    • Market Factors

                                      • Canadian economy has a strong start to 2017
                                        • Interest rate hikes could be on the horizon
                                          • Home Capital’s troubles
                                            • A growing 35-44-year-old population bodes well for Fintech adoption
                                              • High social media usage and ownership of mobile devices bode well for Fintech
                                                • Figure 6: Use of social media sites, March 2017
                                                • Figure 7: Ownership of mobile devices, March 2017
                                            • Key Players – What You Need to Know

                                              • MasterCard launches Qkr in Canada, RBC offers e-transfers using Siri
                                                • Android Pay launches in Canada
                                                  • Robots and chatbots
                                                    • Canadian robo-advisor launches digital life insurance service
                                                      • MasterCard, MoneyGram and others unveil financial services for Facebook Messenger
                                                        • InterestPiggy invites companies to compete for customers
                                                        • Industry Developments and Innovations

                                                          • Android Pay launches in Canada
                                                            • RBC first Canadian bank to offer Interac e-transfer using Siri
                                                              • MasterCard launches Qkr in Canada
                                                                • InterestPiggy invites companies to compete for customers
                                                                  • Capital One Canada introduces free credit score checks for cardholders
                                                                    • American Express launches new mobile capability
                                                                      • Robots and chatbots
                                                                        • Canadian robo-advisor launches digital life insurance service
                                                                          • MasterCard, MoneyGram and others unveil financial services for Facebook Messenger
                                                                            • Bank of America opens branches without employees
                                                                              • Alterna Bank introduces Canada's first fully digital mortgage application
                                                                                • Mogo moves into the mobile mortgage market
                                                                                • Marketing Campaigns

                                                                                  • Select campaigns from Mintel Comperemedia
                                                                                    • TD promotes mobile cheque deposits
                                                                                      • Figure 8: TD email advertisement, April 2017
                                                                                    • CIBC’s modern life, modern bank tagline
                                                                                      • Figure 9: CIBC’s Mobile banking app print advertisement, April 2017
                                                                                    • Scotia promotes banking at your fingertips
                                                                                      • Figure 10: Scotiabank’s mobile banking app email advertisement, April 2017
                                                                                  • Working and Next – What You Need to Know

                                                                                    • Canadian banks react to the Fintech challenge
                                                                                      • Robo-investment advisors
                                                                                        • Person-to-person lending
                                                                                          • Chatbots as virtual customer service agents
                                                                                            • Artificial Intelligence and Fintech
                                                                                              • Tilt, Airbnb and the convergence of industries
                                                                                              • What’s Working?

                                                                                                • Canadian banks react to the Fintech challenge
                                                                                                  • Robo-investment advisors
                                                                                                    • Person-to-person lending
                                                                                                      • Chatbots as virtual customer service agents
                                                                                                      • What’s Next?

                                                                                                        • Artificial Intelligence and Fintech
                                                                                                          • Futuristic Fintech, with a female focus: Joy, LearnVest and Ellevest
                                                                                                            • Tilt, Airbnb and the convergence of industries
                                                                                                            • The Consumer – What You Need to Know

                                                                                                              • Awareness of digital insurance apps, robo-advisors and P2P lending is less than 50%
                                                                                                                • Younger Canadians have a significantly higher usage of most products
                                                                                                                  • Consumers are not overly enthusiastic about mobile payment adoption
                                                                                                                    • Although trust is not high, few consumers feel unsafe about paying online
                                                                                                                      • Men are more optimistic about the positive impact of technology
                                                                                                                        • Canadians are fairly satisfied with current providers
                                                                                                                        • Awareness and Usage of Digital Financial Products

                                                                                                                          • Most are aware of mobile payments, but few use
                                                                                                                            • Figure 11: Awareness and usage of digital financial products and services, March 2017
                                                                                                                          • Relatively simpler apps are more “liked” by users
                                                                                                                            • Figure 12: Proportion of “Likes” among product users, March 2017
                                                                                                                          • Young males are more prolific users of digital finance tools
                                                                                                                            • Figure 13: Usage of digital financial products and services, by gender, March 2017
                                                                                                                          • Younger Canadians have a significantly higher usage of most products
                                                                                                                            • Figure 14: Usage of digital financial products and services, by age, March 2017
                                                                                                                          • Asian Canadians have a higher usage of digital products and services
                                                                                                                            • Figure 15: Usage of digital financial products and services (select), Asian Canadians vs overall populations, March 2017
                                                                                                                          • Older Canadians have lower interest in digital products
                                                                                                                            • Figure 16: Interest in digital financial products and services, March 2017
                                                                                                                        • Mobile Banking

                                                                                                                          • Consumers are not overly enthusiastic about mobile payment adoption
                                                                                                                            • Figure 17: Attitudes related to purchases and payments, March 2017
                                                                                                                          • Men more likely to prefer stores that accept mobile payments
                                                                                                                            • Figure 18: Attitudes towards payments (select), by gender, March 2017
                                                                                                                          • Mobile banking adoption and monetisation
                                                                                                                          • Purchases and Credit

                                                                                                                            • Younger consumers more hesitant about using credit
                                                                                                                              • Figure 19: Attitudes towards credit purchases, March 2017
                                                                                                                            • Although trust is not high, few consumers feel unsafe about paying online
                                                                                                                              • Figure 20: Attitudes towards safety of personal data, March 2017
                                                                                                                          • Impact of Technology on the Financial Landscape

                                                                                                                            • Men are more optimistic about the positive impact of technology
                                                                                                                              • Figure 21: Agreement with statements on future technology, March 2017
                                                                                                                            • Women are less convinced about radical change through technology
                                                                                                                              • Figure 22: Agreement with statements on current technology, March 2017
                                                                                                                            • Young males and Chinese Canadians less likely to agree that interest payments are high
                                                                                                                              • Figure 23: Agreement with statements on lending, March 2017
                                                                                                                          • General Perceptions about the Current State of the Financial Industry

                                                                                                                            • Canadians are fairly satisfied with current providers
                                                                                                                              • Figure 24: Attitudes related to satisfaction with current financial services, March 2017
                                                                                                                            • Satisfaction trends upwards with age
                                                                                                                              • Figure 25: Satisfaction with current providers (any agree), by age, March 2017
                                                                                                                            • Young women most likely to find it difficult to save
                                                                                                                              • Figure 26: Attitudes regarding saving and investing, March 2017
                                                                                                                            • Men are more interested in investing
                                                                                                                              • Older women more likely to feel overwhelmed about Fintech
                                                                                                                                • Figure 27: Attitudes relating to ease of usage, March 2017
                                                                                                                              • Over-55s have a stronger connection with bank branches
                                                                                                                                • Around half of 18-24s unclear about credit scores
                                                                                                                                  • Figure 28: Opinions about credit scores, March 2017
                                                                                                                              • Openness to Use of Emerging Technology

                                                                                                                                • Around three in 10 Canadians are interested in using technology to improve decision-making
                                                                                                                                  • Figure 29: Interest in emerging products and services, March 2017
                                                                                                                                • Younger Canadians are relatively more interested in new products
                                                                                                                                  • Figure 30: Interest in new products and services, by age, March 2017
                                                                                                                                • Financial products and technology companies
                                                                                                                                  • Women are less enthusiastic about emerging products
                                                                                                                                    • Figure 31: Interest in new products and services, by gender, March 2017
                                                                                                                                  • Asian Canadians more open to using wearables
                                                                                                                                    • The potential of wearables
                                                                                                                                      • Non-financial industry players and the reshaping of financial services
                                                                                                                                        • Some 18-34s are willing to trade privacy for better insurance rates
                                                                                                                                          • Figure 32: Agreement with statements related to privacy, March 2017
                                                                                                                                        • Younger Canadians are relatively more interested in spending alerts
                                                                                                                                          • LGBTQs and Quebecers have contrasting views on credit scores
                                                                                                                                            • Figure 33: Agreement with general statements on financial services, March 2017
                                                                                                                                        • Appendix – Data Sources and Abbreviations

                                                                                                                                          • Data sources
                                                                                                                                            • Consumer survey data
                                                                                                                                              • Consumer qualitative research
                                                                                                                                                • Abbreviations and terms

                                                                                                                                                Companies Covered

                                                                                                                                                To learn more about the companies covered in this report please contact us.

                                                                                                                                                Consumer Attitudes towards FinTech - Canada - June 2017

                                                                                                                                                US $3,995.00 (Excl.Tax)