Canada AI and Banking: 2026
"AI adoption in Canadian banking hinges on trust: growth will come from assistive, transparent AI that complements human support, not replaces it."
Radha Paleja, Senior Analyst, Financial Services
AI is beginning to reshape the earliest stages of financial decision‑making. A growing share of consumers are turning to external AI tools to research and compare financial products, gradually shifting discovery away from banks’ owned channels. While this behaviour is still emerging, it signals a longer‑term change in how consumers gather information, and highlights a widening divide in comfort with AI depending on how and where it appears in the banking experience.
That divide is most evident between background and visible AI. Consumers are most comfortable with AI when it operates quietly behind the scenes, particularly in areas tied to protection and security such as fraud monitoring and real‑time alerts. These tools feel familiar and low risk. Comfort drops sharply, however, when AI becomes more visible through chatbots, automated advice, or frontline service interactions, where many consumers still prefer human involvement.
AI will play a larger role across banking journeys, the challenge will be reconciling these two modes. Banks will need to continue strengthening the invisible AI features consumers already trust, while redesigning visible AI touchpoints to feel transparent, situational, and clearly supported by human access. Institutions that balance automation with clarity and reassurance will be best positioned to build trust as AI becomes more central to the customer relationship.
This Report Looks at the Following Areas:
- Market factors shaping AI adoption in banking
- How AI is influencing early‑stage financial decision‑making
- Consumers’ real‑world experience with AI‑powered banking features
- Where consumers prefer AI versus human involvement
- Attitudes toward AI in banking
Collapse All
-
EXECUTIVE SUMMARY
- What you need to know
- Outlook for AI and banking
- Opportunities
- Scale AI‑driven personalization in everyday banking
- Convert latent interest into usage through better surfacing and framing
- Use transparency and control as growth enablers, not constraints
-
MARKET DRIVERS
- Digital banking has expanded beyond younger Canadians
- Graph 1: use of online banking by age and year, 2018-22
- Quarterly flows of household credit market debt in Canada: mortgage, consumer credit and total debt
- Graph 2: household credit market debt, seasonally adjusted flows, 2019-25
- Household credit growth is re-accelerating, reinforcing the need for AI-led risk and servicing models
-
CONSUMER INSIGHTS
- Comfort with AI from banking providers
- Reduce hesitation before advancing higher-stakes AI
- Accelerate AI adoption by leveraging affluent consumers’ higher comfort
- Graph 3: comfort with AI and banking by current financial situation, 2025
- Usage of AI-powered banking features
- AI adoption concentrates in service and security, not revenue-driving features
- Boost uptake through clearer, benefit-led AI framing
- Graph 4: AI features used from bank providers, 2025
- Market the impact, not the infrastructure
- Tailor rollouts: lead with digital natives
- Graph 5: no AI features used from bank providers, by generation, 2025
- Tailor rollouts: support older users
- Converting interest in AI into action
- Use security-led AI to build trust and normalize adoption
- Graph 6: select usage/interest in AI tools at banks, 2025
- Use personalized offers to show consumers how AI works for them
- Graph 7: select usage/interest in AI tools at banks, 2025
- Accelerate AI growth by targeting Millennials’ investment advice needs
- Graph 8: usage of AI for investment advice, by generation, 2025
- Win early relationships with new Canadians through personalized AI offers
- Graph 9: usage/interest in personalized offers/recommendations/or rate suggestions, by new Canadian status, 2025
- Beliefs around AI in human oversight and desired control
- Make AI visible, explainable, and human-backed to unlock adoption
- Lead with clear disclosure to move the persuadable middle
- Graph 10: banks should clearly communicate when AI is used in financial decisions, 2025
- Build control and confidence by keeping human advisors in the loop
- Graph 11: consumer trust and control concerns with AI and banking, 2025
- Shift perceptions by showing how AI helps, not innovates
- Graph 12: reasons for comfort/discomfort with AI and banking, 2025
- Comfort with using bank AI features
- Monetize AI through advisory-led personalization
- Graph 13: comfort with revenue-enabling AI banking features, 2025
- Strengthen trust by making security AI invisible and reliable
- Graph 14: comfort with AI features that support profit indirectly, 2025
- Drivers of AI tool adoption
- Make AI optional, secure, and human-supported to unlock adoption
- Reassurance matters more than persuasion
- Graph 15: select features that would increase likelihood of AI usage from banks, 2025
- Target parents with value-led AI
- Graph 16: select features that would increase likelihood of AI usage from banks by parental status, 2025
-
INNOVATION AND MARKETING STRATEGIES
- Keeping the human touch in a digital age
- Humans explain how banking will be made simpler
- RBC’s position in global AI maturity rankings
-
APPENDIX
- The consumer
- Consumer research questions
- Consumer research methodology
- Generations
Market Intelligence Made Easier With Mintel
The first Mintel Market Intelligence report was published over 50 years ago. Since then, we have provided our unique insights and understanding of consumers, innovation and global markets to thousands of customers worldwide. Here’s why our customers rely on Mintel:
- Gain a comprehensive, 360-degree view of the market: Mintel reports blend consumer research, market forecasts, product innovation tracking, and competitive analysis, allowing businesses to see every angle of their industry and identify new opportunities quickly.
- Make decisions with confidence, grounded in robust data: Each report draws on up-to-date, reliable information from trusted sources and industry experts, ensuring your strategies are based on solid evidence rather than speculation.
- Benefit from expert analysis and practical recommendations: Mintel’s reports are written by experienced analysts who interpret complex data and provide clear, actionable insights you can trust to guide your next moves.
- Stay ahead with actionable intelligence on market trends and consumer behaviour: By combining fresh research with long-term market monitoring, our reports help businesses anticipate changes and adapt strategically. So you’re prepared to make informed decisions and drive growth.
What goes into a Mintel Market Intelligence Report?
Curious about how a Market Intelligence report comes together? We like to think of it as building a detailed puzzle. We start with individual pieces: data from consumers, market statistics, industry trends, and online conversations. Then our expert analysts add world-class human insight and industry knowledge. The pieces are assembled to reveal a clear, comprehensive picture of a market.
The Four Pillars of Our Research
We use a combination of four main research methods when creating our reports, each adding a valuable perspective:
- Consumer Research: Direct surveys with real people, giving us clear, current insights into what people think and do.
- Desk Research: In-depth review of trusted data sources. We use this rich database, plus powerful internal tools that track new products and market sizes, to detect trends and guide forecasts.
- Trade Research: Insights from conversations with industry experts. Their real-world experience helps us understand what’s happening behind the scenes.
- Brand and Social Media Research: Analysis of online opinions and trends. This lets us spot trends, measure brand sentiment, and capture feedback in real time, adding further depth to our research.
Bringing It All Together
Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.
Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.
£ 3,695 (Excl.Tax)
-
Download today with instant access
Pay via credit card or invoice (net 30 payment terms)
-
Multiple formats provided
We send a PDF, Powerpoint and Excel Databook straight to your inbox. An interactive version of the report is also available on our online platform
-
Interactive databook included
Focus on the data that matters most to you with a customisable databook avaliable on our platform
-
Save up to 20% when you purchase multiple reports
Discount automatically applied in basket
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn moreTrusted by global industry leaders
One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.
Jeff White, Business Development Director, Deutsch
We have such a great working relationship with Mintel on lots of different levels. As an insight partner, they have helped us to develop our business planning in specific categories as well as supporting our creative process but they’ve also been super helpful with facilitating our events in their inspirational offices near St Paul’s.
They’re an innovative company, with a client-focused team that always delivers.
Abby Carvosso, Group Managing Director, Bauer Media Group
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
Virginia Harvey, Secondary Research Manager, Epsilon
We’ve found it so useful working more closely with Mintel. They helped support our recent flagship event for our top suppliers by providing a really unique viewpoint on the future of online retailing.
Nick Carroll from their Retail Team was also an excellent panelist, sharing useful and actionable consumer insights. We definitely look forward to working with Mintel again on future projects.
Zac Steele, E-Commerce Trading Development Manager, Waitrose & Partners
Mintel helps us when we want to know something quickly – it provides fast answers to our questions. If we need to get a view of what’s going on in a particular market it’s very useful.
When carrying out background research, I find Mintel an excellent starting point.
The fact that it covers so many markets is a big plus for me– instead of having to buy specialist products in each area we are interested in, especially when we only require a brief view on a particular market, we can go to Mintel for help as a one-stop shop. I find Mintel a useful and valuable resource.
Ben Zeidler, Director - Research and Analytics, Tenth Wave
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn more
