The Big Five banks remain dominant in Canada, with digital banks serving as complementary players. Generational and demographic trends reveal varied banking preferences, with Gen Z favoring rewards programs, Millennials seeking fee transparency, and Boomers prioritizing customer service.
new Canadians represent a growing demographic, as Canada plans to welcome 395,000 new permanent residents in 2025. These consumers have unique financial needs compared to not new Canadians. Their unique behaviours, such as being more likely to switch banks if overlooked or unsupported, reveal the importance of personalized service. By providing culturally centered service, FIs stand out to this significant population and foster trust.
While Canadians report high satisfaction with their banks and continue to rely on in-person support for complex tasks, the greatest challenge for FIs lies in meeting consumers’ varied needs. With US tariffs and inflation, there are increased pressures for consumers to limit spending and reassess their financial priorities. FIs have the unique opportunity to provide services to empower consumers to help them feel more confident about their financial health – especially in periods of uncertainty.
This report looks at the following areas:
- Impact of economic factors on how consumers approach banking
- Overall satisfaction with primary banks and key drivers of dissatisfaction
- Who is visiting branches and why
- Factors influencing customer retention and likelihood of switching banks
- The most important considerations when choosing a bank
- Consumer trust in banks and the role of physical branches
Big Five banks continue to dominate as generational trends shape diverse needs. Tailored services for diverse groups prove crucial to building loyalty and trust.
A Mintel Analyst, Global Analyst
Market Definitions
For the purposes of this Report, Mintel has used the following definitions:
“New Canadians” refers to adults that have become Canadian in the past 10 years.
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EXECUTIVE SUMMARY
- What you need to know
- Market predictions
- What consumers want and why
- Opportunities
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THE MARKET
- Market context
- Navigating inflation and the digital shift: adapting to evolving consumer banking needs
- Market drivers
- Immigration expands potential market
- Graph 1: immigration levels plan, by type of temporary resident, 2024
- Trade tariffs cause consumers to move with caution
- Graph 2: Canadian survey of consumer expectations, 2025
- Strengthening compliance through regulatory changes
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CONSUMER INSIGHTS
- Consumer fast facts
- FIs Canadians bank with
- Big Five banks lead, with digital banks as a niche choice
- Graph 3: bank ownership – select banks, 2025
- Breaking stereotypes: Boomers go digital while Gen Z stays traditional
- Graph 4: bank ownership by generation, 2025
- New Canadians strongly prefer big five banks
- Graph 5: bank ownership, by new Canadian status – select banks, 2025
- Consumer satisfaction
- Canadians report high satisfaction with their main banks
- Graph 6: satisfaction with main bank, 2025
- Boomers express strongest satisfaction across banking experiences
- Reasons for visiting banks
- Bank branch visits remain common, withdrawals and deposits drive majority of visits
- Graph 7: top reasons for bank visits, 2025
- Generational differences in bank usage
- Graph 8: top reasons for bank visits by generation, 2025
- New Canadians benefit from guidance and support from FIs
- Graph 9: reasons for bank visits – top four, by new Canadian status, 2025
- Length of banking relationships
- Loyalty runs deep with Canadian consumers
- Graph 10: length of primary bank ownership, 2025
- Account tenure length and important factors
- Graph 11: important factors when choosing a financial services company, by current account tenure, 2025
- FIs can support lower-income consumers with tailored services
- Graph 12: bank account tenures by income, 2025
- White and Chinese consumers show longest account tenures
- Graph 13: bank account tenures by race and ethnicity, 2025
- Factors of importance
- Trust in established banks ranks high among Canadians
- Graph 14: important factors when choosing a financial services company, 2025
- Boomers value service while Millennials seek digital convenience
- Graph 15: important factors when choosing a financial services company by generation, 2025
- Financial situation influences banking priorities
- Graph 16: important factors when choosing a financial services company by financial situation – select factors, 2025
- Maximizing student engagement through rewards programs
- Graph 17: important factors when choosing a financial services company by student status, 2025
- Attitudes toward the banking experience
- Canadians value reputation, trust and recommendations in banks
- Graph 18: attitudes toward the banking experience, top five statements, 2025
- New Canadians value physical branches, trust and loyalty while showing greater willingness to switch banks
- Graph 19: attitudes toward the banking experience, by new Canadian status – select statements, 2025
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INNOVATION AND MARKETING STRATEGIES
- Marketing and advertising
- Transfer services for globally connected consumers
- Incentives for both domestic and international students
- The value of digital convenience
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APPENDIX
- Market definition
- Consumer research methodology
- Consumer research questions
- Generations
- Abbreviations and terms
- Most Canadians have 2-5 bank accounts
- Graph 20: number of bank accounts, 2025
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