“The big five banks continue to dominate the consumer banking landscape in Canada as they continue to leverage their strengths in the form of high trust levels, brand reputation and branch networks to become trusted financial partners of Canadians. Interest in digital banking features is high, but strong branch relationships remain a source of competitive advantage.”
– Sanjay Sharma, Senior Financial Services Analyst
Key issues covered in this Report
This Report covers consumer attitudes and behaviours related to the consumer banking experience. It explores the competitive landscape of the major banks, satisfaction with the banking experience, customer relationships, interest in online/mobile banking features, reasons for branch visits, interest in digital banking and attitudes related to banking.
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Overview
- What you need to know
- Key issues covered in this Report
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Executive Summary
- Top takeaways
- Consumer trends
- The big five reign supreme as main banks
- Most customers are satisfied with their main bank
- Figure 1: Satisfaction with main bank, 2022
- Most consumers are interested in at least one digital feature
- Figure 2: Interest in online/mobile banking features, 2022
- Competitive strategies
- Younger consumers and men are more app-positive
- Waiting times are a main driver of dissatisfaction in customer service
- Market predictions
- Figure 3: Outlook for consumer banking experience, 2023-28
- Opportunities
- Branch visitors and financially healthy customers are more satisfied
- Men and women equally interested in all digital features
- Branches remain important
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Market Factors
- New Canadians are a major growth market for banks
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- Figure 4: Distribution of foreign-born population, by region of birth, 1996-36 (projected)
- Inflation is making consumers more fee-sensitive
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- Figure 5: Changes in Consumer Price Index, 2020-23
- Net Zero and Canadian banks
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Competitive Developments
- Trade group urges review of Canada’s bank deposit insurance limits
- connectFirst and Servus Credit Unions announce intent to merge
- Neo Financial launches new hybrid Neo Money
- Figure 6: Neo Financial Facebook ad, February 2023
- Laurentian Bank plans high-interest online chequing account
- Newer Canadian strategy of Canada’s banks and credit unions
- TD strikes deal with CanadaVisa immigration site
- BMO announces strategic relationship with Immigration.ca
- Figure 7: Immigration.ca Instagram post, February 2023
- RBC’s dedicated website for newcomers: Arrive
- Other examples
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Marketing Campaigns
- RBC drafts Auston Matthews for big Vantage campaign
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- Figure 8: Get $350 when you switch to RBC, 2023
- TD Bank doubles up its Super Bowl presence
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- Figure 9: TD: Don’t be Afraid of the Money Talk, 2023
- CIBC makes hearts for financial conversations
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- Figure 10: Financial Stress Companions: A CIBC Experiment, 2023
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Consumer Banking Experience: Fast Facts
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Choice of Bank
- Most Canadians bank at one of the big five
- Figure 11: Choice of bank, 2022
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- Figure 12: Simplii financial desktop display ad, March 2023
- The big five reign supreme as main banks
- Figure 13: Choice of main bank, 2022
- Race and region impact main bank
- Figure 14: Choice of main bank (select), Quebec vs overall, 2022
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- Figure 15: Meridian Credit Union Facebook ad, 2023
- Figure 16: EQ Bank desktop ad, 2023
- Most Canadians bank at one of the big five
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Customer Relationships
- Most consumers have a good relationship with their local branch
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- Figure 17: Attitudes related to banking relationships, 2022
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- Figure 18: Scotiabank mobile display ad, 2023
- Age influences banking relationships
- Figure 19: Attitudes related to banking relationships, by age, 2022
- Increasing share of wallet is an ongoing challenge
- Social responsibility is important, but cynicism persists
- Figure 20: Attitudes related to social responsibility (% agree), men vs women vs overall, 2022
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- Figure 21: RBC desktop display ad, 2023
- Figure 22: TD desktop display ad, 2023
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Satisfaction with Main Bank
- Most customers are satisfied with their main bank
- Figure 23: Satisfaction with main bank, 2022
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- Figure 24: “I would recommend my main bank/credit union to a friend or family member” (% agree), by satisfaction with main bank, 2022
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- Figure 25: Satisfaction with main bank, by main bank customers, 2022
- Branch visitors and financially healthy customers are more satisfied
- Waiting times are a main driver of dissatisfaction
- Figure 26: Drivers of dissatisfaction with customer service in banking, 2022
- Over-55s seemingly have less to complain about
- Figure 27: Drivers of dissatisfaction with customer service in banking, by age, 2022
- 18-34s are unhappy with lack of 24/7 assistance
- Few are dissatisfied with lack of acknowledgement of errors
- Banks should broaden communication channels
- Other factors driving dissatisfaction
- Chinese Canadians and South Asians less satisfied
- Figure 28: Drivers of dissatisfaction with customer service in banking, Chinese and South Asian Canadians vs Overall, 2022
- Most customers are satisfied with their main bank
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Branch Banking
- Four in five customers have visited a branch in the past year
- Figure 29: Branch visits, 2022
- Desjardins customers less likely to have visited a branch
- Figure 30: Those who have visited a bank branch in the past year, by main bank customers, 2022
- Withdrawing/depositing money is the top reason for branch visits
- Figure 31: Reasons for branch visits, 2022
- One in five customers go for financial advice
- Age influences reasons for branch visits
- Figure 32: Reasons for branch visits, by age, 2022
- Younger consumers more likely to be opening a new account and updating personal information
- 35-54s more likely to visit for product enquiries
- Reporting fraud/suspicious activities is rare
- Four in five customers have visited a branch in the past year
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Digital Banking Attitudes
- Most consumers expect similar mobile and online banking functionality
- Figure 33: Mobile banking should have the same functionality as online banking, by age, 2022
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- Figure 34: Desjardins Facebook ad, 2023
- Enthusiasm for apps and tech is lower among older consumers
- Figure 35: App-related attitudes (% agree), by age, 2022
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- Figure 36: Citizens Bank Facebook ad, 2023
- Figure 37: BMO Financial Group Facebook ad, 2023
- Most agree that digital can never replace face-to-face customer service
- Figure 38: Branch-related attitudes (% agree), by age, 2022
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- Figure 39: Vancity Facebook ad, 2023
- Most consumers expect similar mobile and online banking functionality
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Interest in Online and Mobile Banking Features
- Most consumers are interested in at least one feature
- Figure 40: Interest in online/mobile banking features, 2022
- Men and women are equally interested in all features
- Influence of age on interest varies by feature
- Figure 41: Interest in online/mobile banking features, by age, 2022
- Unusual activity alerts of more interest to over-55s
- Banking features that appeal to younger consumers
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- Figure 42: BMO Financial Group Facebook ad, 2023
- Interest in assistance via live chat
- Ability to manage overdrafts and applying for new products appeals more to 18-54s
- Most consumers are interested in at least one feature
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
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