Since Canada first began exploring implementing an open banking framework in 2018, the journey has been a frustrating one filled with numerous delays and setbacks. While some of the benefits Canadians would gain from opting into open banking include broader accessibility to cheaper financial services, consumers at large are not even aware of what open banking is – with just 26% having heard of it. Of those that are aware of open banking, nearly 40% would opt into it – but only if they were convinced that their data would be secure.
Security is a key pillar of any banking relationship, so it is natural that it would be one of the biggest drivers to open banking adoption, but other financial technologies in general like biometric authentication. This technology in particular, which provides a more secure and efficient way of accessing digital banking solutions, has gained significant adoption over the years, with 56% of consumers citing either having used biometrics or are interested in doing so.
For others, there is still discomfort in adopting such fintech – particularly among older, nondigitally native consumers. As such, it is imperative that to take the time to properly address these pain points through providing actionable solutions – ensuring that no one is left behind as financial services become increasingly digitized.
This report looks at the following areas:
- Open banking awareness
- Consumer likelihood of opting into open banking
- Adoption and interest across financial technology
- Loyalty toward financial institutions
- Attitudes toward fintech and banking
The future of fintech holds immense potential, promising greater financial inclusion along with reshaping the way consumers engage with their finances.
Amr Hamdi, Finance Analyst
Collapse All
-
- Key issues covered in this Report
-
Executive summary
- Consumer trends: key takeaways
- Graph 1: reasons for contacting financial services provider, 2023
- Graph 2: security as a barrier to digital banking usage, by generation, 2023
- Graph 3: importance of in-person banking, by region and generation, 2023
- Opportunities
-
Consumer Insights
- Consumer fast facts
- Open banking awareness and adoption drivers
- Graph 4: likelihood to opt into open banking, by age, 2023
- Graph 5: open banking and lower fees, by financial situation, 2023
- Loyalty towards financial institutions
- Graph 6: loyalty towards financial institutions, by generation, 2023
- Graph 7: primary motive for having multiple bank account, by new Canadians, 2023
- Graph 8: primary motive for dealing with multiple financial institutions, by age, 2023
- Fintech usage and interest
- Graph 9: usage and interest across fintech apps, 2023
- Graph 10: interest in personal finance apps, by financial situation, 2023
- Interacting with financial services providers
- Graph 11: channels used to contact financial services provider, 2023
- Graph 12: digital vs non-digital channel usage, by generation, 2023
- Graph 13: digital vs non-digital channel usage, by area, 2023
- Attitudes toward fintech and banking
- Graph 14: interest/adoption of biometric identification, by generation, 2023
- Graph 15: lack of comfort as a digital adoption barrier, by age, 2023
-
Competitive strategies
- Marketing and advertising
-
The Market
- Market drivers
- Graph 16: distribution of foreign-born population by region of birth, 1996-2036 (projected)
- Graph 17: consumer price index, 12-month % change, 2021-23
-
Appendix
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
We use Mintel to inform our thinking and reinforce strategy. If you’re presenting new ideas, it’s essential they are underpinned by robust data and evidence, and clearly rooted in fact.
Mintel gives us all that. It’s a great brand and one that is trusted by clients.
Marie Stafford, European Director, The Innovation Group, VML
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
There is no question that Mintel is the go-to resource for the best quality market research, but I did not think it was an affordable option for Abacus Marketing to consider. As a small marketing agency, we only work with a few new clients each year.
However, we have a very high-end consultative approach to our work, so we really do need a partner like Mintel to provide the big agency experience we are always aiming to deliver. Our clients come from an incredibly diverse range of industry sectors, so we obviously need access to market research reports from a very wide spectrum of marketplaces – and that is precisely what we got.
Stephen Taylor-Brown, Managing Director, Abacus
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
We use Mintel to get a view on where a particular market is going, which can support us in product development and help us identify opportunities or indeed risks, it is a very useful barometer of a market’s potential.
Andrew Neeson, Market Intelligence Manager, VocaLink
When I’m investigating specific sectors I tend to use Mintel reports for their forecasting, which I’ve always found to be very accurate.
They also offer really broad and deep coverage in their reports. They are very, very detailed. For example, we were able to gain insight across a wide range of business areas from just one report, proving that Mintel is excellent value for money.
So overall, it’s the level of detail and the quality of forecasting that really stand out for me.
Rebecca Green, Market Insight Manager, Wincanton
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn more
