2023
8
Canada FinTech and Open Banking Market Report 2023
2023-11-27T22:01:37+00:00
REP401A8D5E_C580_4BDE_806A_FBAAB87E5B5C
3695
168489
[{"name":"FinTech","url":"https:\/\/store.mintel.com\/industries\/financial-services\/fintech"}]
Report
en_GB
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…

Canada FinTech and Open Banking Market Report 2023

Market Intelligence Reports - What's Included
  • Interactive Databook
  • Multiple Report Formats
  • Access to Clients Portal
  • Custom Presentation Tool

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
  1. 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
  2. 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
  3. Competitive strategies

    • Marketing and advertising
  4. 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
  5. Appendix

Why Choose Mintel?

Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.

Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:

  • Multiple Report Formats: Mintel’s reports are available in PDF and PPT formats, and are delivered straight to your inbox, so you can easily share Mintel’s market intelligence.
  • Access to Mintel’s Clients Portal: After your purchase is completed, you’ll receive an invitation to join Mintel’s Clients Portal, providing instant access to supplementary insights from Mintel’s industry experts.
  • Interactive Databook: Mintel’s bespoke consumer data is presented as an interactive website, so you can deep dive into your chosen topic, explore demographics and download specific statistics.
  • Custom Presentation Tool: Easily incorporate selected research data and analysis into a tailor-made presentation to win over clients and stakeholders.

Below is a generic PDF sample report. Understand what you are buying.

Please Note: All of the figures, graphs, and tables in this sample report have been redacted.
£ 3,695 (Excl.Tax)
  • Instant access when you pay by credit card
  • Add multiple reports to your cart to receive a discount
Add to cart

Is this report right for you?

From consumer reports to customised growth strategies. We have an option to suit your business requirements.

Find out more

Popular Related Reports

Canada Banking Experience Consumer Report 2025

£ 3,695

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...

Find out more

Canada Retirement Planning Market Report 2024

£ 3,695

Retirement planning engagement is low despite high product ownership. This disconnect highlights the need to connect retirement savings to immediate financial goals, making planning more relevant. Many lack...

Find out more

Canada Home Purchasing and Mortgages Market Report 2025

£ 3,695

Home purchasing and mortgages in Canada are moulded by diverse generational and demographic trends. Younger generations like Gen Z (83%) and Millennials (73%) display strong optimism about homeownership,...

Find out more

New Canadians and Insurance Consumer Report 2025

£ 3,695

The insurance landscape is shaped by unique trends driven by new Canadians' behaviors. With Canada set to welcome 395,000 new permanent residents in 2025, a significant influx of...

Find out more

Canada Life Insurance Market Report 2024

£ 3,695

As with most insurance products, consumers remain most likely to prioritize monthly premiums rather than other experiential factors (eg the application process) when selecting a carrier. Life insurance...

Find out more

Canada Credit Cards Market Report 2024

£ 3,695

Although credit card owners are using their cards as parts of digital wallets and monitoring their spending on apps, bank branches remain crucial for card opening. In fact,...

Find out more

Trusted by global industry leaders

Jackman logo

At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.

Alana Gavin, VP Research and Insights, Jackman
Tenth Wave logo

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
VocaLink logo

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
Amazon logo

Working in a customer-obsessed organization means that data and insights have to be at our fingertips. Mintel’s reports help us support anecdotes with real quantifiable insights. The summary sections (which I really like) helps save time by giving a birds eye view of the content before spending time combing through the pages.

Our business review discussions are strengthened by the relevancy of the reports to help us better understand our customers. In addition, the customer service received from the team (especially in crunch periods) makes the process of understanding customer behavior even better.

Ngozi Ngonadi-Nkwoji, Senior Marketing Manager, Amazon
Bauer Media Group logo

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

Is this report right for you?

From consumer reports to customised growth strategies. We have an option to suit your business requirements.

Find out more