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

Table of Contents

    • 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

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