A 2016 study conducted by the Canadians Bankers Association (CBA) released in March 2017 has found that Canadians use a number of different services for their banking needs and believe that their personal banking experience has become more convenient due to the introduction of new banking channels.
The “How Canadians bank” survey revealed that online banking is the most popular method, with 76% of Canadians reporting that they have used the channel in the past year. In addition, as more and more consumers own and carry smartphones, mobile banking has also gained in popularity. 44% of Canadians say hat they have used mobile banking in the last 12 months, up from 33% since 2014. In fact, the CBA research found that there has been a decrease in the proportion of Canadians who use the internet as their main method of conducting banking tasks, down from 55% in 2014 to 51% in 2016, with this decline explained by the rise in mobile banking, which is up from 9% in 2014 to 17% in 2016.
The “How Canadians bank” survey revealed that online banking is the most popular method, with 76% of Canadians reporting that they have used the channel in the past year.
Bank branch usage has also decreased over time, with 42% reporting that their visits to branches have declined, while only 12% of Canadians stated that the branch is their main banking channel.
RFi Group’s data is consistent with the CBA findings, supporting the consumer shift towards internet and mobile banking channels. Specifically, RFi Group’s research shows that online channel usage has increased significantly from 84% in H2 2015 to 88% in H2 2016, while the mobile banking via mobile or tablet devices has risen from 42% to 45% in the same time period.