CBA study shows Canadians increasingly prefer mobile apps for banking, with high satisfaction levels reported
Since the onset of the pandemic, digital transformation has driven a lasting shift to digital banking among Canadians.
The Canadian Bankers Association (CBA) commissioned the biennial study ‘How Canadians Bank’ to examine banking trends and attitudes.
Anthony Ostler, president, and CEO of the Canadian Bankers Association noted that the growth of digital channels signifies a rising preference for tech-driven banking services among Canadians.
“Consumers enjoy smooth financial interactions with digital banking platforms and advanced payment solutions, contributing to the overall improvement in trust and customer satisfaction,” he said.
The study reveals a shift from online banking to mobile banking apps, particularly among young adults. Nearly half of respondents (47 percent) reported online banking as their most common method, down from 52 percent in 2018.
Meanwhile, 30 percent primarily used a mobile app, up from 23 percent in 2018. Fewer customers conducted most of their banking at branches (12 percent) or using automated banking machines (ABMs) (eight percent). Young adults prefer mobile apps, while older adults favour online banking.
Canadians expect to increase their use of banking technologies. The demand for digital payments has significantly shifted consumer preferences.
The use of Interac e-Transfer has nearly doubled in six years. Tap & Pay with credit and debit cards remains strong, and smartphone Tap & Pay usage has risen to 4.3 percent, surpassing pre-pandemic levels.
Over the next five years, Canadians expect increased use of mobile banking apps (41 percent), Interac e-Transfer (40 percent), and Tap & Pay (32 percent).
Canadians report high satisfaction levels with banking services accessed in Canada, including online banking (97 percent), app-based banking (96 percent), and ABMs (95 percent). Satisfaction levels are consistent across different demographic groups.
However, the use of digital currencies has not advanced significantly, with only nine percent using cryptocurrency, down from 13 percent in 2021. The primary reasons for using cryptocurrency are investment (41 percent), transaction privacy (38 percent), and convenience (21 percent).
Financial fraud and scams remain a concern, with 75 percent of Canadians turning to their banks for advice on avoiding scams.
Recognizing the importance of safeguarding personal and financial information, the CBA has developed fraud prevention toolkits to protect Canadians from common scams and financial crime.
