Meridian's survey shows more than six out of 10 Canadians worry AI will replace the human connection in banking
A survey by Meridian revealed that 61 percent of Canadians feel their bank lacks a personal connection with them.
Nearly half of respondents (46 percent) are looking for a more personalized banking experience. While digital banking is growing, 87 percent of Canadians still prefer to discuss serious financial issues with a real person rather than AI.
Additionally, 66 percent are concerned about losing the ‘human connection’ with their bank as artificial intelligence becomes more prominent.
Matthew Seagrim, chief digital, and marketing officer at Meridian, said, “Our More Than a Number study goes beyond the confines of traditional surveys to give Canadians an opportunity to express their financial outlook in their own words.”
The study revealed that Canadians are looking for a more personal relationship with their financial institutions as they navigate a difficult economy.
The survey also showed that while 74 percent of Canadians are aware that credit unions offer similar services to banks, 52 percent do not currently use a credit union. However, 28 percent expressed interest in learning more about credit unions.
Credit unions like Meridian use a co-operative model, prioritizing people over profits and offering a more personalized and member-focused approach, which appeals to Canadians dissatisfied with impersonal services from traditional banks.
Financial stress continues to affect Canadians, despite the easing of interest rates. In Ontario, 62 percent of respondents said that rising costs are making their lifestyle unaffordable, compared to 53 percent in other provinces.
Women are more likely to worry about their long-term financial future, with 40 percent expressing concern, compared to 18 percent of men.
Millennials face particular struggles, with 71 percent saying it is increasingly difficult to make ends meet, 63 percent feeling their lifestyle is unaffordable, and 82 percent agreeing that the average Canadian cannot get ahead in this economy.
Gen Z respondents reported high levels of financial anxiety, with 61 percent feeling panicked, anxious, or uneasy about their money situation. Nearly a third experience constant anxiety.
Furthermore, 74 percent of Gen Z respondents struggle to make ends meet, and 59 percent believe their bank operates in its own interest rather than theirs. Half of Gen Z respondents (48 percent) feel that their bank treats them as ‘just a number.’
The survey also highlighted that 60 percent of Canadians believe there is a need for more competition in banking to help develop new services and reduce fees. Almost half of Canadians (46 percent) are open to alternatives to traditional banks.
A Baby Boomer from Ontario advised younger Canadians, “Try to have a better understanding of the options available.”
Gen Z respondents also expressed frustration with the financial advice they receive. Nearly half (48 percent) want better guidance, and 51 percent feel that banks are too focused on selling products rather than offering real advice.
Over a third (38 percent) think the advice they receive from banks feels like an upsell. One Gen Z respondent from Alberta remarked, “I don't have time to make a financial plan and don't know enough about how to make one.”
Although Gen Z is highly comfortable with digital transactions, 56 percent are concerned that AI will erode the human connection with their bank.
A large majority (81 percent) believe that serious financial matters should be handled by a person, not a chatbot, and 75 percent want the option to choose between digital and in-person banking
