Canadian Consumer Banking Survey: Insights into Banking and Channel Preferences

by Jacob Jegher, April 15, 2014
Industry Trends
North America

Abstract

The nature of retail delivery is changing rapidly as a growing number of consumers acquire digital devices and come to prefer digital interaction.

Alongside this growth is continued advancement in self-service channel capabilities. This dynamic can render even relatively current operating assumptions about consumer preferences and behavior obsolete. For this reason, Celent conducted a survey among Canadian Internet users in October 2013, to get a snapshot of channel usage and preferences.

Celent’s Canadian Consumer Banking Survey report exposes consumer banking channel preferences and what banks should do. These changing consumer preferences are a result of the explosion of new devices.

“Canadians of all ages have gravitated to digital banking. While online banking rules, mobile banking is hot on its heels,” says Jacob Jegher, Research Director with Celent’s Banking Group and author of the report. “The branch is far from dead, but is an alternative channel for most consumers. This presents a challenge to banks, because they must break down siloed channel structure and invest in omnichannel activities.”

This report begins with a snapshot of digital behavior based on the survey, followed by an analysis of channel usage and preference by age, device ownership, and income. The report then looks at customer satisfaction and bank switching behavior as well as key factors leading consumers to choose their new bank relationship. Usage and attitudes of current and emerging digital channel capabilities follows. Finally, the report presents Celent’s view on omnichannel banking and self-service channel usage.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

A Snapshot of Consumer Digital Behavior

3

The Branch Is Now an Alternative Channel

7

 

Consumers Transact Digitally But Engage Face-to-Face

8

A Good Relationship Is a Long Relationship

10

 

Switching Banks Is for the Young

11

If You Build It, They Won’t Come

13

 

What Do Consumers Value, and What Are They Looking For?

14

The Omnichannel Mandate

19

 

Catalyzing Growth in Self-Service Channel Usage

19

Appendix: Survey Demographics

21

Leveraging Celent’s Expertise

22

 

Support for Financial Institutions

22

 

Support for Vendors

22

Related Celent Research

23

Sign in to download reports and access personalized information