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  5. Canadian Consumer Banking Survey: Insights into Banking and Channel Preferences

Canadian Consumer Banking Survey: Insights into Banking and Channel Preferences

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15 April 2014
Jacob Jegher

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.

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