A Closer Look at Banked Canadians: A Financial Behaviors Series Report

Report Summary

A Closer Look at Banked Canadians: A Financial Behaviors Series Report

More than 300 banks and credit unions vie to be the primary financial services provider for Canadian consumers.

Ariana-Michele Moore

March 23, 2023 – Canadians generally have long-standing relationships with their primary providers, but the digital age is lowering the transaction costs of switching banks. In addition, fintech firms are increasingly gaining consumer attention, and financial institutions are one “super app” shy of losing market share. Strong customer retention strategies and solid acquisition plays for younger generations are crucial to any financial institution’s long-term success.

This Impact Report leverages the findings from Aite-Novarica Group’s 2022 survey on consumer financial behavior to shed insight into Canadians’ financial behaviors and the primary financial relationship for providers looking to understand what compels and retains a consumer’s interest. This report is based on a study Aite-Novarica Group conducted in Q3 and Q4 2022 of 501 consumers in Canada.

Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report.

This report mentions BMO, CIBC, Desjardin, Royal Bank of Canada, Scotiabank, Simplii Financial, Tangerine, and TD Bank.

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