The majority of Canadians believe that technology can change the financial services industry for the better. The last 50 years have seen plenty of evidence of this as service delivery and ease of transactions have improved exponentially right from the advent of ATMs to online/mobile banking and more recently, Blockchain and artificial intelligence, which has fuelled the rise of cryptocurrencies, chatbots, robo-advisors, etc. Technology has also improved security although data breaches and hackers have occasionally spoiled the party. We are still in the early stages of innovation in banking and there is plenty of scope for technology to impact product innovation and further improve accessibility, security and financial inclusion for all.
This Report aims to understand consumer usage of specific banking technologies, and gauge consumer interest in forward-thinking banking innovations. It examines consumer interest in features, trends and technological innovations in the banking industry, emerging technologies within banking, attitudes towards innovations, interest in financial services innovation and concerns about security. It also examines consumers’ views of the trade-off between innovation and the loss of privacy inherent in providing companies with more personal data.
