The growth in technology has led to big changes in the financial services industry. Virtually all bank account holders are conducting transactions over the internet. The rise of smartphone ownership and corresponding increasing reliance on mobile devices will bring even more changes to the way consumers interact with their banks and manage their finances, particularly with the high level of interest in technology-based offerings and their associated incentives. Gravitation towards technology in the financial service sector will mean concerns regarding the security of transactions and confidence in the ability of financial institutions to keep information safe will need to be addressed.

Notably, advances seen in this sector do not negate the importance of the in-branch experience. Rather, customers are looking for more streamlined interactions made possible by the incorporation of technology.

This report explores the locations in which Canadians hold their accounts (ie traditional branches vs online-only banks), the type of banking actions consumers conduct online and the devices they use to do so, and interest in technology-based products and services by lifestage and demographic groups. The report also explores the attitudes towards specific aspects of technology in the financial services industry.

Mintel conducted online consumer research in December 2014 using a nationally representative sample of 2,000 internet users aged 18+. This was supplemented by online qualitative research as indicated throughout the report.