How Canadians
Bank
Fast facts
The bottom line
» The Internet is now the
main means of banking for
55 per cent of Canadians,
and use of the Internet as
the primary banking choice
is increasing among all
age groups
Banks are offering Canadians more secure and faster ways to do
their banking. Customers are embracing new technologies and say
they see real value in the increased convenience, choice and
flexibility that they have in banking today.
» Branch and ABM
banking, while declining in
popularity over time,
remain important and
valued methods of
conducting a wide variety
of banking transactions
» 90 per cent of Canadians
say innovations have
made banking more
convenient, enabling them
to bank virtually whenever
and wherever it suits them
Banks offer a wide range of financial services for consumers and a number of ways for people to access
those services. In fact, of the 80 banks operating in Canada, at least 40 offer financial products and
services to Canadian consumers - including bank accounts, credit cards, loans and investments.
Gone are the days when doing your banking meant a visit to a branch. Now a customer can bank anytime
from virtually anywhere through online, mobile and telephone banking. Caught in the grocery store
checkout line without enough cash? Customers can use debit cards and get cash back at the same time.
Forgot to pay some bills before going on vacation? Customers can pay bills online, through a mobile
device, at an ABM or by phone or even set them up for direct payment.
Canadians are embracing these new choices. A 2014 CBA survey, How Canadians Bank, showed that
Canadians use a variety of banking services to meet their needs and believe technologies available
through their financial institution make their personal banking more convenient.
Online banking remains the most popular
Online banking continues to grow and is now the most popular method of conducting banking
transactions:
• More than three-quarters of Canadians (77
per cent) report using online banking in the
last year.
• 55 per cent of Canadians now use the
Internet as their main means of banking, up
from only eight per cent in 2000. And online
banking is popular among all age groups: 57
per cent of young Canadians between the
ages of 18 and 34 say online is their main
way of banking as do half of those 55 or
older.
Last updated: July 2015
• 45 per cent of Canadians report that their use
of online banking has increased, while only
four per cent say it is on the decline.
• 48 per cent of Canadians use online banking
as their primary method of bill payment, while
27 per cent prefer pre-authorized debit or
credit card payments, seven per cent pay in a
branch, four per cent use telephone banking
and four per cent pay at an ABM.
Mobile banking is growing fast
With more and more Canadians carrying mobile devices, banks offer mobile banking services and
apps that allow customers to carry out a variety of day-to-day banking transactions through their
mobile devices. And the number of Canadians banking on the go continues to rise.
• 31 per cent of Canadians reported using
• 43 per cent of Canadians expect to be
mobile banking during the last year, up from
five per cent in 2010.
• 26 per cent say their use of mobile banking is
increasing, particularly among younger
Canadians, but 21 per cent of those over 65
say it is increasing as well.
conducting their banking using mobile
devices in the near future.
• Canadians believe that the introduction of
new innovations will change how they pay for
things. When asked, 23 per cent don’t think
they will be carrying cash in 10 years and 54
per cent anticipate no longer using cheques.
Branch banking: the personal touch
Despite the growth in electronic options, branches remain a vital part of banking in Canada. To better meet
customer needs, many branches are extending their hours and opening on Saturdays and Sundays. And
some branches offer drive-through facilities.
• 13 per cent of Canadians surveyed identify branch banking as their main banking method, down
significantly from 29 per cent in 2000.
• Residents of Manitoba and Saskatchewan are the highest users of in-branch banking with 15 per cent
using it for their main banking needs. For Quebec residents, only seven per cent rely mainly on
branches.
• 40 per cent of Canadians say their use of in-branch banking as dropped. As demand for day-to-day
banking has decreased, branches have become more specialized, where a variety of financial products,
services and advice are also available.
ABMs still popular
More Canadians now identify online banking as their primary banking method (55 per cent) over
banking at the ABM (18 per cent):
• In 2014, Canadians made approximately 531 million cash withdrawals, 182 million deposits and 39
million bill payments at bank-owned ABMs.
• 85 per cent of Canadians use ABMs when making cash withdrawals, while 25 per cent do so at a
branch. Twenty-one per cent also take advantage of cash-back services available at some retailers.
There are more than 65,000 ABMs in Canada, including 18,775
bank-owned ABMs.
Canadian Bankers Association
www.cba.ca
Canadians value banking innovations
As technology evolves, banks are always looking for ways to make it easier for Canadians to access their
banking. And Canadians clearly value the convenience of these innovations. When asked specifically
what is important to them:
• 90 per cent of Canadians said banking at a time that is convenient
• 77 per cent said that banking innovations allow them to save time and bank more quickly
• 77 per cent value banking from virtually anywhere
For consumers, the ability to bank online (86 per cent), use the “tap
and go” feature on a debit or credit card (61 per cent) and use a
mobile device to pay for purchases (59 per cent) add value to their
banking.
All data from: How Canadians Bank, Abacus Data, 2014, except ABM transactions statistics and number of ABMs (Source CBA).
» The Canadian Bankers
Association works on behalf of
domestic banks, foreign bank
subsidiaries and foreign bank
branches operating in Canada
and their 280,000 employees.
The CBA advocates for
effective public policies that
contribute to a sound,
successful banking system that
benefits Canadians and
Canada's economy. The
Association also promotes
financial literacy to help
Canadians make informed
financial decisions.
Canadian Bankers Association
www.cba.ca