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consumerbankingsurvey

2016 CANADA CONSUMER DIGITAL BANKING SURVEY

Banking on Value

4KeyFindings

In this year’s survey of over 1,210 consumers in Canada, banks are being challenged to deliver a customer experience that blurs the lines between physical and digital — delivering value that is easy, relevant and seamless.

77% view their banking relationship as transactional, not advice-based

No Strings Attached

18%combined net gain of customers by virtual banks and credit unions

Biggest Winners

9% Canadian consumers broadened their banking relationship with a new financial services provider in the past year

Branching Out

3LOYALITY AT RISKConsumers expressed readiness to broaden their banking relationship with new financial services providers if they don’t get the experiences they expect from their main bank.

Added Convenience

37% want a simplified home buying process

62% want product/service recommendations and will share personal data to get it

Relevant Recommendations

2VALUE IS HOTConsumers want deals and discounts and are willing to exchange data for convenience and relevance.

Deals & Discounts

41%want their banks to locate discounts on purchases of interest

43% willing to bank using automated recommendations

Banking

70% want advice on planning for retirement

Retirement

77% want investment advice

Investments

1ROBO-ADVICE IS WELCOMEConsumer intrigue with use of artificial intelligence and digital banking represent opportunities for banks.

64%who use the branch prefer “full service branches”

87% anticipate using branches in the future

The Future

86% 18-34 age group in North America anticipate using bank branches in the future

Millennials

4

Convenience

BRANCH INTEREST IS UP Consumers expressed renewed interest in the branch where they can connect with human advisors.