the future of personal banking in Canada

Tapping into the collective Canadian Intelligence on banking, we recently uncovered some interesting facts that Canadians predict for this sector:

  • Virtual banks will grow at a faster rate than traditional banks over the next 3 years.
  • Mobile banking is increasingly the channel of choice.
  • The use of cash will largely be eliminated in the next few years.
  • Mortgage rates will not reach 5% by the end of this year.

Interestingly, despite the expected growth in digital and mobile banking, Canadians do not anticipate that the major banks will experience a decline as non-traditional banking options like Google Pay, Apple Pay and Amazon Pay gain momentum. The banks’ diverse product offerings, the option for in-person service, and perceptions of more secure transactions are cited as reasons for this.

 

Source: Research Strategy Group, Canadian Intelligence Report, Toronto: June 15, 2018.

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