A new survey commissioned by the Canadian Imperial Bank of Commerce (CIBC) has found that a majority of Canadians (67%) are open to trying new banking or payment technology, such as remote deposit capture or mobile NFC payments. The survey, which was conducted online and asked 3012 randomly selected Angus Reid Forum panelists, found that there was a significant difference in interest among younger and older respondents.
This age divide is highlighted by the fact that 85% of 18-34-year-olds (millennials) say they are open to trying new banking or payment technology compared to only 51% of those 55 and older (baby boomers). The survey also asked about branch preferences and found that many Canadians (73%) prefer the convenience of banking remotely via technology like mobile and online banking but for more complex questions 66% of respondents prefer a conversation with a bank representative in person.
Commenting on the survey, David Williamson, Senior Executive Vice President and Group Head, Retail and Business Banking, CIBC said,
“Innovation will play a big role in the future of banking, and these poll findings demonstrate that Canadians are interested in making new technology part of their banking experience. While the majority of Canadians are open to using innovative ways to bank and make payments, the adoption curve is different across age groups, underlining the importance of finding the right balance for each client.”
The survey confirms that trends seen in other markets like the United States and United Kingdom are occurring in Canada as well and likely means that this shift toward interest in trying new banking or payment technology and banking remotely is being experienced across most mature banking markets around the world. While interest does not translate to adoption of new technologies, the strong interest shown in this poll would suggest that the Canadian banking and payments landscape is set for further innovation in the years to come.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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