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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 North American PaymentsInsights, Canada – Data Summary Report: ATM Usage and Preferences
Canadians’ Preferred Check Deposit Method Varies By Age:
- For young adults (ages 18-34), the top preferred method for depositing a $1,000 check is scanning it with a PC, smartphone, or tablet.
- 28% of young adults prefer scanning a check with a PC, smartphone, or tablet as their top check deposit method.
- 26% of young adults prefer using an ATM and 25% prefer going to a teller in a branch for check deposits.
- In comparison, the top preferred check deposit method for older adults (ages 55+) is going to a teller in a branch.
- 41% of adults 55+ prefer going to a teller in a branch to deposit a $1,000 check.
- Using an ATM (31%) and scanning a check with a PC, smartphone, or tablet (22%) came in second and third as older adults’ preferred check deposit method.
- Going to a teller in a branch, using an ATM, and scanning checks with a PC, smartphone, or tablet were the top three preferred check deposit methods across every age group.
Mercator Advisory Group’s most recent report, North American PaymentsInsights, Canada – Data Summary Report: ATM Usage and Preferences documents consumers’ current usage metrics of ATMs in the Canadian national market. The survey of 1,000 Canadian adults (December 2020) represents a continuation of a series of consumer and business surveys conducted annually by Mercator Advisory Group since 2009.
This Data Summary Report presents the survey results for Canadian consumers’ use of ATMs, through commonly-used graphs with core demographic breakdowns, for easy incorporation in planning/analysis documents. This is just one of multiple Data Summary and Analysis Reports on Canada which will be made available to program subscribers from this survey, on topics including “Buy Now, Pay Later” lending, bill payment, subscription buying, fraud experiences, and effects of the COVID-19 pandemic.
“These survey results provide up-to-date baseline data for financial institutions and other stakeholders serving the Canadian market,” stated Amy Dunckelmann, Vice President, Research Operations at Mercator Advisory Group. “Documenting Canada’s unique consumer profile is key for providers serving or entering this diverse market.”