Perspective: How Canadian Consumers Manage Acquisition and Disposal of Banking Products — Consumer Survey Results
This IDC Financial Insights Perspective examines the expectations of Canadians for acquiring and disposing of banking products. Canadian financial institutions (FIs) are increasingly investing in online and mobile tools to acquire new customers and accounts. The main questions we seek to answer are:
- Who is interested in acquiring new banking products? What is the technological and channel profile of consumers looking to acquire products?
- Who is interested in disposing of existing banking products? What is the technological and channel profile of consumers looking to dispose of products?
- How are Canadians looking to acquire new banking products? What channel do they prefer, and what are the drivers for that choice (technological, behavioural, and demographic)? How does this compare with how Americans are looking to acquire new banking products?
- In This Perspective
- Methodology
- Key Findings
- Mobile Device Ownership
- Age and Gender
- Online/Mobile-Centric Clients
- Channel-Related Influences
- FI-Specific Results
- Implications of Key Findings for Financial Institutions
- Implications of Key Findings for Technology Vendors
- Situation Overview
- Factors Impacting Banking Product Acquisition and Disposition
- Survey Participant Gender and Age
- Survey Participants by Household Income
- Survey Participants Ownership of Mobile Devices
- Bank Channel Usage by Survey Participants
- Institutions Identified by Respondents as Their Primary Bank
- Account Opening and Closing Factors
- Gender and Age
- Mobile Device Ownership
- Usage of Different Bank Channels
- Factors That Influence Where New Business Is Placed
- Gender and Age Factors
- Banking Channel Usage Factors
- Factors Influencing Account Closures
- Gender and Age Factors
- Mobile Device Ownership Factors
- Banking Channel Usage Factors
- How Accounts Are Opened?
- Gender and Age Impacts
- Mobile Device Ownership Impacts
- Bank Channel Usage Impacts
- Client Profiles from a Prime Financial Institution Perspective
- Mobile Device Ownership
- Clients Intending to Open or Close Accounts with Their Primary Financial Institution
- Where Bank Clients Intend to Open Accounts
- Where Clients Intend to Close Accounts
- Canadian and U.S. Bank Client Account Opening Preferences
- Essential Guidance
- Learn More
- Related Research
- Table: Age Distribution of Bank Clients (%)
- Table: Bank Clients' Intention to Open an Account with a Particular Sector (%)
- Figure: Gender and Age of Respondents
- Figure: Household Income of Respondents
- Figure: Mobile Device Owned by Respondents
- Figure: Bank Channel Usage by Respondents
- Figure: Main Financial Institutions Identified as Primary Bank by Respondents
- Figure: Propensity of Respondents to Open and Close Accounts Based on Gender and Age Factors
- Figure: Propensity of Respondents to Open and Close Accounts Based on Mobile Device Ownership
- Figure: Propensity of Respondents to Open and Close Accounts Based on Bank Channel Usage
- Figure: Propensity of Respondents to Open a New Account with Primary or New Financial Institution Based on Gender and Age
- Figure: Propensity of Respondents to Open a New Account Based on Banking Channel Usage
- Figure: Propensity of Respondents to Close an Account Based on Gender and Age
- Figure: Propensity of Respondents to Close an Account Based on Mobile Device Ownership
- Figure: Propensity of Respondents to Close an Account Based on Banking Channel Usage
- Figure: Preferred Approach to Opening an Account at a Financial Institution by Gender and Age
- Figure: Preferred Approach to Opening an Account at a Financial Institution Based on Mobile Device Ownership
- Figure: Preferred Approach to Opening an Account at a Financial Institution Based on Bank Channel Usage
- Figure: Mobile Device Ownership by Bank Clients
- Figure: Bank Clients' Intention to Open or Close Accounts at Their Primary Financial Institution
- Figure: Bank Clients' Intention to Close an Account with a Financial Institution
- Figure: Comparison of Canadian and U.S. Consumers' Account Opening Preferences, 2009 and 2014
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