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Perspective: How Canadian Consumers Manage Acquisition and Disposal of Banking Products — Consumer Survey Results

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?
Please Note: Extended description available upon request.


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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