The fintech industry may be growing but a new survey shows that for most Canadians a bank branch is still part of their financial management.
Mintel says that 1 in 4 Canadians visit their bank branch more than once a month on average; and 86% have been into their branch at least once in the past year.
And if you think it’s just about the older generation, who may be less likely to use an app to manage finances, think again. The survey reveals that 28% of younger Canadians (18-24) say they are visiting their bank branches more frequently – among all consumers just 13% said that.
Overall, 35% of respondents said that digital banks cannot meet all their needs (44% of age 55+ said this) although this is perhaps because paying in cheques was the main reason for visiting the branch (53%).
However, 72% of consumers said they would rather buy more complex financial products in a branch rather than online, 68% prefer a branch to a call centre, and 62% would rather sort out a problem face to face than over the phone.
