Young Canadians 40% More Likely To Switch to Online Branchless Bank

Youth more likely to swtich to an online branchless bank

When it comes to banking — and maybe music, fashion, piercings and tattoos too — younger generations tend to be a little more experimental.

According to new survey results published by Accenture, nearly 40 per cent of Canadian and U.S. adults under the age 35 would switch to an online branchless bank — almost twice as likely as customers aged 35 to 55.

The 2014 North America Consumer Digital Banking Survey — which polled close to 4,000 retail bank customers in North America — also delved into what potential partners customers would be willing to bank with, assuming those partners offered banking services:

  • 60 per cent of Canadian customers age 18 to 34 and 47 per cent of those age 35 to 54 said they would bank with a major technology, telecommunications or shipping organization, such as Rogers Wireless, Bell Mobility, TELUS Mobility and Canada Post
  • 40 per cent of Canadian customers aged 18 to 34 would consider banking with Google, compared to 23 per cent of respondents age 35 to 54
  • 37 per cent of Canadian customers aged 18 to 34 would consider banking with Amazon, compared to 23 per cent of respondents age 35 to 54
  • 34 percent of Canadian customers aged 18 to 34 would consider banking with Apple, compared to 230 per cent of respondents age 35 to 54

WIN Alert: Answer this week’s #RSMWIN question for your chance to WIN a $25 gift card: Would you switch to an online-only, branchless bank? There’s a new winner each week – tweet @RateSupermarket with #RSMWIN to enter!

It’s interesting to note that a huge percentage of Canadians would bank with telecommunication companies such as Rogers Wireless, Bell Mobility and TELUS Mobility. A Canadian wireless customer satisfaction report by J.D. Power & Associates last year found that the three giants had the lowest satisfaction ratings among Canadian telecomm providers.

Would YOU trust a telecomm company with your money? Let us know in a comment, tweet, or Facebook post!

 

 

 

 

 

 

Related Topics

Growing Your Money / Savings

One thought on “Young Canadians 40% More Likely To Switch to Online Branchless Bank

  1. I won’t say I don’t trust my cellphone carrier. I mean, it doesn’t really matter if I trust them or not. As a ordinary customer, I don’t know what is really going on behind the door: If the government or sb else is spying us or not. How could I find out and most people don’t have the abilities to deal with that.

    The lack of competition among the Canadian wireless industry has already made the wireless market a monopoly, so telecomm companies should really focus on improving their service constantly. Let’s others, like Tangerine to do their thing, innovate the banking industry.

Leave a Reply