Trends Report

How Canadian Banking Customers Use Different Channels

ABMs And The Web Are Now The Two Most Commonly Used Channels

November 10th, 2010
Peter Wannemacher, Principal Analyst
Peter Wannemacher Principal Analyst
Brad Strothkamp, null
Brad Strothkamp
With contributors:
Benjamin Ensor , Alexander Hesse , Beth Hoffman

Summary

Just as it has in other countries, the rise of online banking has changed the way Canadians conduct banking activities. Automated banking machines (ABMs) are the most widely used banking channel on a monthly basis, but the Web is used by more Canadians on a weekly basis. Meanwhile, less than half of all Canadians visit a branch at least monthly. Gen Xers (ages 31 to 44) are the most likely to regularly use multiple channels for banking, while nearly one in 10 Gen Yers (ages 18 to 30) use both online and mobile banking at least monthly. Channel strategists are missing an opportunity to connect with customers through a widely used and valuable touchpoint: ABMs. Channel strategists should develop innovative ABM functionality that differentiates the brand, starting by integrating ABM software with existing customer relationship management (CRM) solutions.

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