Canadians open to new banking technology - poll

Almost all younger Canadians surveyed say they are open to trying new banking or payment technology, while those 55 and up are less certain and slower to adopt. "Innovation will play a big role in the future of banking, and these poll findings demonstrate that Canadians are interested in making new technology part of their banking experience," says David Williamson , Senior Executive Vice President and Group Head, Retail and Business Banking, CIBC. "While the majority of Canadians are open to using innovative ways to bank and make payments, the adoption curve is different across age groups, underlining the importance of finding the right balance for each client." Key poll highlights include:

• Overall, 67 per cent of Canadians are open to trying new banking or payment technology, however their willingness varies across age groups:
• 85 per cent of 18-34-year-olds say they are open to trying new banking or payment technology, compared to 51 per cent of those 55 and older
• Millennials were more willing to jump in early, before an innovation has achieved wide usage. 59 per cent say they are either early adopters (21 per cent) or fast followers (38 per cent) in using new banking technology.
• Conversely, baby boomers typically wait for an innovation to be widely used before adopting. Only 3 per cent of this group identified themselves as early adopters.
• Most Canadians (73 per cent) say they prefer the convenience of banking remotely, anywhere anytime, without having to visit a branch for day-to-day needs. However, for more complex questions most Canadians (66 per cent) prefer a conversation with a bank representative in person.

Digital dominates for everyday banking, but advice is still personal While digital banking has taken over for everyday transactions, advice remains very much a person to person experience. When faced with a more complex issue, Canadians of all ages say that personal interaction with a bank representative is their preferred method of getting advice. "Clients will choose the method they prefer to address their needs, and it's up to banks to deliver both in digital innovation and hands on advice," adds Mr. Williamson. "Even the most digitally-savvy client will look for an in person conversation when they have a bigger financial question on their mind." Canadians adapt to new banking technology at their own pace When it comes to learning how to use new banking technology, younger Canadians are more likely to dive in and take a trial and error approach, while boomers are more likely to look to instructions and tutorials to get started. "Our experience in delivering a number of innovations first to market is that each client has their own comfort level when it comes to using a new banking service for the first time," adds Mr. Williamson. "That means focusing on features that are intuitive for those clients who will jump right in, and investing time in hands-on demonstrations with tablets and mobile devices for those clients who prefer to build some familiarity before they start banking on the go." Mr. Williamson noted that having clients engaged in digital channels contributes to a deeper relationship with the bank. "Our experience is that once a client is comfortable using digital channels like mobile banking and payments, their banking experience improves and their relationship with the bank gets stronger."