Innovative technologies are creating opportunities - changing how Canadians save, move and spend money - but this migration to the digital environment is only possible when built on a strong foundation of trust. Canadians trust their banks to offer secure digital banking services and feel confident about modern banking technologies.
Consumer desire for choice and convenience is driving the creation and adoption of new technologies giving customers the option to bank anytime, anywhere and with advice tailored to their goals. The COVID-19 pandemic has also accelerated the shift to online and mobile banking.
Tailored advice
Banks recognize the opportunities presented by innovations such as artificial intelligence (AI) and digital ID to improve the speed, accessibility and security of services. More and more, banks are using AI and analytics to assess their customers’ needs and offer them personalized financial advice. Very often this advice can support everyday spending decisions and improve the ability of customers to manage their money effectively.
Banks understand that Canadians are increasingly shifting to online and mobile banking and banks have many digital resources available to help customers. Find more information about digital banking tools, guides and tutorials available from banks at:
https://cba.ca/financialwellness
Online and mobile banking are increasingly popular
Online banking is the most popular method of conducting banking transactions. In fact, a majority of Canadians (88 per cent) report using online banking and more than three-quarters (76 per cent) now do most of their banking digitally, using online and mobile banking.
Branches remain a vital part of banking
Despite the growth and adoption of digital banking options, branches remain a vital part of banking in Canada providing in-depth personal financial management services. Many bank branches offer extended hours and are open on Saturdays and Sundays.
Updated ABMs are a convenient option that do more and more
ABMs remain a reliable option for cash withdrawals, making deposits and paying bills. And some ABMs will count your bills for you, print off receipts with images, print mini-statements, provide a payment history, offer envelope-free deposit and if you use your own banks machines, you can avoid convenience fees charged by other financial institutions and white label ABMs.
Online credentials - your bank as a sign-in partner
Banks in Canada provide safe and trusted security for banking and payments. And through a partnership with the federal government, Canadians can use their online banking credentials to login and access Government of Canada online services such as:
- My Account for individuals
- My Business Account
- MyCRA mobile app
- My Benefits CRA mobile app account through the Canada Revenue Agency.
- The National Student Loans Service Centre
For a full list of sign-in partners, visit canada.ca/en/revenue-agency/services/e-services/cra-login-services/list-sign-partners.html.
Innovating to provide an accessible environment
Canada’s banks are leaders in providing accessible environments for their employees and customers and are committed to meeting the needs of people with disabilities by preventing and removing barriers to accessing banking services.
Most banks have dedicated accessibility groups within their human resources and information technology functions with a mandate to offer barrier-free facilities and services in their branches, offices, bank machines, online and through mobile channels. Examples include:
- teletype technology for telephone banking,
- video relay services that allow customers who are deaf and use sign language to conduct their banking remotely,
- sign language interpreters upon request,
- braille, large print and audio for various customer materials,
- enhancements at branches such as door operators, ramps and washroom upgrades,
- accessibility features on websites, such as colour contrast and the ability to increase text size, and
- accessibility features on mobile apps including sounds and vibrations that let customers know when transactions are complete and large buttons to assist customers who only have the use of one hand or who have a tremor.
Banks recognize that although significant progress has been made in making Canada more inclusive, people with disabilities still encounter barriers. Banks are committed to continually working to improve the inclusive design of their branches, products and services.