Now, more than ever, there are new ways to bank. Consumer desire for choice and convenience is driving the adoption of new banking technologies and customers can bank anytime and anywhere.
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.
What You Need to Know:
- Innovations have fundamentally transformed how Canadians bank. Canadians today have unprecedented access to safe and secure channels to meet all aspects of their banking needs. Banks have introduced fast and convenient banking and payments options, including online and app-based banking, mobile “Tap & Pay” payments, cheque deposit by smartphone, and more.
- You can bank online, in the branch, by phone, using your mobile phone’s app and at the ABM.
- The majority of Canadians use online and mobile banking as their primary method of conducting transactions and are increasingly turning to these tech-driven transaction methods.
Banking is transforming at a record pace with both banks and financial technology companies recognizing the opportunities presented by innovations such as artificial intelligence and digital ID to the improve the speed, accessibility and security of services. Banks recognize that technological transformation is only possible when customers trust in the fundamentals of banking: customer experience, strong prudential oversight, and a dedication to protecting privacy and data.
Online banking remains the most 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.
Mobile banking is growing fast
More and more Canadians are carrying mobile devices and banks have responded by offering apps that allow you to carry out a variety of day-to-day banking transactions through your mobile phone or tablet. Twenty-three per cent of Canadians now use mobile banking as their primary means of 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 popular options 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.
For a full list of sign-in partners, visit www.canada.ca/en/revenue-agency.
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 service;
- 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; and
- accessibility features on computers and mobile devices, such as colour contrast and the ability to increase text size.
Banks recognize that although significant progress has been made in making Canada more inclusive, people with disabilities still encounter barriers and are committed to continually working to improve the inclusive design of their products and services.