📊 Digitalization Trends in Canada’s Big 5 Banks

Latest data shows that off-branch transactions (online, telephone, and ATM) now make up over 91% of all transactions at each of Canada’s Big 5 banks.

🔍 Key Insights:

🔹COVID Acceleration: The pandemic significantly pushed users toward online, phone, and ATM banking, speeding up digital adoption.

🔹User-Friendly Apps Matter: CIBC leads the pack🥇with 88% of its customers logging into the mobile app and/or online banking within the past 90 days. That number drops below 75% for the other Big 5.

🔹 Branch Reductions: The 3% reduction in branch locations among the Big 5 over the past 20 years may be justified by the rise in digital activity even as the number of users has grown significantly.

🔹 Digital Transactions vs. Digital Logins: While over 91% of transactions now occur off-branch (online, ATM, or phone), active online banking usage tells a different story. For example, RBC reports 95.2% of transactions happening off-branch, yet only 63% of users logged into the mobile app or online banking in the past 90 days. Possible reasons include:

• A large number of dormant or inactive accounts
• Significant use of ATM and phone banking by some users

💡 How Banks Can Improve Further:

• 1️⃣ Build more user-friendly mobile and desktop platforms.
• 2️⃣ Increase daily limits for ATM and Interac e-Transfers.
• 3️⃣ Enhance phone and live chat support to reduce wait times.

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Provided by WOWA.ca

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