Canada Banking Consumer Habits 2024

Gen Zers’ habits diverge from other generations’ in the early stages of the customer journey. Our inaugural survey of banking consumers in Canada spotlights the differences to help banks drive conversions.

Topics

Banking

Financial Services

Canada

Table of Contents

Executive Summary

Gen Z is reshaping the early stages of the customer journey

Mobile and web take the lead in building Gen Zers’ awareness—but email is holding its own

User-generated content is shaping Gen Zers’ consideration stage

Gen Z sticks to the status quo when it comes to actually buying banking products

Methodology

Survey Demographics

Media Gallery

Gen Zers are banks’ richest source of customer acquisition, but their customer journey is shaped much more by crowdsourced information than other generations’. Our inaugural survey of 1,598 banking consumers in Canada spotlights Gen Zers’ unique behaviors to help banks drive conversions.

Key Question: What are the differences between Canada Gen Zers and other generations when it comes to product discovery and consideration?

Most Trusted Sources of Banking Information on Social Media According to Gen Z vs. Total Banking Consumers in Canada, Nov 2023 (% of respondents)

Key Stat: Banks are losing the fight for influence over Gen Zers on social media. Just 27.3% called bank-generated content the most trusted source of banking information, while 60.6% cited customer-generated content.

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Executive Summary
Gen Z is reshaping the early stages of the customer journey
Mobile and web take the lead in building Gen Zers’ awareness—but email is holding its own

User-generated content is shaping Gen Zers’ consideration stage
Gen Z sticks to the status quo when it comes to actually buying banking products
Methodology

Survey Demographics
Media Gallery

Charts in This Report

Most Trusted Sources of Banking Information on Social Media According to Gen Z vs. Total Banking Consumers in Canada, Nov 2023 (% of respondents)Channels Through Which Banking Consumers in Canada Become Aware of a Bank's Products/Services, Gen Z vs. Total, Nov 2023 (% of respondents)

Sources Gen Z Banking Consumers in Canada Use to Research Banking Products/Services, Nov 2023 (% of respondents)Social Media Platforms Gen Z Banking Consumers in Canada Have Used to Find Banking Information, Nov 2023 (% of respondents)

Methods Gen Z Social Media Users in Canada Use to Research/Evaluate Banking Products/Services on Social Media, Nov 2023 (% of respondents)Willingness of Banking Consumers in Canada to Shop Around vs. Go Straight to a Trusted Brand for New Financial Products/Services, by Generation, Nov 2023 (% of respondents)

Providers Gen Z Banking Consumers in Canada Would Most Likely Buy Banking Products/Services From Based Solely on Brand Trust, Nov 2023 (% of respondents)Top Factors Gen Z Banking Consumers in Canada Would Consider Before Choosing a New Bank, Nov 2023 (% of respondents)

Banking Consumers in Canada Who Bought Banking Products/Services via a Physical Branch vs. an App, by Generation, Nov 2023 (% of respondents)Top 10 Factors That Ultimately Led Gen Z Banking Consumers in Canada to Buy a Banking Product/Service, Nov 2023 (% of respondents)

Demographic Summary of Respondents to Canada Banking Consumer Habits Survey, Nov 2023 (% of total)

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Most Trusted Sources of Banking Information on Social Media According to Gen Z vs. Total Banking Consumers in Canada, Nov 2023 (% of respondents)

Canada Banking Consumer Habits 2024

Gen Z Is Crowdsourcing Its Banking Research