Canada’s banking landscape is evolving, with digital account opening growth continuing to slow over the next four years. To capture what growth remains, banks must focus on delivering the most in-demand offerings.
Digital account opening growth in Canada is expected to continue decelerating as the industry normalizes following a pandemic-driven spike in digital banking. Aside from young people in Canada entering adulthood and new Canadian immigrants, banks no longer have significant populations of unbanked customers to target.
In an environment where most banking customers already bank digitally, opportunities for digital account growth will hinge on understanding what drives customers to competitors and offering in-demand digital features.
Digital account openings slightly outpace bank account holder growth
The number of bank account holders will remain nearly stagnant over the next four years, with growth of around 1.4% each year. Digital account opening growth will outpace that but continue to tick down, falling to 4.2% by 2028. This suggests that most people in Canada who want digital accounts already have one.
Digital account opening’s relatively faster growth could also point to existing banking customers opening secondary or tertiary accounts that meet specific needs.
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