Not all age groups move as quickly on adopting the latest
innovation, but all agree on the value of in person conversations
for more complex questions and advice
TORONTO, Oct. 5, 2015 /CNW/ - A new poll by CIBC
(TSX: CM) (NYSE: CM) finds that a majority of Canadians (67 per
cent) say they are open to trying new banking or payment
technology, such as depositing cheques by taking a photo with their
mobile device or paying at the checkout with a wave of their
smartphone.
Almost all younger Canadians surveyed say they are open to
trying new banking or payment technology, while those 55 and up are
less certain and slower to adopt.
"Innovation will play a big role in the future of banking, and
these poll findings demonstrate that Canadians are interested in
making new technology part of their banking experience," says
David Williamson, Senior Executive
Vice President and Group Head, Retail and Business Banking, CIBC.
"While the majority of Canadians are open to using innovative ways
to bank and make payments, the adoption curve is different across
age groups, underlining the importance of finding the right balance
for each client."
Key poll highlights include:
- Overall, 67 per cent of Canadians are open to trying new
banking or payment technology, however their willingness varies
across age groups:
-
- 85 per cent of 18-34-year-olds (millennials) say they
are open to trying new banking or payment technology, compared to
51 per cent of those 55 and older (baby boomers)
- Millennials were more willing to jump in early, before an
innovation has achieved wide usage. 59 per cent say they are
either early adopters (21 per cent) or fast followers (38
per cent) in using new banking technology.
- Conversely, baby boomers typically wait for an innovation to be
widely used before adopting. Only 3 per cent of this group
identified themselves as early adopters.
- Most Canadians (73 per cent) say they prefer the
convenience of banking remotely, anywhere anytime, without having
to visit a branch for day-to-day needs. However, for more complex
questions most Canadians (66 per cent) prefer a conversation
with a bank representative in person.
Digital dominates for everyday banking, but advice is still
personal
While digital banking (online, mobile, ATM) has taken over for
everyday transactions, advice remains very much a person to person
experience. When faced with a more complex issue, Canadians of all
ages say that personal interaction with a bank representative is
their preferred method of getting advice.
"Clients will choose the method they prefer to address their
needs, and it's up to banks to deliver both in digital innovation
and hands on advice," adds Mr. Williamson. "Even the most
digitally-savvy client will look for an in person conversation when
they have a bigger financial question on their mind."
Canadians adapt to new banking technology at their own
pace
When it comes to learning how to use new banking technology,
younger Canadians are more likely to dive in and take a trial and
error approach, while boomers are more likely to look to
instructions and tutorials to get started.
"Our experience in delivering a number of innovations first to
market is that each client has their own comfort level when it
comes to using a new banking service for the first time," adds Mr.
Williamson. "That means focusing on features that are intuitive for
those clients who will jump right in, and investing time in
hands-on demonstrations with tablets and mobile devices for those
clients who prefer to build some familiarity before they start
banking on the go."
Mr. Williamson noted that having clients engaged in digital
channels contributes to a deeper relationship with the bank.
"Our experience is that once a client is comfortable using
digital channels like mobile banking and payments, their banking
experience improves and their relationship with the bank gets
stronger."
KEY POLL FINDINGS:
Note: The baby boomer generation includes those born between
1946 and 1965 with people currently between the ages of 51 and 70
years. Baby boomers in this poll include Canadians who are 55 years
and over. The millennial generation includes those born between
1980 and 2000 with people currently between the ages of 15 and 35
years. Millennials in this poll include Canadians between the ages
of 18 and 34 years.
|
|
|
|
|
|
|
|
|
|
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All
Canadians |
|
Millennials |
|
Baby
Boomers |
Adopters - open to trying new bank or payment
technology |
|
|
67% |
|
85% |
|
51% |
|
|
|
|
|
|
|
|
● |
Early Adopters - Like to be the first to try it |
|
|
12% |
|
21% |
|
3% |
|
|
|
|
|
|
|
|
● |
Fast Followers - Like to adopt it when it's relatively new
but
like to see others are using it |
|
|
26% |
|
38% |
|
19% |
|
|
|
|
|
|
|
|
● |
Mass Adopters - Prefer to wait until everyone else is using
it
before adopting |
|
|
29% |
|
26% |
|
29% |
Resistors - Not interested in
trying new banking technology |
|
|
32% |
|
16% |
|
49% |
|
|
|
|
|
|
|
|
Asking complex banking questions |
|
|
All
Canadians |
|
Millennials |
|
Baby
Boomers |
Have a conversation with a bank representative in
person |
|
|
66% |
|
55% |
|
77% |
Call a 1-800 number to speak with a bank rep. |
|
|
22% |
|
26% |
|
17% |
Chat online with a bank rep. |
|
|
12% |
|
19% |
|
6% |
|
|
|
|
|
|
|
|
How to learn to use new banking
technology/tools |
|
|
All
Canadians |
|
Millennials |
|
Baby
Boomers |
By trial, error and intuition |
|
|
24% |
|
39% |
|
11% |
By following instructions, tutorials, videos |
|
|
34% |
|
39% |
|
27% |
Ask a tech-savvy friend or family member for
help |
|
|
8% |
|
7% |
|
10% |
I just don't use it |
|
|
32% |
|
13% |
|
51% |
From September 23rd
to September 25th, 2015,
an online survey was conducted among 3012 randomly selected Angus
Reid Forum panelists. The margin of error - which measures sampling
variability - is +/- 1.80 per cent, 19 times out of 20. The results
have been statistically weighted according to education, age,
gender and region (and in Quebec
language) Census data to ensure a sample representative of the
entire adult population of Canada.
Discrepancies in or between totals are due to rounding.
About CIBC
CIBC is a leading Canadian-based global financial institution
with nearly 11 million personal banking and business clients and
has a track record for innovation.
Following the introduction of the first mobile banking app in
Canada in 2010, CIBC launched the
first mobile payment app in 2012, and was first among the Big 5 to
deliver eDeposit to clients in 2013.
In 2014, CIBC partnered with Tim
Hortons to launch a first-of-its-kind two-button credit card
technology that combines a CIBC Visa with a classic Tim Card. In 2015, CIBC was the first major
Canadian bank to announce an app for the Apple Watch and the first
to participate in the suretap(TM) open mobile wallet, expanding the
choice available to CIBC clients for paying with their
smartphone.
Through our three major business units - Retail and Business
Banking, Wealth Management and Wholesale Banking - CIBC offers a
full range of products and services through its comprehensive
electronic banking network, branches and offices across
Canada with offices in
the United States and around the
world. You can find other news releases and information about CIBC
in our Media Centre on our corporate website at
www.cibc.com.
SOURCE CIBC