This version of Leger’s Tech and Innovation collection explores Canadians’ views on fintech in Canada, together with on-line vs. conventional banking, NFTs, DeFi, cryptocurrency and extra.
Leger’s Tech and Innovation collection, launched in 2022, explores Canadians’ perceptions of applied sciences and improvements which are shaping our future. Led by Leger’s Alberta workplace, the collection is designed to assist governments and companies perceive public opinion, an necessary issue when designing new insurance policies or getting ready new product and repair choices. A brand new survey (accompanied by a free report) is launched month-to-month.
Table of Contents
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OTHER ARTICLES IN THIS SERIES
Renewable Vitality and Going Inexperienced
Tech Business Expertise, Attraction and Retention
Attitudes Towards Expertise and the Metaverse
The final version of the collection will concentrate on schooling and be launched in January. Keep tuned!
What’s fintech in Canada all about? For these outdoors the fintech world, cryptocurrency, NFTs and DeFi could seem cryptic. However for these with intimate information of the trade, the assorted applied sciences that fall beneath the fintech (or monetary expertise) umbrella supply the potential to revolutionize monetary providers as we all know them.
In response to Investopedia, “up till now, monetary providers establishments provided quite a lot of providers beneath a single umbrella. The scope of those providers encompassed a broad vary from conventional banking actions to mortgage and buying and selling providers. In its most simple kind, Fintech unbundles these providers into particular person choices.”
What do Canadians take into consideration fintech in Canada? Do they belief on-line banks? How a lot do they find out about fintech? And the way probably are they to make use of completely different monetary applied sciences sooner or later? We performed a large-scale on-line survey to seek out out.
SURVEY HIGHLIGHTS: FINTECH IN CANADA
WHILE TRADITIONAL BANKS STILL DOMINATE THE CANADIAN MARKET, TWO-IN-FIVE WOULD CONSIDER AN ONLINE BANK FOR THEIR NEXT PRODUCT.
Canadians who’re prone to contemplate an internet financial institution place the very best worth on low account charges, the power to handle every part on-line, and a user-friendly web site/app.
These prone to contemplate an internet financial institution usually tend to be beneath 55, male, employed, have an annual revenue of over $60,000, and have a college schooling.
ONLINE BANKS WILL NEED TO DIFFERENTIATE BEYOND OFFERING NEW TECHNOLOGIES SINCE MOST TRUST TRADITIONAL BANKS TO DELIVER ON THESE.
A robust majority belief conventional banks to undertake the latest applied sciences (82%), and likewise need their financial institution to undertake the latest applied sciences (80%).
This means conventional banks will proceed to pose robust competitors to on-line banks, and that on-line banks might want to differentiate past their expertise.
WHEN CHOOSING A BANK OR FINANCIAL SERVICES, CANADIANS ARE LOOKING FOR TRANSPARENCY, STABILITY/PREDICTABILITY AND ACCESSIBILITY.
These high model values signify positioning and messaging alternatives for on-line banks, as they are going to resonate most with the Canadian market. The significance of different model values to Canadians is proven beneath.
VISUAL: IMPORTANCE OF BRAND VALUES
THERE IS AN OPPORTUNITY TO EDUCATE CANADIANS ABOUT FINTECH. WHILE MANY ARE AWARE OF THE TECHNOLOGIES THAT EXIST, FEW ARE KNOWLEDGEABLE.
Amongst these conscious of every fintech development/expertise proven, extra Canadians “don’t know very a lot” in comparison with those that know “a little bit” or “quite a bit” about every.
Monetary applied sciences that Canadians are most educated about are cryptocurrencies, purchase now/pay later (e.g., PayBright), and crowdfunding.
DESPITE NFTs BEING A HOT TOPIC IN THE MEDIA, THEY HAVE THE LOWEST USAGE INTENT VS. OTHER FINTECH TRENDS SHOWN.
Just one-quarter of these conscious of NFTs are probably to make use of them. However, intent to make use of is highest for DeFi (decentralized finance) (49%), worldwide on-line cash transfers (48%) and peer-to-peer lending (44%).
Purchase now, pay later (e.g., PayBright) has excessive consciousness (62%) and intent to make use of (39%), suggesting it could be a development that grows in future years.
SURVEY METHODOLOGY
- A complete of 1,544 Canadians have been surveyed from November 3 to six, 2022. The respondents have been randomly chosen from Leger’s LEO panel.
- To make sure the pattern is consultant of the complete grownup inhabitants of Canada, the uncooked knowledge was weighted in response to the precise distribution of the inhabitants based mostly on gender, age and area utilizing knowledge from Statistics Canada’s newest accessible census.
- As a comparability, a likelihood pattern of this measurement would have a margin of error of ±2.5% with a confidence interval of 95% (19 instances out of 20).