Informal Survey and Results
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Informal Survey Results: Do You Trust Your Bank?
Canada Today | | Jul 25, 2022
Informal Survey and Results
In a recent informal poll of 1,124 people via the Carrick on Money newsletter. Boomers and seniors dominated the survey’s demographic at 73 percent, Gen Xers made up 15 percent, Millennials (aka Gen Y) and Gen Z made up 10 percent, with the small remainder made up of those who didn’t indicate their age.
- TD topped the list of most trusted with 200 votes, while RBC was just behind with 190 votes.
- Three other large banks came next, followed by a body of support for smaller credit unions.
- Then came EQ, Tangerine, Wealthsimple, and two major credit unions, Ontario’s Meridian and BC’s Vancity.
- 30 people answered “none” when asked which financial company they trust the most.
See: Ipsos Survey: Most Canadians Say (88%) We Need More Competition
A total of 327 votes went to a variety of smaller companies, including online bank (and subsidiary of Canadian Imperial Bank of Commerce) Simplii Financial, independent mutual fund companies Steadyhand and Mawer, investment firm Vanguard, investment dealer Edward Jones, online broker Questrade, insurance giant Manulife Financial and American Express.
Investment firm Wealthsimple performed particularly well among young adults, while online player EQ Bank beat all major banks on percentage of Millennial and Gen Z support.
Takeways
Big banks have trusted franchises with all generations that have long helped them fend off and — let’s face it — kill competitors in the banking and investment businesses. But the trust that younger generations are placing in companies like Wealthsimple and EQ Bank suggests we’re at an inflection point.
See: Open Banking to Bring Multitude of Benefits to Canada in 2023
Even with the comparatively small sample of younger people, it is clear that they are more open to trusting non-bank brands.
Bank competitors, there is hope. Bank customers, you have alternatives.
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