Leger Survey: More Education is Required to Increase Awareness of Fintech Adoption in Canada

Leger | Dec 1, 2022

Leger survey whats important to Canadians for financial services - Leger Survey:  More Education is Required to Increase Awareness of Fintech Adoption in Canada

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What do Canadians think about fintech in Canada? Do they trust online banks? How much do they know about fintech? And how likely are they to use different financial technologies in the future? We conducted a large-scale online survey to find out.

  • Survey: A total of 1,544 Canadians were surveyed from November 3 to 6, 2022. The respondents were randomly selected from Leger’s LEO panel.
  • Banks still dominate yet 2 in 5 would consider an online bank for their next financial product.
    • Canadians who are likely to consider an online bank place the highest value on low account fees, the ability to manage everything online, and a user-friendly website/app.
    • User profile: Those likely to consider an online bank are more likely to be under 55, male, employed, have an annual income of over $60,000, and have a university education.

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  • Digital banks will need to different offerings from traditional banks
    • A strong majority trust traditional banks to adopt the newest technologies (82%), and also want their bank to adopt the newest technologies (80%).
  • More education is required:  Many Canadians are aware but few are knowledgeable
    • Among those aware of each fintech trend/technology shown, more Canadians “don’t know very much” compared to those who know “a little” or “a lot” about each.  Financial technologies that Canadians are most knowledgeable about are cryptocurrencies, buy now/pay later (e.g., PayBright), and crowdfunding
  • Despite NFTs being hotly covered in the media, only 25% are aware of NFTs and intend to use them
    • Compared to: On the other hand, intent to use is highest for DeFi (decentralized finance) (49%), international online money transfers (48%) and peer-to-peer lending (44%).

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NCFA Jan 2018 resize - Leger Survey:  More Education is Required to Increase Awareness of Fintech Adoption in CanadaThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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