Many Canadians plan to continue paying for transactions digitally post pandemic

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Published June 17, 2021 at 3:12 pm

Over the course of the last 15 months, many Canadians have made adjustments to their day-to-day lives as a result of the pandemic.

One such change many have adopted is using digital methods to pay for purchases.

According to a recent survey, 84 per cent of respondents have become more comfortable making financial transactions online, while 72 per cent intend to continue doing so even after the pandemic ends, and 70 per cent have upgraded their technology to facilitate making online purchases from home.

Additionally, prior to the pandemic, 48 per cent of respondents preferred to make transactions, such as arranging for loans or buying insurance, in person at their bank.

However, post-pandemic, only 36 per cent of respondents said they intend to return to their bank for these types of transactions.

Further, 47 per cent of respondents said they would prefer their bank provide additional ways for them to speak to representatives—23 per cent said they would like the option to speak to a representative over the phone, while 13 per cent said they would prefer home visits, and 11 per cent said they would prefer to attend appointments via video conference.

“While the pandemic has and will continue to change the way that people conduct financial transactions in Canada, we are pleased to see consumers are adapting well to their new reality, and that our industry’s customer satisfaction levels have been up to the challenge,” Keith Martin, Co-Executive Director of the Canadian Association of Financial Institutions in Insurance, said in a news release.

“We also appreciate the value that Canadians place on the availability of in-person service, and their confidence in the people working in financial services who provide it,” he continued.

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