Smart Banking: Technology

What Technology Means For Consumers

Technology offers Canadian consumers convenience and choice at the same time as it revolutionizes Canada’s financial services industry. Advances in technology dismantle geographic barriers, a significant benefit in a country with Canada’s relatively small population and large landmass. Through technology, Canadians can access financial services virtually anywhere, at any time. They also benefit from greater competition, as businesses such as virtual banks and monoline credit card issuers use technology to offer niche services.

According to a technology survey conducted for the CBA in 20041, three out of four Canadians believe technologies available through their financial institution make their personal banking more convenient by saving them time and money and giving them 24-hour access to financial services from any geographic location. A majority of respondents also indicated that their banking is more convenient because of technologies including debit cards (88 per cent), access to the national ABM network (88 per cent) and telephone or online banking (77 per cent).

The survey also shows that 42 per cent of respondents now do at least some banking online and 32 per cent of those who do not bank online expect to be banking over the Internet within the next two to three years.A number of statistics point to the convenience and choice Canadian financial services consumers have today:

  • In 2003, national ABM and debit card networks and the longstanding national bank branch network  provided over 171 banking access points per 10,000 Canadians, more than double the access points available just five years earlier. (CBA-Interac)
  • Eighty-six per cent of Canadians have a debit card and 83 per cent of debit cardholders have used their card to make a purchase.*
  • An estimated 2.8 billion debit card transactions were made in Canada using Interac Direct Payment (IDP) in 2004.*
  • Canadians now use card-based payments (debit or credit cards) almost twice as frequently as paper-based payments (cash or cheques).*
  • Canadians can use their debit cards at more than 378,500 merchant locations with over 546,000 terminals across Canada, including in grocery stores, gas stations and drug stores.*
    * Interac

HOME |  TAX  |  CREDIT  |  INSURANCE  | STUDENTS | TOOLS |  ARTICLES |  BRANCH LOCATORS |  BRANCH CODES |  BANK LIST

  
       
       

SEARCH