How comfortable are Canadians with conducting financial transactions online?

Survey reveals all

How comfortable are Canadians with conducting financial transactions online?
Duffie Osental

Most Canadians with credit protection insurance (CPI) on their mortgages say their experience during the COVID-19 pandemic has made them more comfortable conducting financial transactions – including arranging for loans – online, according to a new survey.

A new Pollara Strategic Insights survey for the Canadian Association of Financial Institutions in Insurance (CAFII) asked Canadians who had purchased CPI on their mortgage and/or home equity line of credit (HELOC) about their experiences and future financial transaction preferences.

Read more: Why CPI should be in every broker’s repertoire

The survey found that 84% of respondents felt more comfortable conducting transactions online (84%), while 72% say it has changed the way they want to conduct these transactions in the future.

Additionally, a significant number of respondents (70%) say they have upgraded their technology to make it easier to conduct financial transactions from home.

According to the CAFII, Canadians were most likely to conduct financial transactions in person at a branch before the pandemic. However, once the pandemic is over, only 36% of respondents say they will return to a branch for these types of transactions – a 12-point decline over 2018.

“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,” said Keith Martin, co-executive director of CAFII. “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.”