Digitalization Stats of Big 5 Canadian Banks
🔹The data reveal a steady rise in digital adoption 📈, with an increasing number of users opting for online banking.
🔹 From 2018 to 2021, digital and ATM transactions as a percentage of total transactions saw an increase but have since plateaued from the COVID era in 2021 through to 2024.
🔹 CIBC leads in digitalization efforts 🥇, possibly due to their user-friendly mobile app.
Digitalization not only reduces costs for banks but also speeds up financial activities for users.
In my view, banks could achieve even better results by:
- 1️⃣ Enhancing the online user experience with more user-friendly designs on both mobile and desktop platforms.
- 2️⃣ Enhanced service reliability with less downtime! For some of them, certain processes are unavailable during specific hours.
- 3️⃣ Raising the daily limits for ATM and Interac transactions.
- 4️⃣ Improving their phone and online chat support systems to reduce long wait times, which, in turn, could lower operational costs in branches.
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