Majority of Canadians are open to trying new banking or payment technology, however their willingness varies across age groups, according to a survey conducted by Canadian Imperial Bank of Commerce (CIBC).
The survey found that 67% Canadians are open to trying new technologies such as depositing cheques by taking a photo with their mobile device or paying at the checkout with a wave of their smartphone.
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Almost all (85%) of 18-34-year-olds respondents (millennials) said they are open to trying new banking or payment technology, while only 51% of those 55 and above (baby boomers) responded positively to the question.
CIBC group head, retail and business banking David Williamson said: "Innovation will play a big role in the future of banking, and these poll findings demonstrate that Canadians are interested in making new technology part of their banking experience.
"While the majority of Canadians are open to using innovative ways to bank and make payments, the adoption curve is different across age groups, underlining the importance of finding the right balance for each client."
The study also found that millennials were more willing to jump in early, before an innovation has achieved wide usage. Majority (59%) of people surveyed said they are either early adopters (21%) or fast followers (38%) in using new banking technology.
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By GlobalDataOn the other hand, only 3% of baby boomers identified themselves as early adopters. They typically wait for an innovation to be widely used before adopting.
Nearly 73% of the respondents said they prefer the convenience of banking remotely. However, for more complex questions 66% said they prefer a conversation with a bank representative in person.
"Clients will choose the method they prefer to address their needs, and it’s up to banks to deliver both in digital innovation and hands on advice," Williamson added. "Even the most digitally-savvy client will look for an in person conversation when they have a bigger financial question on their mind."
