The Switching Study

The Canadian Financial Services Switching Study helps you understand why Canadians switch financial providers and identify the motivations and experience levers that drive acquisition, retention, and attrition.

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About the Study

Each year, nearly six million Canadians switch one or more of their financial products—whether it’s a mortgage, credit card, investment or everyday banking account—from one provider to another. Understanding what drives these choices is essential for financial institutions looking to stay competitive in a rapidly evolving landscape shaped by traditional banks, digital-first providers and fintech disruptors.

Launched in the late 1990s, the Canadian Financial Services Switching Study has become a trusted source for understanding how, why and when Canadians open new accounts and switch financial institutions. In 2025, the study became part of Environics’ suite of syndicated research offerings, providing a comprehensive, data-driven view of consumer switching behaviour.

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Conducted annually, the Switching Study draws on insights from 55,000 Canadian residents and more than 5,500 detailed interviews with confirmed switchers across key financial product categories. It explores the motivations and influences behind their decisions, giving leaders and product teams the evidence they need to anticipate market shifts, refine their strategies and stay ahead of the curve.

Screener surveys screened online

Full interviews in English and French

Minute survey to ask about motivations for switched account

Main Report + 6 LOB Reports + Targeted Populations Reports

Benefits of the Switching Study

The Canadian Financial Services Switching Study delivers clear, actionable insight into who is switching, why they switch, and the most effective channel to reach them. With a focused lens on real consumer behaviour, the study empowers teams to make more confident, evidence-based decisions in a rapidly evolving financial services landscape.

It helps financial institutions:

Identify the dynamics and nuances of the switching market

Understand switcher motivations, behaviours, and decision drivers

Profile customers by B5B, Digital First and Credit Unions

Optimize acquisition, retention, loyalty and win-back strategies

Improve media targeting, positioning and messaging

Target switchers by generation, product and channel preferences

Track competitive movement, share shifts, and emerging threats

Anticipate market change and identify disruption opportunities

Switching Minute: A YouTube Series

Canadian consumers are paying closer attention to their finances, prompting them to switch from traditional financial institutions to digital-first banking.

Environics Research’s Heidi Wilson and Leandrea Sanchez explore what Canadians, especially younger adults, value from their financial institutions and how FIs can remain competitive. More from the YouTube series:

How are Canadians Choosing Mortgage Lenders
Discover what Canadians value when choosing a mortgage lender and what factors influence their decision.
Soft Switching
Though retention numbers look stable, some Canadians may be quietly moving to another financial institution.
Staying Competitive
Canadians are continuously feeling the effects of a sluggish economy. Explore what incentives are working and how your messaging impacts customer loyalty.

Heidi Wilson

VP – Retail Banking & Financial Services

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Connect with our Retail Banking expert

Heidi brings more than 20 years of research and consulting experience to her role as Vice President, Financial Services at Environics. She leads the Environics Retail Banking practice, anchored by the Canadian Financial Services Switching Study, a long-standing syndicated program that tracks consumer behaviour, brand performance, and market share dynamics across Canada’s retail banking landscape.

Social Values Approach

For over 4 decades, Environics has been measuring Social Values and societal change in Canada, providing a unique lens on the deeper lying motivations that underpin consumer decision-making. In its annual Canadian Fintech Syndicated Study, Environics profiles the Social Values of customers of leading retail banks and fintech organizations. The 2026 edition of the Canadian Financial Services Switching study will incorporate Social Values insights to help contextualize the drivers of switching behaviour.

Social Values

Frequently Asked Questions

Because 1 in 4 Canadians switch financial products in a given year—and they’re not like everyone else. Switchers tend to be younger, more digitally engaged, and driven by distinct motivations. In an era of reduced immigration, future growth for many financial institutions will need to come from attracting competitors’ customers with compelling product and service offerings. The Switching Study zeroes in on this high-value segment, helping you target the people most likely to act.

Many studies explore intentions—what people say they might do. The Switching Study captures what people actually did and their reasons for doing it. By focusing on real decisions, not just opinions, it delivers a more accurate and actionable view of the factors that influence switching.

Today’s switchers are tomorrow’s mainstream customers. By examining current switching patterns, the study provides an early read on where the market is headed, helping your team anticipate changes before they happen.

Absolutely. The study tracks the rise of Fintechs and emerging digital players, revealing not just their market share – but the reasons they’re gaining ground. It offers essential insight for staying competitive in a shifting landscape.

What makes the Switching Study unique is its very large (n=45,000) screening sample used to identify consumers switching financial institutions across 9 distinct segments. Large, robust sample sizes allow for brand level comparisons of switching behaviours and motivations in each product segment. Only the Environics Canadian Financial Services Switching study can track changing switching behaviours and motivations through a longitudinal lens of 25 years.