New Research Shows Record Levels of Bank Switching
Rising levels of bank switching signal a more competitive and fluid financial services landscape in Canada. New findings from Environics Research show that nearly one in four Canadians (24%) opened an account with a different financial institution in the past year, the highest level recorded in the survey’s 20-year history and up from 21% in previous waves. While only 29% of these consumers fully switched their primary bank, the majority are “secondary switchers,” adding new products elsewhere while maintaining their main relationship. Chequing accounts are proving to be a key entry point: one quarter of those who switched chequing accounts went on to open additional products, most commonly savings accounts (56%), followed by credit cards (35%) and TFSAs (16%).
