Financial Post: Financial Switching Is on the Rise

New findings from Environics Research’s 2026 Canadian Financial Services Switching Study point to a changing competitive landscape. Fewer consumers are opening financial products, while those who do are increasingly willing to look beyond their primary financial institution.

Canadian financial consumers are opening fewer accounts

Among consumers in Canada’s seven largest census metropolitan areas, 46% reported opening a financial account or product in the past year—down from approximately 57% in 2025. The results are based on responses from 17,762 Canadians in 2026.

Switching Study 2026

The slowdown matters because account opening is the front end of future financial growth. When fewer consumers open new accounts, financial institutions have fewer opportunities to acquire, deepen or defend customer relationships.

Heidi Wilson

Vice-President, Financial Services at Environics Research

The primary bank advantage is weakening

Consumers opening accounts are now almost as likely to choose a new financial institution as they are to stay with an existing provider.

For incumbents, the risk extends beyond losing a single account. Among consumers who switched providers in the past year, 35% also changed their primary financial institution. While the Big Five captured 42% of new retail account relationships between March 2025 and May 2026, they accounted for 62% of customers leaving. Digital-first institutions showed the opposite pattern, representing 26% of new account acquisitions but just 12% of attrition.

Historically, consumers often opened new products with their main bank because it was convenient. The 2026 results indicate that consumers are shopping around more actively when they need a new financial product.

Heidi Wilson

Vice-President, Financial Services at Environics Research

More than one-third of switchers said their previous provider could have done something to retain their business, underscoring the need to identify preventable losses before they become broader relationship losses.

Environics Research’s Canadian Financial Services Switching Study helps financial institutions understand who is opening, closing and switching accounts, where customers are moving and what drives their decisions. These insights can strengthen acquisition and retention strategies, identify competitive vulnerabilities and uncover opportunities to deepen customer relationships.

Financial Times Article