Understanding FinTech Adopters In Canada


Understanding the adoption of new FinTech products requires a particularly nuanced understanding of consumers’ attitudes towards both financial products and services as well as their willingness to use new technologies. Using our proprietary Social Values Framework along with data form our Canadian FinTech Syndicated Study, our team has developed a FinTech Consumer Adoption Segmentation that allows us to group consumers into four distinct segments based on the values that drive their decisions towards or against the use of technology in the financial dealings. Understanding the deeper motivations that drive these segments can help organizations understand and predict the future of FinTech adoption in Canada.

our team has developed a FinTech Consumer Adoption Segmentation that allows us to group consumers into four distinct segments

Meet the Fintech Adoption Segments

click on each segment to learn more




25% of consumers
Enthusiastic Experimenters thrive in complexity. As a segment, they are least likely to be complacent with their decisions. Instead, they actively optimize their choices – making conscious, deliberative decisions based on deep and rational analysis of options and potential outcomes. Of our 4 segments, these FinTech adopters are the most likely to be among the first to experiment with new technologies and are quick to pass on their knowledge of those products to friends and colleagues.

Key Values

  • Enthusiasm for Technology
  • Importance of Aesthetic
  • Adaptability to Complexity



32% of consumers
Adaptive Achievers are hard workers with high levels of education and income. They are proud of their achievements and place a great deal of importance on displaying the benefits of their hard work to others. While these consumers are curious about the benefits of technology, they would rarely try it out for the sake of exploration. They are the most likely to say that they wait for people they know to have used that technology before trying it.

Key Values

  • Need for Status Recognition
  • Ostentatious Consumption
  • Attraction for Crowds



35% of consumers
Anxious Traditionalists account for the largest portion of consumer among our four segments and, unlike Enthusiastic Experimenters, they are much less likely to make their decisions based on a rational analysis of choices and instead rely on the first thoughts that come to mind. They are the most likely to claim to be the last person they know to use a new piece of technology but can easily get on board if it means going along with the crowd.

Key Values

  • Attraction to Nature
  • Technology Anxiety
  • Control of Privacy



17% of consumers

As their name suggest, Reserved skeptics are the most likely of our four segments to be distrustful of new technologies. They tend to fall into an older age group and hold lower levels of education. They believe strongly in respect for elders and push back against any kind of change, including technological innovations.

Key Values

  • Technology Anxiety
  • Skepticism towards small business
  • Aversion to Complexity

To gain an even deeper insight into FinTech adopters along with consumers attitudes and awareness to a range of FinTech services, subscribe to our Canadian FinTech Syndicated Study or contact VP of Financial Services Bernice Cheung to learn more.

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