Published
August 2014
Topics

Canadians have a reputation for being fiercely loyal to their financial institutions, so how does a bank attract new customers? Target a group of consumers who are more likely to be interested in switching. Millennials make up 33% of the banking population, are 50% more likely to change and make a change more quickly. They're the ideal candidates and, better still, they spend an extensive amount of their time online where they are most influenced.

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<p>General Population: 20M</p> <p>Millennials: 9.5M</p> <h2>How often do they change banks?</h2> <p>14% of the general population changed banks in the past year</p> <p>22% of millennials have or are planning to change banks</p> <p>Millennials are 1.5x more likely to change banks</p> <h2>How long they take to consider changing banks</h2> <p>27% of the general population take 1-6 months</p> <p>33% of millennials take 1-6 months</p> <p>14% of millennials would make up their mind within a week</p> <h2>How online influences their decisions</h2> <p>44% of the general population say online search is important</p> <p>55% of millennials say online search is important</p> <p>22% of millennials say online reviews are an influential source</p> <h2>What they are researching online</h2> <p>43% of the general population is looking at transaction fees</p> <p>24% of the general population is looking at rewards programs</p> <p>50% of millennials are looking at transaction fees</p> <p>39% of millennials are looking at rewards programs</p> <p>Millennials are less likely to visit a local branch</p> <h2>How do they like to get advice/information</h2> <p>26% of the general population looks at websites</p> <p>13% of the general population looks at mobile sites/apps</p> <p>26% of millennials look at websites</p> <p>20% of millennials look at mobile sites/apps</p> <p>Millennials are more likely to seek advice through mobile websites and apps</p> <h2>How they use mobile and apps</h2> <p>33% of the general population researched bank accounts using their mobile phones</p> <p>48% of the general population have downloaded their bank's app</p> <p>41% of millennials researched bank accounts using their phones</p> <p>53% of millennials have downloaded their bank's app</p> <p>1 in 2 Canadians have downloaded their bank's app</p>