To bank online or in-person—it’s a no-brainer for most Canadians. According to the Canadian Bankers Association’s(CBA) bi-annual How Canadians Bank survey, 78 percent of Canadians use digital channels to do most of their banking.
Accessibility plays a large role in how many people head online to manage their finances. Technology has never been more available since the pandemic transformed people’s relationships with digital services.
The Majority of Canadians Believe it’s More Convenient
The CBA found that a whopping 90 percent of Canadians believe banking is now more convenient because of the latest technologies.
All you need is a secure device and reliable access to the Internet, and you can manage your finances on the go, wherever that may be — whether it’s at work, home, or somewhere in between.
While you can still head into a physical location to manage your finances, a virtual option is almost always available for most of your needs — from checking your bank balance and paying bills to withdrawing from a line of credit and switching car insurance.
Some of these digital channels replace the need to go in-person to a physical location, like tap and pay or e-transfer services. With the right app downloaded on your phone, you can pay back a friend without visiting an ATM.
Other channels supplement more complicated financial tasks, like borrowing online or qualifying for insurance. They might automate some of the steps involved in applying for a line of credit, so you can quickly see if you qualify when you need financial relief in an emergency.
Whether a digital financial platform automates some or all of its processes, these digital services give you access to your accounts 24/7. You won’t have to wait until typical business hours to see your accounts, draw against an existing line of credit, or pay bills.
What Are the Benefits of Online Finances?
Convenience isn’t the only thing driving consumers online. You might adopt virtual financial tools for the following benefits:
1. Time Savings
Online financial services rely on automation, so it speeds up the average financial chore. When it comes to getting a line of credit online, the initial application is simple so you can complete it quickly. Some lenders may even provide same day loans that arrive in the same 24-hour period following your approval.
2. Security
The latest technology comes backed with sophisticated encryption methods to ensure your financial information is safe online.
3. Green Karma
Online services may reduce paper waste associated with in-person banking. Rather than sending financial documents in the mail, you can access statements and terms and conditions on your profile.
4. Selection
Perhaps the biggest advantage to going online is how it simplifies your search for the next financial app or product. Whether you’re looking for the highest-yield savings account or the lowest APR on a line of credit, you can comparison shop a variety of companies without having to visit them in person.
Digital services make it easier to research potential options, so you can cherry-pick the best one available to you.
Will You Go Digital?
In 2022, nearly 40 percent of Canadians told the CBA they intend to increase how much they bank online. Now a year later, where does that leave you? Will the benefits you learned here today drive you to manage your finances online?
