Quebecers use tech for banking, but not for insurance

By Mathieu Carbasse | March 14 2016 10:04AM

According to the latest survey conducted by the Centre facilitating research and innovation in organizations (CEFRIO), a research organisation that specializes in IT and communications, just over a third (37.4%) of adult Quebecers would prefer not to have to visit their branch to perform their banking. This is true for routine banking transactions, investments, or financing. Among those between the ages of 25 and 44 , nearly one out of two adults (48.2%) share this view.

"This new reality could change the situation for banks in Quebec. With the Internet, it would be easy for financial institutions outside of Quebec to come here and offer a range of accessible banking services that are only available over the web," notes Claire Bourget, senior director of marketing research at CEFRIO. “Besides being open to new financial services offerings, Quebecers are also interested in doing business with new organizations for their banking, such as retailers of consumer goods, food chains, and telecommunications or technology businesses, even if the range of goods and services is not as wide,” she adds.

Online insurance less popular

While 62% of adults in Quebec conducted at least one banking transaction over the Internet in the month preceding the survey, other online activities were much less popular. 

In fact, only 6.2% of adults submitted an online insurance application during the month preceding the survey. Whether online or offline, this activity is less common than normal banking transactions. This partly explains the low proportion of adults who performed this transaction.

Making financial investments and buying or sell stocks are also activities that a relatively small proportion of Quebec adults conducted online during the month preceding the survey (5.4% for making financial investments and 4.9% for the buying and selling of stock).

Tablets and mobile devices equally popular

Furthermore, while major Quebec financial institutions provide all of their customers with applications or mobile websites, those in the 25 to 44 demographic are more likely to access their bank accounts using a mobile device (53 % compared to 35.9% for all of adults in the province) and to conduct banking operations there (47% versus 32%). In general, tablets and smartphones were used with equal frequency to perform online banking transactions.