Canadians Turning Away from Bank Branches
The traditional bank branch continues to lose ground as Canadians increase their use of ATMs and Internet banking, according to the latest edition of an annual study by TNS Canadian Facts. The new report is based on a survey carried out by the market research firm in the fall of 2006.
Of the 1,899 Canadian adults who responded to the survey, 53 percent said they had visited a branch in the previous month, says TNS in its report ôHow Canadians Bank.ö This was the lowest level of branch banking reported since the study began in 1994, TNS says. TNS also found that online banking continued to attract new users last year. Over half of Canadian bill payments, account transfers and account balance enquiries are now conducted online, the study says. In fall 2006, 37 percent of respondents to the TNS survey reported using an online banking service in the month prior to the survey, compared to 34 percent in the 2005 survey. Usage of ATMs has also shown modest growth over the past year, says TNS. In fall 2006, 81 percent of survey respondents said they had used an ATM in the month preceding the survey, up from 78 percent in 2005. Nine out of every 10 withdrawals are now being made at an ATM and deposits of checks and cash at ATMs outnumber in-branch deposits by a ratio of two to one, TNS says. Related Links
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