The July 2025 Datos Insights report reveals that Canadian banking is being reshaped by customer fragmentation, driven by account diversification, digital behavior, and shifting financial goals. Despite 97% having checking accounts and 88% holding major credit cards, many lack basic savings tools. Nearly one-third of Canadians spread financial relationships across providers, eroding traditional bank loyalty. Younger generations lead in adopting fintech tools, while gig workers show distinct financial needs. Surprisingly, physical branches remain vital, with Gen Z using them weekly. Consumers still favor human interaction for complex banking decisions despite digital convenience.

Join for free to read