More than half of Canadian consumers of all generations prefer familiar, trusted brands for their banking needs over trying something new, according to data from Insider Intelligence. Of all generations, that preference is strongest among members of Gen Z, with 59% reporting they would go with a known brand when seeking out new financial products or services. Coming in second at 58%, Boomers also highly value brands they already know and trust. Less than half of Millennials and Gen X report they’d go straight to a familiar brand for a new banking product.
“Among consumers overall, trust in incumbent banks is unassailable,” according to Insider Intelligence. “Sixty-two percent named their current primary bank or credit union (typically an incumbent) as a provider they’d be most likely to buy from based only on brand trust.” While more traditional institutions still hold a significant advantage over challenger banks in the competition for consumers, the role of branding and marketing even for known brands can’t be overstated, especially for delivering on core values, like trust, security and dependability.
Source: Insider Intelligence, “Canada Banking Consumer Habits 2024,” January 25, 2024