Meridian's study reveals most Canadians prefer human interaction in banking despite digital advances
Meridian’s recent survey reveals that more than six out of ten Canadians (61 percent) feel their bank lacks a personal connection with them, while 46 percent are seeking a more personalized banking experience.
Despite advancements in digital banking, 87 percent of Canadians still want to handle serious financial issues with a real person instead of artificial intelligence. Additionally, 66 percent of Canadians worry that AI could reduce the ‘human connection’ in banking.
Matthew Seagrim, chief digital, and marketing officer at Meridian, stated, “Our More Than a Number study goes beyond the confines of traditional surveys to give Canadians an opportunity to express their financial outlook in their own words.”
Seagrim highlighted that Canadians want to establish deeper relationships with their financial institutions, especially as they navigate the current challenging economic environment.
The survey also found that while 74 percent of Canadians know credit unions offer similar services to banks, 52 percent of them do not currently use credit unions.
Furthermore, 28 percent of Canadians expressed interest in learning more about credit unions, which operate using a co-operative model that prioritizes people over profit, offering a more personalized approach to banking.
These findings emerge as Canadians face significant financial pressures, despite easing interest rates. Ontarians, in particular, are feeling the effects of rising costs, with 62 percent saying their lifestyle is becoming unaffordable compared to 53 percent in the rest of the country.
Additionally, women (40 percent) are more likely than men (18 percent) to express concern about their long-term financial future.
Millennials are among the hardest hit, with 71 percent agreeing that making ends meet is becoming increasingly difficult, while 63 percent say their lifestyle is becoming unaffordable. Furthermore, 82 percent of Millennials believe the average Canadian is struggling to get ahead in the current economy.
Meanwhile, 61 percent of Gen Z respondents feel anxious or uneasy about money, and nearly a third report constant anxiety.
As 74 percent of Gen Z struggles to make ends meet, many are turning to their banks for guidance, only to be disappointed. Nearly 60 percent of Gen Z respondents believe their bank acts in its own interest rather than theirs, while 48 percent say their bank treats them like ‘just a number.’
The survey also highlights several broader trends. Sixty percent of Canadians believe the country needs more competition in banking to foster new services and lower fees. Forty-six percent of respondents are open to exploring financial alternatives outside of traditional banking.
A Baby Boomer respondent from Ontario reflected on their financial experience, advising younger generations to “Try to have a better understanding of the options available.”
Financial guidance remains a priority for many Canadians. Nearly half of Gen Z respondents (48 percent) wish they had access to better financial advice, and 51 percent feel banks are more focused on selling products than providing guidance.
More than a third (38 percent) report feeling that the advice they receive from their bank is simply an upsell. As one Gen Z respondent from Alberta noted, “I don't have time to make a financial plan and don't know enough about how to make one.”
Concerns about the rise of AI are also prevalent, particularly among Gen Z. While this generation is comfortable with digital transactions, 56 percent fear losing the human connection with their banks due to AI.
Additionally, 81 percent of respondents believe serious financial issues should be addressed by a person, not a chatbot, and 75 percent want the option to choose between digital and in-person banking.
The survey emphasizes that Canadians are increasingly seeking more personalized, human-centred banking experiences, even as digital innovations reshape the landscape.
