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Initiative: Bitcoin Omnibus Survey

Adopter: Bank of Canada

Initiative: Pilot Study: Buy Now, Pay Later Services in Canada

Adopter: Financial Consumer Agency of Canada (FCAC)

The US Consumer Complaint Database is a collection of complaints about consumer financial products and services that the Consumer Financial Protection Bureau has sent to companies for response. Complaints are published after the company responds, confirming a commercial relationship with the consumer, or after 15 days, whichever comes first.

Adopter: Consumer Financial Protection Bureau

The Financial Wellbeing Survey 2021 is a nationally representative survey of over 10,000 adults living in the UK. The questionnaire covers the building blocks required for people to feel financially resilient, confident, and empowered.

Adopter: Money and Pensions Service

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada (FCAC)

The Survey of Household Economics and Decisionmaking measures the economic well-being of US households and identifies potential risks to their finances. The survey includes modules on a range of topics of current relevance to financial well-being including credit access and behaviours, savings, retirement, economic fragility, and education and student loans.

Adopter: Federal Reserve Board

Initiative: FinLit U

Adopter: Black Moms Connection

Initiative: FinLit U

Adopter: Black Moms Connection

Initiative: Canadian Internet Use Survey

Adopter: Statistics Canada

The Financial Lives Survey is a nationally representative survey of UK consumers. It provides information about consumers’ attitudes towards managing their money, the financial products they have and their experiences of engaging with financial services firms.

Adopter: Financial Conduct Authority

Most people prepare for retirement, but fewer than half of them know how much to save.

Source: Canadian Financial Capability Survey

Initiative: FinLit U

Adopter: Black Moms Connection

The Financial Superintendence of Colombia developed and fielded this survey in 2019, in collaboration with the Development Bank of Latin America. It includes indicators on financial capability, literacy, education, and wellbeing.

Adopter: Superintendencia Financiera de Colombia

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation

Initiative: Canadian Internet Use Survey

Adopter: Statistics Canada

Equifax is currently focused on acquiring rental data in Canada to support the credit underserved. Canadians who rent their homes are often paying more than they would pay for a mortgage, but don’t get credit for consistently making those payments. Adding this to the mix can paint a more accurate picture for those who don’t have data traditionally used to describe financial health, helping them have more equitable access to credit.

Adopter: Equifax

CPA Canada conduct nationally representative surveys annually to examine people’s attitudes and feelings towards their personal finances. The surveys help monitor how Canadians are handling new financial realities, managing financial stressors, and engaging in personal financial planning.

Adopter: Chartered Professional Accountants of Canada (CPA)

Initiative: FinLit U

Adopter: Black Moms Connection

The Bitcoin Omnibus Survey monitors trends in Canadians’ awareness, ownership and use of Bitcoin and other crypto assets. The survey also measures Canadians’ financial and crypto literacy, and their use of cash.

Adopter: Bank of Canada

Initiative: Canadian Internet Use Survey

Adopter: Statistics Canada

The 2018 Financial Capability Survey is a nationally representative survey of adults living in the UK. The questionnaire covers the building blocks of financial capability.

Adopter: Money and Pensions Service

Digital Banking is Still a Challenge for Many

In recent years, digital banking has revolutionized the financial industry, offering unprecedented convenience and accessibility. However, despite its many advantages, digital banking remains a significant challenge for many individuals and communities. This essay explores the reasons behind these challenges and suggests potential solutions to bridge the gap.

Accessibility Issues

One of the primary challenges of digital banking is accessibility. While urban areas often enjoy robust internet connectivity and widespread smartphone usage, rural and remote regions may lack the necessary infrastructure. This digital divide leaves many people without access to online banking services, perpetuating financial exclusion. Additionally, older adults and those with limited technological literacy may struggle to navigate digital platforms, further exacerbating the issue.

Security Concerns

Security is another major concern that deters people from fully embracing digital banking. Cybersecurity threats, such as phishing attacks, identity theft, and data breaches, can undermine trust in online financial services. Many individuals fear that their personal and financial information could be compromised, leading to significant financial losses. Banks and financial institutions must invest in advanced security measures and educate their customers on safe online practices to mitigate these concerns.

Technological Barriers

Technological barriers also play a crucial role in the challenges faced by digital banking users. Not everyone has access to the latest devices or high-speed internet, which are often required for seamless digital banking experiences. Furthermore, some banking apps and websites may not be user-friendly, making it difficult for individuals to perform basic transactions. Simplifying user interfaces and ensuring compatibility with a wide range of devices can help alleviate these issues.

Trust and Reliability

Trust in digital banking systems is essential for widespread adoption. However, technical glitches, system downtimes, and poor customer service can erode confidence in these platforms. Users need assurance that their transactions will be processed accurately and promptly. Financial institutions must prioritize reliability and provide efficient customer support to build and maintain trust.

Financial Literacy

A lack of financial literacy is another significant barrier to digital banking adoption. Many people are unfamiliar with the benefits and functionalities of digital banking, leading to reluctance in using these services. Comprehensive financial education programs can empower individuals with the knowledge and skills needed to navigate the digital banking landscape confidently.

Conclusion

While digital banking offers numerous benefits, it is clear that significant challenges remain for many individuals and communities. Addressing issues of accessibility, security, technological barriers, trust, and financial literacy is crucial for ensuring that everyone can benefit from the convenience and efficiency of digital banking. By taking a holistic approach and implementing targeted solutions, we can bridge the gap and create a more inclusive financial system for all.

Source: Canadian Internet Use Survey

The goal of the mystery shopping project is to better understand how frontline bank employees sell financial products and services and how consumers experience the sales process.

Adopter: Financial Consumer Agency of Canada (FCAC)

Initiative: COVID-19 Financial Well-Being Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

The Global Findex Database (2021) has data on global access to financial services from payments to savings and borrowing. It offers insights into the behaviours that enable financial resilience, as well as identifies gaps in access to and usage of financial services by women and poor adults.

Adopter: The World Bank

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

The 2022 Canadian Internet Use Survey gathers data on how digital technologies and the Internet are transforming society, the economy, and the everyday lives of Canadians.

Adopter: Statistics Canada

Initiative: Digital Literacy Exchange Program

Surveying over 4,000 Canadians, this tool has helped understand consumers’ thoughts, attitudes and behaviours regarding homeownership and the process of obtaining a mortgage.

Adopter: Canada Mortgage and Housing Corporation

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation

Initiative: Canadian Internet Use Survey

Adopter: Statistics Canada

A retirement savings plan for Canada's not-for-profit sector, designed to make retirement easier and more affordable.

Adopter: Common Good Plan

2 out of every 3 Canadians in debt don’t seek professional advice.

Source: COVID-19 Financial Well-Being Survey

The Financial Capability Outcomes Framework for Adults describes the key elements of financial capability for people from 18 years old through to later life.

Adopter: Money and Pensions Service

CanAge works with government and financial service providers to identify challenges that frontline employees face when trying to provide optimal service for, and fair treatment of, seniors. This work is particularly relevant in supporting banks’ compliance with the Code of Conduct for the Delivery of Banking Services to Seniors.

Adopter: CANage

Initiative: Digital Literacy Exchange Program

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

Initiative: FinLit U

Adopter: Black Moms Connection

The Financial Literacy Survey tracks key data points that show trends associated with personal finance challenges and priorities including retirement, savings, credit card debt, student loan debt and more.

Adopter: National Foundation for Credit Counseling

Initiative: Bitcoin Omnibus Survey

Adopter: Bank of Canada

The Survey on Savings for Persons with Disabilities gathers information about the knowledge and behaviours of Canadians with disabilities and their caregivers with regard to savings.

Adopter: Statistics Canada

The Financial Industry Regulatory Authority (FINRA) Foundation’s National Financial Capability Study provides important insights into the financial capability of US adults—including financial knowledge, resources, access, experience, and attitudes.

Adopter: FINRA Investor Education Foundation

Seedwell is a personal finance app using behavioural insights to help consumers. Provided by employers, the app provides a central hub to help employees navigate the financial marketplace starting directly from their paycheque deposit. Consumers are provided with nudges (e.g., anticipating their pay and identifying ways they could use those funds), and access to financial literacy material and financial advisors, without being recommended specific products.

Adopter: Seedwell

A free introductory financial literacy program for adult learners. The program offers free resources, workshops, and online courses to help learners increase their confidence to better manage their finances.

Adopter: ABC Life Literacy Canada

Tailored financial education can improve debt and finance management.

Source: FinLit U

The Survey on Banking of Canadians assesses the banking experiences of older Canadians as well as to identify challenges and potential solutions.

Adopter: Financial Consumer Agency of Canada (FCAC)