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1. In doing this assignment, we learned a lot about what is important about choosing bank. One of the most surprising and helpful things we learned was all the different types of things you can do thru online banking and all the precautions you must take.

2.As we get older we need to take more responsibly for ourselves as well as our money, with that said we need to do our due-diligent to take care of our money and be as educated about what we are doing with it as possible.

3.If we were passing on knowledge to a family member I would tell them to find a bank with great customer satisfaction, this is because if the bank has good customer satifaction they will have our family members best interest at heart and help them with everything else they may not already know.

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Video #4
Although this video is from an American news network it is still relevant to Canadians. it discusses how banks are beginning to close branches to save money because people are still able to do the majority of their banking online. They still have ATM's available which makes this work better for them.
This is just to give a glance at what may be coming up in the future. In my opinion I think people are beginning to care less about going in to a physical bank, more and more peoples are banking online and just using ATM's instead of talking to the teller. This video had a good representation of what is going on currently in the banking industry.

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Doug McIntyre of 24/7 Wall Street discusses how the nation's largest banks are closing branches.

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Website #4
In such a highly regulated, ultra-competitive and rapidly changing industry, it is imperative that you partner with someone who can meet the changing requirements of banks.

The banking industry is continuously evolving due to challenges stemming from regulation, legacy systems, disruptive models and technology, increased competition and a drive for improving the customer experience. As a result, the way your bank identifies, accesses, monitors and protects different types of information has to evolve as well. It is essential that you adapt your bank records retention and internal audit requests, while also ensuring the security of your customer’s information. This video highlights all the important things you should be looking for regarding security when looking for a bank.

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There is much in the news these days for financial institutions - and their customers - to consider. But at a time when consumer confidence in banking is at a critical juncture, so many of those aforementioned influences are outside of a banking/security leader's direct control.

But here are five factors you can control to ensure security and reassure shareholders and customers of your institution's safety and soundness.

1. Regulatory Compliance: Focus on the Basics
Bad economy? Doesn't matter to banking regulators. Even if your institution is affected by bad loans or investments and you're dealing with the aftermath, regulators will still be examining your programs for compliance - and you'd better be prepared, says David Schneier, Director of Professional Services at Icons, Inc., a risk assessment firm based in Princeton, NJ.

"There isn't very much room to maneuver or modify what needs to be done," says Schneier, who spends much of his time working with banking institutions on their compliance efforts. "GLBA compliance is still required to continue operating. We've heard nothing from the field thus far that indicates that examiners are easing up in any way, nor should that be expected."

In challenging times, the spirit of GLBA is that much more relevant ,particularly as market conditions deteriorate and people grow desperate. "Accordingly, information security practices become much more significant to ensure the protection of both customer/member data and the institutions assets," Schneier says.

Also at the top of the list for all institutions should be the ID Theft Red Flags Rule, which covers the basics of identity theft prevention and awareness programs. "This will provide the critical safeguards to ensure that potentially fraudulent activity is being identified and managed."

For more on regulatory compliance priorities at banking institutions - including what they're doing well and not so well -- listen to this podcast interview with Schneier.

2. Risk Management: Be Proactive
By taking a proactive approach to risk, Corporate One FCU in Columbus, OH managed to position itself to survive in this troubled economy.

"Corporate One's focus on managing risk developed long before these issues began," says Joe Ghammashi, Chief Risk Officer at the $5.16 billion corporate credit union. This is supported by the credit union's diversified investment portfolio. "Additionally, our appropriate pricing of risk has allowed us to build our capital base, as well as establish a strong earnings run-rate. We also have been proactive since last summer in developing and enhancing our liquidity sources. Consequently, we are not facing the issues that have hit other institutions."

The credit union's biggest challenge is perception - members' questions about the safety and soundness of all institutions. "We are making sure that our members understand that the assets we hold are of the highest quality and that we have ample liquidity to carry them for as long as we need," Ghammashi says.

Corporate One's work over the past three years on an enterprise wide risk management (EWRM) program has also paid off. "We integrated our business owners into the IT governance process and brought IT out of its silo into the environment of its business partners. We have adapted the COSO and COBIT frameworks to manage our systems, people and processes to, among other things, integrate technology and business together."

Ghammashi stresses it was critical for the credit union to have proactively engaged in these activities to position it in the solid position that it is in today. "It would be extremely difficult for someone to try and implement such a program at this time," he says. "The biggest challenge facing anyone attempting to implement EWRM is the difficulty in developing financial models that justify the incremental cost of EWRM. But when times are as difficult as they are today, it becomes evident that adopting sound risk management principles as a component at every level of the organization's business plan is critical for its survival."

3. The Insider Threat: Tighten Internal Controls
When it comes to fighting the insider threat, financial institutions fall into type A or B personalities just like most human beings, says Sai Huda, Chairman and CEO of Compliance Coach, a San Diego, CA-based compliance company backed by three of the nation's top 10 banks (Wells Fargo, Bank of America and Citigroup).

The Type A financial institution sees information security as a mission critical item. "At the Type A institution, security starts at the top with the board of the directors. They are very aggressive in complying fully with regulatory requirements and information security policies," Huda says. This is especially needed in the current environment where fraud is on the rise, and insider theft of information is at a high risk probability. The Type A institution focuses on insiders and asks who has access to what, why? They also focus on terminated employees. "Are they leaving with any confidential information?"

On the other hand are the Type B financial institutions that have a relaxed, laid back approach to information security. "They see it as something regulators require them to do, so they do it. They are not proactive. No news is good news. If there is no news of any breach, then everything must be okay with information security," says Huda. Their biggest failure is they are more trusting of insiders. They are focused more on outsiders. "It is business-as -usual with any layoffs. There is no enhanced scrutiny of practices to make sure insiders do not leave with confidential information," Huda notes.

Given the current economic conditions, insider theft of information is an increasing risk that all financial institutions face. Why? Because insiders have access to customer information and may be tempted to transport or sell for economic or vindictive reasons, especially if they are laid off from the financial institution. They also have intimate knowledge of information security policies and procedures and know what are the institution's strengths and vulnerabilities.

Here are three things Huda says every single financial institution should proactively implement to thwart the insider threat:

1. Quarterly review of who has access to what and why. Tighten up and restrict access in light of increasing security risks. Focus on those business units that may have reductions in staffing in the next quarter.

2. Take a very close look at employee termination procedures. What are measures in place to make sure terminated employees do not leave with any information?

3. Whenever employees are terminated who had intimate knowledge of information security policies and procedures and knew the institution's strengths and vulnerabilities, revise the policies and procedures immediately to plug the holes. "Remember, a terminated knowledgeable insider can become your worst outsider enemy," Huda concludes.

4. Phishing, Fraud: Be Vigilant, Educate Customers
Criminals don't take vacations, and the business of fraud is growing, says Debra Geister, Director, Fraud Prevention & Compliance Solutions at Lexis-Nexis. "While banks feel contraction during the current economic challenges, the business of fraud continues to grow."

Now more than ever, it is critical to catch fraud as early as possible -- ideally, to prevent it before it occurs. "Since the Identity Theft Red Flags Rules is in place, many institutions are finding ways to bring their fraud and compliance systems together in a more formal way to fight identity theft," Geister observes. In addition, as banks evaluate their systems, many are starting to merge AML initiatives with their fraud and identity theft initiatives, she says.

Phishers are among those fraudsters who are as busy as ever, says John LaCour, CISSP, Director of AntiPhishing Solutions at MarkMonitor and contributing analyst to the Anti-Phishing Working Group (APWG) Phishing Activity Trends Report.

"Phishers seem inexhaustible," LaCour says. While the number of unique URLs declined by nearly one-third earlier this year due to lower Rock Phish activity, the actual number of attacks as measured by a combination of brand and phishing domain names increased 11 percent. "This indicates that traditional phishing is as strong as ever and increasing," LaCour concludes.

The number of brands being attacked increased by 7.6 percent, and financial services still remains the most targeted industry, according to the Phishing Activity Trends Report issued each quarter by the APWG. The group also reports crimeware-spreading URLs infecting PCs with password-stealing code rose 93 percent in the first quarter to 6,500 sites, nearly double the previous high of November 2007 -- and an increase of 337 percent from the number detected in the first quarter of 2007. Institutions need to have a phishing takedown plan in place in the likelihood their brand is attacked.

To illustrate the growth in phishing attacks one only needs to look at a recent report released by Cyveillance, a information security research company that also provides takedown services for financial institutions. In the first quarter of 2008, Cyveillance reports it typically saw a daily average number of phishing attacks in the low-400 range. In October that average increased to more than 1,750, with record peaks as high as 13,209 in a single day.

During the first half of this year, the quantity and frequency of the attacks have steadily increased, averaging 400 to 500 per day, with spikes at times reaching nearly 1,000 per day. Though the summer of 2008 saw an overall slowdown in attacks, there has been a significant increase in attack volumes and frequency of spikes since September. Cyveillance researchers join those in the information security industry that say these increased volumes can be linked to many outside influences, the worldwide financial crisis and the phishers constantly changing direction and attack methods to avoid being caught.

Institutions need to have a phishing takedown plan in place in the likelihood their brand is attacked. Included in the plan should be how to communicate to customers. Put an announcement message on the website's front page. Give the facts to all customers, telling them about the phishing attack. Tell them what you're doing to stop it. Tell them to contact the institution when they receive any suspicious email or phone call purporting to be from the institution. Regular reminders on statement stuffers and in general correspondence will also educate customers to be wary of any unsolicited phone calls or emails.

TowerGroup's George Tubin sees no end in sight for these types of attacks against banking customers such as the increased number of phishing and "vishing" attacks perpetrated on a wide number of consumers across the country in the last three months.

Tubin, Senior Research Director, Delivery Channels and Financial Information Security at the Needham, MA-based research firm, sees that the current economic crisis hasn't dampened criminal efforts against financial institutions or their customers. "They're definitely not taking a pity break or slowing down their efforts. In fact, they are actually stepping up their efforts to phish for victims at merged banks and at other banking brands during these uncertain times," he adds.

Tubin recommends institutions remain focused on fighting fraud. "There's not a lot of room to move. Criminals are still trying to exploit banks, so it's not an area that banks can take a breather on," he observes. While other areas of the institution may face cutbacks in their budgets, Tubin sees that institutions will keep spending in the security and fraud space. "With every month that passes, the criminals get better at what they do. They work on refining their attacks, get rid of what doesn't work and then increase what does work and then continue down that path."

The first issue that financial institutions should be worried about is fraud, says another risk management expert who works with financial institutions across the Midwest. "Fraud follows a basic triangle of 'Rationalization, Pressure and Opportunity.' And with financial institutions getting into trouble or merging and employees having the fear of getting laid off, losing their houses, etcetera, this opens up the pressure part of the triangle," says Ken Stasiak, CEO of SecureState, a Cleveland, OH-based risk assessment firm that focuses on the financial services industry.

5. Physical Threats: Protect Your ATMs
Schneier of Icons makes a final prediction that "old-fashioned holdups" will increase during these trying times. "The difference between what we're dealing with now versus 80 years ago is that whereas in 1927 there was a run on the bank to get your money out, the threat now is a run on the bank to get someone else's money out."

He observes that with so many digital pathways into and out of financial institutions, it makes it easy to forge financial documents, making the likelihood of fraud much greater. And then there is the prospect of targeting the unsuspecting ATM customer. "With ATM's in virtually every pocket of society these days, it's possible to see a marketable increase in good, old-fashioned criminal 'hold-em up' scenarios," Schneier says.

Institutions should begin reducing ATM crime and the increased threat of physical crime via a two-pronged approach. First and foremost is education. All financial institutions have pamphlets and programs designed to educate their customer/members regarding ATM safety (e.g. pulling the locked door closed behind you, counting your money after leaving the area, etc.) and they need to make sure this gets put out in front of their audience again, says Schneier. Second is a physical deterrent such as video cameras, sufficient lighting, un-obscured placement (move those shrubs), security mirrors (to see behind you) and functioning locked doors. Remind customers at drive thru ATMs to always make sure that the car in front of them has cleared the lane, don't put the car in park (keep it in gear and a foot on the brake) and to check side-view and rear mirrors before initiating the transaction.

Regarding robberies at teller windows, there's already training available providing clear guidance on steps to be taken, Schneier says. But financial institutions need to be more aggressive in conducting their training drills and perhaps increasing their frequency. It's also important that they think beyond only training the tellers. "In one institution recently, a non-business person was discussing how they often pass through the lobby and wouldn't know what to do if they encountered a hold-up," Schneier says. "Considering that all it takes if for one person to react inappropriately to send things out of control, this is an important consideration. All of the institutions employees need to know what to do."

Lastly, Schneier advises vigilance is the best control to have when dealing with the threat of criminal activities. "Knowing when someone or something appears out of place, knowing what to do about either a potential or confirmed incident is the surest way to navigate through the event."

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The 5 Essentials of Banking Security in Tough Times

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There is much in the news these days for financial institutions - and their customers - to consider. But at a time when consumer confidence in banking is at a critical juncture, so many of those aforementioned influences are outside of a banking/security leader's direct control.

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Image #2
The chart below shows the number of branches in Canada divided up by how many in each province each year.
Not many websites have a summary like the one below to show all the statistics together. I prefer them being put into a chart like this, because it is easier to compare them all when viewed like this.

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Website #2
When online banking their are many different factors in what makes it an great online bank such as:

Use Bank-to-Bank Transfer

See your account transactions and history>

Pay bills without writing checks

Transfer money between your accounts

Sign up for paperless statements

Set up account alerts and reminders

View images of processed checks

View reports

A convenient, engaging, and complete financial planning experience

Earn cash back with Purchase Rewards

Nowadays every bank will have an online banking option too that you can choose to download if you would like to make banking on the go as easy as it can be.

You can deposit a cheque into your account from anywhere by taking a picture of it using an app on your smart phone or tablet. Many financial institutions in Canada now offer this service. This process is known as a remote or electronic deposit.

The process is simple. Start by downloading your financial institution's official banking app. You can find a link on their official website or from your mobile device’s app store.

Follow the instructions on your banking app to deposit your cheque.

Common steps include:

logging in to your app

selecting the option to deposit a cheque

taking a picture of the front and back of the cheque

confirming the details of your deposit

storing your cheque until it has cleared

The process is secure and your financial information is not stored on your device.

What to expect when depositing a cheque with your mobile device

Be aware of eligibility, hold periods and fees as they may differ from in-branch banking.

Eligible cheques

Check with your financial institution or your account agreement to see which cheques you can deposit using electronic deposit.

Cheques that are eligible can include those that are:

made out to you

made out to a person you have a joint account with

issued by any level of government in Canada

In the website below they discuss all of these different features in online banking. This website was especially helpful because of how they broke down the difference between buisness banking and personal banking.

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Business Online Banking Members can now accept Interac e-Transfer®

Automatically accept Interac e-Transfers from your customers or other businesses as a payment option for invoices and other accounts receivable

When enabled, any funds sent via Interac e-Transferto the email address you have specified will be automatically deposited to your business account - no need to answer a security question!

Set up to 100 Interac e-TransferAutodeposit email addresses

Note: e-Transfers will only be accepted from other Autodeposit supported financial institutions. If the sender's bank does not have Autodeposit, the transfer will expire in 30 days and be automatically returned back to their account, or, they can cancel the transaction where they may incur a reclaim fee from their financial institution. Alternatively, they can still send money to your account throughAutomatic Funds Transfer, , or adding your business as a . For a list of participating financial institutions, please see this .

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Business Banking - Small Business, Business Accounts | Meridian | Meridian

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Automatically accept Interac e-Transfers from your customers or other businesses as a payment option for invoices and other accounts receivable When enabled, any funds sent via Interac e-Transferto the email address you have specified will be automatically deposited to your business account - no need to answer a security question!

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Video #2
In this video they talked about depositing fees, hold periods, electronic deposit security, fraud risk, and double presment. It talks about the important tips to remember when using these online banking features to protect your money and your personal information.
This video is a great simple way to learn about these things, especially someone with no knowledge about mobile banking. In this video keep close attention and remember all being said because it is all very crucial when dealing with online banking.

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Meridian Business Online Banking & Small Business Online Banking Comparison

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Video #3
For mobile banking services they rely on high-security mechanisms to protect your privacy and financial information from login to logout. Transactions are processed behind our firewalls, 128-bit encryption is used throughout and user identity is verified through multiple factors. We've also designed our interfaces keeping in mind that you use your device in public places. Your account and credit card numbers are never displayed, account nicknames are available and sessions are automatically timed-out.
This video helps people understand the depths banks go to, to help protect your security.

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Reasons to Consider Bank Security Systems

Banks and other financial institutions must have a system in place to prevent external and internal threats or fraud, which will allow enhanced protection for:

At Comodo, we understand your fear of identity theft and other threats and have worked hard to create bank security systems that will fit your needs and ensure the safety of your information and money.

What We Do

Our bank security features provide protection for all endpoints that can include software, services and other solutions to help you meet your needs.

Our system comes with a wide array of products and services to help you, which can include security monitoring, management, reporting, audits and so much more. Your operations will be more enhanced, and you'll have more insight into your company. Information is power, and you'll have all the power you need to thwart cyber criminals and keep data safe and out of the wrong hands.

We provide you with remote management tools so you can see results in real time, find solutions to any problem, check for viruses and malware at any time, find the newest threats before other similar products and receive alerts to any mobile or computer device.

You can also allow employees to use personal devices at work because our product uses application containerization to keep corporate information separate from personal data.

Even your ATMs will be more secure because our product works at all points. It will protect the machine itself from skimming devices and others. It will work with already integrated products, such as video surveillance, silent alarms, lights and video monitoring equipment. Our product will also protect the computer that runs the ATM. If you'd like to learn more about bank security and how we help, contact us today.

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Banks and other financial institutions must have a system in place to prevent external and internal threats or fraud, which will allow enhanced protection for: At Comodo, we understand your fear of identity theft and other threats and have worked hard to create bank security systems that will fit your needs and ensure the safety of your information and money.

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Image #1
Below is a chart of the amount of people who online bank, mobile bank, use ABMs, go to a teller or go over the phone. The lowest used one is telephone banking and highest is online banking.
This diagram gives the viewer a good idea of which is the least and most popular. I liked how this chart was very simple and easy to follow along to with for the reader.

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Website #3

Not every kind of bank will work best for your needs. Here’s what to consider if you are planning to open a bank account.
Megabanks
Most large national banks, have a significant nationwide presence of branches and ATMs. Many offer state-of-the-art digital banking platforms. And because high-profile brands are under constant attack by cybercriminals, megabanks have sophisticated security systems, which include fingerprint log-in for mobile banking and voice- and face-authentication systems. But when it comes to customer service, you’ll do better at credit union or regional bank.

Credit Unions
Credit unions are among the highest-rated services we’ve ever evaluated, with 96 percent of our members highly satisfied vs. 80 percent for the three biggest national banks. That satisfaction is driven by good customer service, not surprising when you consider that credit unions are owned and managed by their members. Credit union members usually have access to free checking, higher interest rates on certificates of deposit, and significantly lower rates for credit card and auto loans.

One difficulty can be that membership eligibility is limited because credit unions are often linked to an employer or a group, such as a labor union or church. But community-based credit unions have more relaxed rules, and almost anyone is potentially eligible to join a credit union somewhere.

Online Banks
Virtual banks have the edge when it comes to connecting with customers electronically. They also provide significantly higher yields on savings products. Many have arranged for free access to ATM networks, so you can easily withdraw funds. But getting a human to talk to you can be difficult, and the services offered are often more limited than at a traditional bank.

Smaller Regional and Community Banks
If you’re looking for more personalized service, you’re more likely to find it here rather than at a big bank. When customers phone the 24-hour call center of Frost Bank, for example, they get a human being, not a recording.

Because most community banks have only about four to seven branches, according to the Independent Community Bankers of America, accessing funds can be an inconvenience and expensive when you’re away from home.

In this website they get into complete detail of all the different kinds of banks and their statistics for satisfaction, such as;

Overall satisfaction with Canada’s retail banks increases to 785 from 782 (on a 1,000-point scale) in 2019. However, satisfaction among customers under age 40 declines to 777 from 780, while satisfaction among customers age 40 and older increases to 792 from 785. A five-point satisfaction difference between the two age segments in 2018 has grown to a 15-point difference in 2019.

The decline among customers under age 40 spans every factor, with the biggest declines in: in-person bank branch service (-14); problem resolution (-13 points); automated phone service (-13); live phone service (-10); and assisted online service (-10). Satisfaction declines are smaller in automatic banking machines, online and mobile banking service.

The study shows that the number of digital-centric1 retail banking customers increases 6 percentage points, while the number of branch-dependent customers declines 6 percentage points. While customers are expanding their use of digital banking services and use branches less often, these customers experienced service quality declines during problem resolution, branch and telephone interactions.

“The findings highlight a key battleground for banks,” said Paul McAdam, Senior Director of Banking Intelligence at J.D. Power. “Younger and digital-centric customers are vital to future business growth, but younger customers are more likely to receive inconsistent service levels. Banks have invested heavily in convenience, in digitizing transactions and in making products easier to use. Service quality, however, is not keeping pace in omni-channel interactions. Banks that don’t address the gaps in service expectations are at an increased risk of client departures.”

According to the study, younger customers are three times more likely to switch banks than older customers. During the past year, 9% of bank customers under the age of 40 say they have switched banks, compared with 3% of those age 40 and older.

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Fast Facts

The majority (91 per cent) of Canadians believe that banking has become a lot more convenient because of new technologies.

More than three-quarters (76 per cent) of Canadians are using digital channels, both online and mobile, to conduct most of their banking transactions.

About nine in 10 (88 per cent) Canadians reported using online banking in the last year, and more than half (53 per cent) say it is their most common banking method, making online banking the most common digital banking channel.

Mobile and app-based banking continues its ascent, led by Millennial uptake. More than one-third (36 per cent) of Millennials are mainly using banking apps, as opposed to 23 per cent for all demographics groups.

88 per cent of Canadians trust their bank to offer secure digital banking services, and 85 per cent feel confident about modern banking technologies.

In-branch banking, while declining in popularity, remains a valued method of conducting a wide variety of banking transactions.

The Bottom Line

Banks in Canada are meeting the evolving preferences of their customers as technology changes the way Canadians bank. Banking is transforming at a record pace, bringing innovation and new potential to empower people's lives in a digital world.

Now more than ever, Canadians value convenience through technology. To that end, Canada's banking industry is continuing its decades-long leadership in developing new innovations that make banking secure, convenient and accessible for all customers.

Canadians today have unprecedented access to safe and secure channels to meet all aspects of their banking needs. Banks have introduced fast and convenient banking and payments solutions, including online and app-based banking, mobile "Tap & Pay" payments, depositing cheques by taking a photo with a smartphone, and more. Indeed, that trend will continue as the pace of technological change accelerates.

Canadians are embracing technology-driven banking solutions. With a customer-first focus, banks in Canada are building on their strong track record of adapting to what their customers want - and what they want is access to banking services 24 hours a day, in real-time, from anywhere in the world, on a reliable and secure network.

These and other findings form the basis of How Canadians Banks, a biennial study by the Canadian Bankers Association and Abacus Data that examines the banking trends and attitudes of Canadians.

Technology is changing how Canadians bank, rapidly

As technology evolves, customers' digital expectations are rising. This is the leading catalyst for continued innovation as banks look for new, easier ways for Canadians to access their banking safely and securely. And Canadians clearly value the convenience of these innovations and feel better served as a result.

91 per cent of Canadians believe that new technologies have made banking a lot more convenient.

88 per cent of Canadians say their bank has improved service through technology, with that figure increasing to 98 per cent for Millennials, which is now the largest generation in Canada.

To be sure, Canadians are increasingly turning to tech-driven transaction methods. The average Canadian buys something with a credit card 9.2 times a month, followed by Tap & Pay 9.1 times a month, and uses a debit card 8.5 times month. Looking ahead five years, Canadians expect to increase their use of the following top three technologies: Tap & Pay (45 per cent), e-Transfer (40 per cent) and mobile app (40 per cent). In contrast, the use of cheques, while already in decline, is expected to continue trending downward, with only 38 per cent of Canadians expecting to write cheques in five years.

The top three benefits of new banking technologies were:

1. Saving money

2. Fitting my schedule and

3. Saving time.

Online banking is the most common way people bank

As banking technologies have come to the forefront, online banking has cemented its position as the most common form of banking for a majority of Canadians.

88 per cent of Canadians reported using online banking in the last year.

53 per cent of Canadians say that online banking is now their most common banking method - 30 per cent higher than mobile app-based banking, the second ranked method.

Two-thirds (65 per cent) of Canadians feel "very satisfied" with online banking.

Almost 40 per cent of Canadians are planning to increase their use of online banking, more than any other channel.

Not surprisingly, the average Canadian visits their bank's website three times as often as they do their branch. While differences emerge across generations, in-person banking is now the most common way to banks for only 12 per cent of Canadians and ABM at 10 per cent. This is a sharp change from CBA's first public survey 16 years ago when 40 per cent said they banked mainly at an ABM, 30 per cent banked in branches and only 16 per cent did most of their banking online.

The adoption of digital banking channels is particularly high among younger customers such as Gen X and Millennials, however this trend is apparent across generations.

Mobile app-based banking continues to rise, led by Millennial uptake

Every Canadian with a smartphone now has a bank in their pocket. As an increasing number of Canadians carry smartphones, banks offer mobile banking and payment services and apps that allow customers to perform a variety of transactions through their mobile devices. As a result, the number of Canadians banking on the go continues to rise, especially among younger customers.

56 per cent of Canadians reported using mobile banking in the last year, up considerably from 2016 and 2014 results, at 44 per cent and 31 per cent respectively.

32 per cent of financial transactions are done with a mobile device, which is expected to increase to 41 per cent in five years.

42 per cent of Canadians say they are "very satisfied" with app-based banking services.

More than one-third (36 per cent) of Millennials say apps are their leading banking method, as opposed to 23 per cent for all demographics groups, and more than half (54 per cent) of Millennials plans to increase its use of banking apps within five years.

Millennials are three times more reliant on mobile banking technology than their Boomer parents.

Overall, Canadians are satisfied with the mobile banking experience: Ease of use (78 per cent), convenience (77 per cent) and overall value (77 per cent) and feeling secure (73 per cent).

Millennials, however, show considerably higher levels of satisfaction as it relates to the security of mobile banking: Boomers (58 per cent), Gen X (80 per cent) and Millennials (87 per cent).

While satisfaction with banking apps has been improving over time, 19 per cent of Canadians reported being "not at all satisfied". This suggests that, as banks continue to introduce updates that improve reliability and simplicity of mobile banking experiences, satisfaction levels will rise in tandem to work on improvements in reliability and simplicity of apps, there is room to further improve satisfaction levels.

In-branch banking, while declining in popularity, remains a valued method of conducting a wide variety of transactions

Despite the steady growth and adoption of digital banking solutions, branches remain a vital part of the banking mix in Canada. Personal interaction will continue to play an important role in our online and mobile-first world as branches evolve into advice and information centres with a human dimension.

More than two-thirds (67 per cent) of Canadians used in-branch banking in the last year, including 20 per cent who did so frequently.

Over 93 per cent of customers were satisfied with in-person banking.

However, only 12 per cent of Canadians say their most common form of banking is in-person, and 27 per cent of customers plan to decrease their bank branch visits.

ABMs still popular for withdrawals

Canadians still rely on Automated Banking Machines (ABM) primarily to get cash, make deposits and pay bills. While online and mobile banking are rapidly gaining momentum, 10 per cent of customers say they use ABMs to conduct most of their banking. This trend is consistent across generations and income groups. That said, the use of ABMs is expected to trend downward over time.

In 2017, Canadians made approximately 445 million cash withdrawals, 158 million deposits, 34 million bill payments and conducted 19 million transfers at bank-owned ABMs.

Overall satisfaction with ABM banking is high, with 53 per cent of Canadians saying they are "very satisfied" with this method and only 3 per cent are "not at all satisfied"..

Looking ahead five years, 19 per cent of Canadians expect to increase their use of ABM withdrawal, whereas 21 per cent expect to decrease their reliance on ABM deposit as other tech-driven alternatives emerge.

Nearly nine in 10 (87 per cent) Canadians are satisfied with ABM withdrawals, while 73 per cent are satisfied with ABM deposit.

There are more than 70,000 ABMs in Canada, including 18,640 bank-owned ABMs.

The role of cash in a digital world

While Canadians, by and large, are increasingly turning to digital channels and electronic payment methods, the demand for and use of cash is still prevalent. Canada may be one of the most cashless societies in the world, but Canadians of all ages still carry cash in their pockets. And who carries the most cash may surprise you.

On average, Canadians carry $91 in cash on a typical day, however that amount is projected to decline to $77 in five years.

Interestingly, Boomers reported carrying an average of $69 a day today, while Millennials reported carrying an average of $143.

High levels of trust in banking innovation

With many digital services available today, trust in security of personal data and financial information has proven hard to sustain in many sectors of the economy. However, the opposite seems to be true for the banking industry.

88 per cent of Canadians trust their bank to offer secure digital banking services.

85 per cent of Canadians feel confident about online and digital banking technologies.

Banks in Canada have earned a strong reputation as pillars of stability, but they are also dynamic and continually anticipate and adapt to evolving customer preferences. Canadians place high trust in banks because they have delivered convenience through technology for decades - always with a focus on security and privacy.

Good value for cost of service

Most Canadians feel comfortable with the cost of different methods of transacting banking today. In most cases, large majorities feel the transactions are either free, a bargain or reasonably priced. Across the board - from accessing a bank's website, visiting a branch and using Tap & Pay, to using ABMs, debit cards, mobile apps and e-Transfer - Canadians feel good about the perceived value for money for the banking services they receive in our increasingly digital world.

Methodology

The bi-annual survey was conducted by Abacus Data in December 2018. A total of 4,000 adults were interviewed online, across four demographic groups: Millennials, Generation X, Boomers and Silent. The sample was designed and weighted to reflect Canada's population according to age, gender, education and region. A comparable probability sample would have a margin of error of +/- 1.8%, 19 times out of 20.

All data from: How Canadians Bank, Abacus Data, 2018, except ABM transactions statistics and number of ABMs (Source CBA, 2018).

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The majority (91 per cent) of Canadians believe that banking has become a lot more convenient because of new technologies. More than three-quarters (76 per cent) of Canadians are using digital channels, both online and mobile, to conduct most of their banking transactions.

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in our padlet we researched different things people consider when choosing a bank to give business to. We found lots of information on the different services and products banks provide, what the bank provides online and mobility, how they treat their customers, the bank's track record with their customers and the amount of branches each bank has available.
Follow along are padlet and you too will learn some interesting and helpful things for when you are choosing a bank.

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Website #1

This website article discussed a few different topics on banks such as the strong Canadian bank system, how they help their customers and the different competitive products they offer. For this section I was mainly focused on the part of the article where they discussed the competitive products for their customers. Canada has lots of different banks Canadians can choose to go to. Everyone has different needs, meaning different options for different people. Many people in Canada pay no monthly services, or services are under fifteen dollars a month. They also have different discounts for youth, students, seniors and new Canadians. Most major banks offer low fee accounts or accounts where you pay a little bit every month and have a service the has more benefits to it.
This website got into good detail about what Canadians really want, which I specified above is different products for their different needs. Most other websites i went into did not give statistics into how many Canadians pay this much, or no amount, so this website was good to give yourself, a better idea.

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Thank you. I'm delighted to be here today and I'd like to thank Jean-Sébastien Lamoureux and Ivan Roy from the MBA Association for extending the invitation. I really appreciate that all of you came out. It's also a real pleasure that many of our members from the CBA could join us.

As you know from my biography, I'm based in Toronto but my roots are very much here in Quebec. I grew up in Quebec City and have the privilege of coming to Montreal regularly with the CBA.

For those of you that don't know the Canadian Bankers Association, we represent 59 banks in Canada including large domestic banks, several regional banks, online banks, foreign banks and foreign bank branches.

We advocate on behalf of our member banks at the provincial level, with the federal government and even internationally - where we are part of an International Federation of banking associations and also of the Francophone Banking Union ( Union bancaire francophone)

The CBA is also very involved in financial literacy, delivering seminars to high schools across Canada for over 13 years. We have announced that we are going to provide financial literacy seminars to seniors groups starting later this year.

That's the CBA, but let me now turn to what I want to talk about today - and that is banks and banking. Not just from the perspective the Canadian Bankers Association, but also from the experience of the customer. And many of you in the audience are customers - either as business people or as individual consumers - and I hope that what I have to say reflects your overall banking experience.

Here are the general themes that you will hear throughout my remarks:

I'm going to talk about competition - there is a great deal of discussion these days about the level of competition in different sectors of the economy, but what about competition in the banking industry?

I'm also going to talk about choice - and how competition results in an abundance of choice for the customer.

I'll also talk about security and trust - something that is at the core of banking for our customers.

And, I'm going to talk about innovation - everyone in this room will have an image in their mind when they hear the word "bank".

But you will all be equally surprised if I suggest to you that banks can also be viewed as technology companies. Actually, banks make huge investments in developing and deploying technology across all aspects of their operations.

But innovation is much more than the latest technology - innovation is a focus on continuous improvement across all fronts of our customer service.

Those are the themes I will be talking about today.

Canada's strong, sound banks - benefitting customers

Let me start by talking about our banking system compared to those around the world.

Strength and soundness are two main characteristics of our banks, here in Canada but also on the international front. We all know that banks in many other countries didn't weather the recent global financial crisis very well - many collapsed and others needed government bailouts.

By contrast, our banks have been recognized as the soundest in the world by the World Economic Forum - for six years in a row. This is something that our industry is very proud of, and it's something that people across the country have recognized.

They know that there have been problems with banks in other jurisdictions, and that those problems were major contributing factors to the economic downturn and lack of growth that those countries have experienced.

Canadians recognize that we have banks that are there when we need them. We have banks that we can depend on - depend on for keeping our deposits safe; depend on for loans to buy a home or grow a business; and depend on for investment advice and for retirement planning.

Let me put some numbers behind this claim.

Here, in Quebec, businesses of all sizes have benefited from this financial stability. Since 2009 (when the global financial crisis was in full swing) to last September, the amount of credit that banks made available to businesses in Quebec increased by $24 billion.

And when we look at small and medium-sized enterprises specifically, banks increased the amount of available credit in Quebec by $8.6 billion between 2007 and the end of September 2013.

These are positive numbers, but they only become meaningful when compared to the situation elsewhere. So let me provide a telling example.

According to recent statistics, close to 90 per cent of small business loan applications in Canada were approved - and let's remember that it was a time when the economy was still fragile and barely growing.

Compare that to the United States, where the small business loan approval rate by large U.S. banks, for the same period, ranged between 9 to 13 per cent. Our numbers tell a very positive story about bank lending to businesses in Canada.

During the global financial crisis, individuals - and businesses - across the country got a better sense of how their financial service sector operates, as well as a crash course in why having strong, sound banks matters to them directly and to the broader domestic economy

That's reflected in the feedback from our public opinion research. Here are two examples:

92 per cent of Canadians say they believe that sound, profitable banks help protect their deposits and provide them with credit.

And almost 90 per cent believe that stable banks are better able to compete internationally and to help them - and their businesses - do the same.

Banks are responsive to the needs of customers

However, being strong and sound is only part of how our banks are there for our customers. Banks must also keep pace with the demands of customers. And our banks have been doing just that.

In fact, the banks are adapting to the way their clients live and work.

Whatever the size and scale of your business, it's always critical to be innovating on all fronts of the customer experience. Whether it's in the use of new technology or in-person in the familiar retail space, you have to be constantly re-balancing to stay competitive and in-tune with the needs of your clients. Bankers, as it is the case for everyone in this room, are continuously rising to the challenge.

Let me elaborate on this point.

First, to keep pace with the changing needs of their clients and remain competitive, banks invest billions of dollars in renewal initiatives and new technologies every year. In fact, since 2003, they have invested over $56 billion.

Our research shows that just under half of Canadians - 47 per cent - use the internet as their preferred method of banking, up from just eight per cent 12 years ago.

Banks have adapted to this new reality that is Internet and are providing customers with the convenience of banking when and where they want, in a secure environment that customers value so much.

Further, almost 20 per cent of Canadians are already using their smartphones to do their banking. And that's expected to grow to 35 per cent in the very near future, particularly as we move further into the mobile payments market, where you use your smartphone to pay for things at the checkout.

Banks are continuing to offer leading edge innovations in mobile technology. Technology that is accessible, affordable, and aimed at making life more convenient for customers. And again, I want to stress that this is technology that is secure - Canadians have trust in their banks, and know that they are protected if and when something goes wrong.

But meeting our customers' changing needs isn't just a question of the mobile or on-line environment. Banks are also constantly innovating in places where banking is more familiar.

Banks are also innovating in the services they offer in branches and other physical environments. The idea is to provide a flexible, consumer-friendly environment that is welcoming and accommodates different needs of customers, and to do this on extended hours and weekends.

As you can see, the personal aspect remains paramount at bank branches.

For some products and services - whether it's for a home mortgage or a business line of credit or investing for retirement - there still is a highly personal component to financial transactions. Those "hopes and dreams" conversations are the connective tissue of commerce and many people prefer to have those discussions face-to-face.

And here again, there is a constant evolution in how we are serving the customer. The range of services and options available at a branch has expanded considerably to meet a much broader range of customer needs.

Nowadays, customers do not only go to the bank to execute transactions; they are looking for expertise and advice. And that's why there are approximately 240 branches here in Montreal and 1,095 across the province of Quebec.

Let me underline one important element here. This relationship goes both ways: the customer comes to the branch, but in some cases, the branch will go to the customer. You will find financial advisers meeting customers at their home or at a local coffee shop, agriculture lenders meeting farmers on the farm, and business bankers providing advice and services on the shop floor. With over 45,000 bank employees in Quebec, there is no shortage of staff for that face-to-face conversation.

Our clear sense is that Canadians recognize that they are getting value for their money. They understand and appreciate the convenience and the accessibility they have to bank services.

Again, statistics from our public opinion research bear this out:

91 per cent of Canadians appreciate being able to bank at a time that's convenient;

81 per cent value access to their accounts from virtually anywhere; and,

77 per cent are happy to avoid the time it takes to travel to their branch on a regular basis.

Competition in banking means choice for customers

Looking at the bigger picture, we note that this strategy is two folds. First, it allows for leading-edge technology to be implemented. Second, it makes it possible to obtain face-to-face services if desired. As a whole, it is at the heart of an exceedingly competitive banking sector in Canada.

There's intense competition to attract and to retain customers over the long-term. At the same time, consumers are more informed and empowered than they have ever been. They have unprecedented choice and they know how to use it to their advantage. So let me talk a bit about choice.

When it comes to financial services, Canada has over 80 banks, 43 of which provide services to retail customers. And that's not including credit unions, like Desjardins here in Quebec, trust companies and other financial services players, all of whom are vying for a share of the same market.

Frankly, you'd be very hard pressed to think of any other sector where there is as much real competition and where consumers have such clout - as well as the means to use it.

Let's pause for a minute and think about all the national brand names in other industries that market to consumers - be it groceries, hardware, telecom or pharmacies - and compare the level of competition in those sectors to the amount of competition we have in banking. Our customers have incredible choice.

Sometimes, it only takes a mouse click to access the site of another bank than yours! The banks are all aware of that.

As a result, four million Canadians have switched primary banks over the past five years and 70 per cent of those who did so said it was easy. That data was included in a study released last year by EY.

It's a figure that shows how high the banks have set the bar for customer experience and satisfaction.

It means that however cost-effective it may be to implement a simple, one-size-fits-all approach, it's not a strategy that will succeed. At least not in the face of such fierce competition.

What that means is that customers can find products, services, and packages according to their needs.

Currently, almost 33 per cent of Canadians pay no monthly service fees, 33 per cent pay less than $15, and youth, students, seniors and new Canadians have access to discounted or free accounts. The major banks all offer low fee accounts. You can pay a little and just get the basics or you can pay a bit more and get more value-added services. It's all about what you want as a consumer. And that story is replicated throughout the range of banking products and services on offer to customers.

With so much competition in the marketplace, what have Canadians been telling us about their impressions of banks?

Today, 81 per cent have a favorable impression of banks - up from just 59 percent in 2001. That's a huge leap.

And when asked about their own bank, 90 per cent have a favorable impression, something that carries a lot of weight in a competitive business.

One international survey - the 2013 World Retail Banking Report - found that Canadian customers exhibited the highest Customer Experience Index scores. And Canadian customers had the highest proportion of positive customer experiences of the 35 countries surveyed.

Taking care of customer complaints

I've focused on the innovation, competition, choice and security in banking today - all of which is customer driven. There is something else that banks do well when it comes to their customers: providing them with a clear, fair, simple, and free process for resolving complaints.

Think about it: More than four billion customer transactions flow through the largest banks each year, that's more than eight thousand every minute of every day. The vast majority of these transactions are completed without incident and to the satisfaction of the customer. That's quite an accomplishment when you think about it and it reflects a very high standard of performance and execution.

Nevertheless, whenever there's that kind of volume, there will occasionally be complaints. When these arise, there's a transparent, simple process available free of charge to customers to help resolve those issues. It starts internally and if the banks can't resolve it, the final step is with an independent third party.

It's easy to find where to turn to get this help - it's all online and the contacts and criteria are clearly spelled-out. Again, can you think of other service industries that can match this commitment to customer complaint resolution?

Conclusion

I know we all have jobs to get back to this afternoon, so I'll conclude my remarks.

I've presented to you the banking experience from the customer point of view. I know that occasionally there will be situations that don't fit with what I've said. But overall, it is clear that bank customers in Canada have a very different, and very positive, experience from bank customers in many countries around the world.

Bank customers in this country want ample choice provided by trusted providers in a competitive marketplace. They want innovation as well as confidence and security in their relationship with banks. And they want a fair and simple process to take care of problems should they occur. My comments today have been about how our banks deliver on all these.

With the intense competition among Canada's banks, they are listening to their customers. They are also in fighting form - wanting to keep their customers by keeping them satisfied.

In short, banks want your business. And they strive to remain strong and sound in order to maintain the high standard of services they provide to individuals and to business leaders.

Thank you.

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Competition, choice and innovation - driving the customer experience in banking

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Thank you. I'm delighted to be here today and I'd like to thank Jean-Sébastien Lamoureux and Ivan Roy from the MBA Association for extending the invitation. I really appreciate that all of you came out. It's also a real pleasure that many of our members from the CBA could join us.

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Video #1
This video gave 5 things to ask when you're picking a bank. It first said to focus on the banks fees, convenience and rewards. They discuss the free things banks offer, such as free mobile use, free checking, free ATM use, etc. They say to consider how continent will that bank will be for you; this means where they are located near you but things you are able to do online as well to make things simpler. It is also mentioned to determine if the bank is offering overdraft protection for free.
There are many questions to ask when choosing a bank and this video covered a lot of them that will save you big. I liked how this video broke down the questions into broader questions to help the listener understand better. The video specifically brings up little things that you may not think about when you are first getting your account but will be important down the road with these accounts.

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Five Questions To Ask When Choosing a Bank