The financial landscape in Canada is changing. Younger generations of Canadians are growing up and becoming more financially savvy, and existing institutions are becoming archaic.
Adjusting for the future is becoming the name of the game.
So what will this new, more customer-driven world of banking look like?
With demand growing for a more open and digital-first system, banking is moving online. According to a report by the Canadian Bankers Association, over 76% of Canadians use digital channels (both online and mobile) to conduct most of their banking, and more than a third (36%) of millennials mainly use banking apps. This is pushing the economic systems to grow and develop innovative new one tap, mobile-friendly systems. Systems built around honest, member-centric connections and customizable solutions that respect and reflect Canadians’ current financial realities.
Younger generations care deeply about social good. In the current marketplace, they have so many choices that they are opting to make the ones that feel good when they shop - and really banking is no different (or it shouldn’t be!). A value-based system where local investment dollars are put back into local startups and growing enterprises, supporting the very things members believe in, is key. Key to maintaining customers, and driving a strong local economy.
The future of banking in Canada is bright. There’s a real opportunity for a more open and value-based financial system that reflects Canadian’s best interests. Credit unions are predicated on these values.
Community First Credit Union offers better smarter solutions, personalized honest advice that reflects modern wealth, and local growth and investment to build stronger communities.
To find out more visit www.communityfirst-yncu.com or talk with an advisor in-branch today.