Consumers Adapting To Digital Commerce

The vast majority of Canadian consumers with Credit Protection Insurance (CPI) say their experience during COVID-19 has made them more comfortable conducting financial transactions online (84 per cent). As well, the Pollara ‘Strategic Insights’ survey shows many say it has changed the way they want to conduct these transactions in future (72 per cent) and a significant number say they have upgraded their technology to make it easier to conduct financial transactions from home (70 per cent). Before the pandemic, Canadians were most likely to conduct financial transactions such as arranging for loans or buying insurance in person at a branch, with 48 per cent of people surveyed with Credit Protection Insurance (CPI) saying that's where they did these transactions. Once the pandemic is over, only 36 per cent of respondents say they will return to a branch for these types of transactions ‒ a 12-point decline over 2018 ‒ and a sign that the trend towards virtual sales and service channels in financial services continues to build momentum with Canadians.