Financial Consumer Agency of Canada Survey of Canadians’ understanding and awareness of Open Banking

Methodological Report

For more information on this report, please contact the Financial Consumer Agency of Canada at: information@fcac-acfc.gc.ca

Ce rapport est aussi disponible en français.

This report presents the methodological details for the Financial Consumer Agency of Canada Survey of Canadians’ Understanding and Awareness of Open Banking conducted by Advanis Inc. on behalf of the Financial Consumer Agency of Canada (FCAC). The survey was administered among 5,470 members of the adult Canadian general public aged 18 or older, between May 16 and June 28, 2022.

Ce rapport est aussi disponible en français sous le titre: Agence de la consommation en matière financière du Canada, Sondage sur la compréhension et la sensibilisation des Canadiens au système bancaire ouvert: rapport méthodologique.

This publication may be reproduced for non-commercial purposes only. Prior written permission must be obtained from the Financial Consumer Agency of Canada. For more information on this report, please contact the Financial Consumer Agency of Canada at: information@fcac-acfc.gc.ca

• Catalogue Number: FC5-79/2022E-PDF
• International Standard Book Number (ISBN): 978-0-660-44932-6

• Related publications (registration number: POR 140-21):

  Catalogue number: FC5-79/2022F-PDF (Methodological Report, French)

  International Standard Book Number (ISBN): 978-0-660-44933-3 (French)

• © His Majesty the King in right of Canada, as represented by Financial Consumer Agency of Canada, 2022

1. Executive Summary

1.1 Background and Objectives

The Financial Consumer Agency of Canada (FCAC) is an independent federal government agency tasked with ensuring that federally regulated financial entities comply with consumer protection measures set out in legislation, public commitments, and codes of conduct. Mandated to protect Canadian financial consumers, FCAC also promotes financial education to strengthen the knowledge, skills and confidence of Canadians and raise awareness of consumer rights and responsibilities. FCAC is further mandated to monitor trends and issues that could impact financial consumers.

Open Banking (OB) is “a framework where consumers and businesses can authorize third party financial service providers to access their financial transaction data, using secure online channels”. ^[1] In 2018, the Minister of Finance announced a review into the merits of open banking and tasked an Advisory Committee on Open Banking with leading the review. The final report from the consultation was released in August 2021 and is being used in 2022 as a road map to implement an OB framework in Canada.^[2]

Currently, Canadian consumers’ awareness, understanding, and impressions of OB are not well understood; neither are their knowledge of and expectations for consumer protections in non-traditional financial services (e.g., fintech). As part of FCAC’s commitment to contribute in 2022-23 to the development of a Canadian open banking (OB) framework, the objective of this research was to support FCAC’s mandate by learning more about Canadian consumers’ knowledge and perceptions of OB through public opinion research.

The results will be used to inform FCAC in its consumer protection and consumer education and awareness functions, including the development of timely, evidence-based analysis and advice on emerging issues that may impact financial consumers.

1.2 Methodology

This study was completed from May 16 to June 28, 2022 through the use of Advanis’ General Population Representative Sample (GPRS) sample and through Random digit dialing (RDD).

Advanis sought a probability-based sample of 5,000 Canadian adults aged 18 or older drawn from the general population. The study was drawn from a random sample and can be extrapolated to the broader population only on a national level.

Data was collected using a multimodal approach, collecting survey responses online and on the phone, to obtain a nationally representative sample. First, participants taken from Advanis’ GPRS sample were recruited by phone and were invited to participate in a Web survey. Those who agreed to participate received an email or SMS inviting them to take part in the survey.

To target key sub-groups who are often more difficult to reach online, other participants were reached on the phone and were asked if they wanted to complete the survey with an interviewer. Those who agreed to participate in the survey answered it on the phone with the use of a Computer Assisted Telephone Interviewing (CATI) methodology. These participants were taken from Advanis’ GPRS sample and others were reached through Random digit dialing (RDD). If a participant expressed the desire to complete the survey online, they were sent an email or SMS invitation.

A pre-test was conducted from May 9 to May 15 with 37 respondents (21 in English and 16 in French). Among those, 33 completed the survey on the phone and 4 online. After the pre-test, the questionnaire was edited by FCAC, with the help of Advanis, to reduce its length and to make certain questions easier to understand. The pre-test data was not included in the final analysis.

Respondents who mentioned not having an internet access were removed from the study.

1.3 Contract Value

The contract value for this study was $104,111.56 (including HST).

1.4 Political Neutrality Requirement

Political neutrality certification

I hereby certify as Senior Officer of Advanis that the deliverables fully comply with the Government of Canada political neutrality requirements outlined in the Policy on Communications and Federal Identity and the Directive on the Management of Communications.

Specifically, the deliverables do not include information on electoral voting intentions, political party preferences, standings with the electorate or ratings of the performance of a political party or its leaders.

Signed:

Nicolas Toutant

Vice-President, Research and Evaluation

Advanis

2. Sampling

2.1 Project Characteristics

The survey was conducted from May 16 to June 28, 2022. Overall, 5,470 people completed the survey. On the web, 4,401 completed the survey among 17,088 recruits for a response rate of 25.8%. On the phone, 1,416 agreed to participate in the survey out of 23,770 people called for a response rate of 6.0%. Of those 1,416, 1,069 were eligible and completed the survey on the phone. The margin of error for this study is 1.32% (19 times out of 20).

2.2 Sampling Plan

The target audience for this project was Canadians, across all provinces and territories, who are 18 years and older. A sample plan was elaborated to reach key sub-populations and groups of particular interest. The sampling plan was based on the 2016 Census as the data for 2021 was not available. The targeted number of completed surveys was 5,000 Canadian adults. Questions within the survey further filtered out responses from anyone under the age of 18.

3. Invitations

3.1 Details of Email and SMS invites/reminders

Invitations were sent by SMS/email and grouped by province, to ensure that they were sent out during appropriate hours within each time zone.

A total of 16,902 people received an SMS invitation to participate in the survey and 186 agreed to receive an email invitation to answer the survey. Of those, 4,401 completed the web version of the survey for a response rate of 25.8% among recruits (4,401 completed surveys/17,088 web recruits).

After sending the initial invitation, a reminder message was sent 3 days later to applicants who did not complete a survey or who were not screened out of the survey. A maximum of 2 reminder messages were sent. Overall, 44,212 SMS and 456 emails were sent during data collection for this study.

Each survey had a unique number embedded in the hyperlink to eliminate the possibility of duplicate responses from one participant.

4. CATI Interviews

Participants who completed the survey on the phone were reached between May 16 and June 27, 2022. Interviews were either conducted in French or English based on the official language preference associated with their client profile. Responses were collected using CATI system. In total, 26,134 phone numbers were called. From these phone numbers, 23,770 people were reached and 1,416 agreed to participate in the survey for a response rate of 6.0% (1,416 who agreed to participate on the phone/23,770 people reached).

Of those who agreed to participate, 97 were ineligible and 250 could not complete the survey because we had reached our maximum number of respondents in their age group. In total, 1,069 respondents completed the survey on the phone. The more detailed calling statistics can be found in Appendix B.

5. Completes and Targets

The average survey length of the survey was 17.9 minutes on the phone and 12.6 online. In total, 5,470 questionnaires were completed during the data-collection period.

6. Non-response Bias

Non-response bias occurs when non-responders differ in a meaningful way from respondents and this difference impacts the information gathered. It is difficult to assess the presence of non-response bias since information about why non-responders did not participate is usually not unavailable. That said, one way to gauge the potential impacts of non-response bias is to evaluate if the sample is representative by comparing the respondents' characteristics and gauge if they reflect known population characteristics. Where possible, we can check the distribution of respondents across various demographics (e.g., age and gender) and geographic categories and compare those distributions against known population characteristics. If the variation is fairly small and we have no reason to believe there are other factors impacting respondents’ willingness to participate, we can conclude that the likelihood of non-response bias impacting the information gathered in the study is minimal. This is the case with the current study.

Several strategies were employed to increase response rates and reduce the effects of non-response bias. This includes:

• Outpulsing a local phone number (rather than a toll-free number) and the name of the study sponsor ("GovCanada"), which increases pick-up rates (reducing call screening).
• Systematically setting the next call date and time based on the outcome of the current call, which ensures that each respondent is called methodically across days of the week and times of the day. Especially for respondents that are difficult to reach, this maximizes the likelihood of reaching them.
• Informing the potential respondent of the study sponsor to enhance credibility and reassure the respondent that the call is not a scam.
• Offering the survey in both official languages to maximize ease of completion.
• Routing calls from respondents to a live interviewer when they call the number that we out-pulse, allowing us to recruit them.
• Clearly stating the name of the interviewer and of Advanis to show that we are above-board and, again, to reduce the perception that it is a scam.

7. Weighting

Two different weights were separately applied to the final data. The first weight was based on 3 variables: age, gender and region. A direct weighting method was used for this weight. The population sizes are based on the latest Statistics Canada census results published—the 2021 census.

A rake weighting approach was used for the second weight. Weights were on age, gender, region, level of education and income. The population sizes are based on the latest Statistics Canada census results published—the 2021 census, except for the education variable, since only 2016 population sizes were available. Weight values for both weighting methods can be found in Appendix A.

8. Database and Banners

The database was cleaned to remove any errors at the end of the data-collection phase, and all unique identifiers in the client profiles were removed in the final data set provided to FCAC. All survey answers have been matched and compiled into banner tables.

Two different banner table files were created. One showed the results with the rake weights and the other showed the results with the direct weights. New variables were created to include in the banner tables. Using the responses to the survey questions, Advanis created variables for the following subgroups to facilitate further analysis:

• Age groups (18 to 34, 35 to 44, 45 to 54, 55 to 64 and 65 + for the rake weights banners and 18 to 34, 35 to 54 and 55+ for the direct weights banners);
• Region (Atlantic, Quebec, Ontario, Prairies, Alberta, BC + Territories);
• Household income (less than $60,000, $60,000 and more);
• Education (high school education or less, more than high school); and
• Immigration status (recent immigrant (in Canada for 10 years or less, not a recent immigrant).

9. Survey design

The survey draft was provided by FCAC; the French translation was prepared by Advanis and both versions were programmed using SurveyBuilder, a software program that is proprietary to Advanis. The surveys were available to be completed online and on the phone.

The online survey was compatible with both desktop computers and mobile devices (tablets and smartphones). The surveys were housed on a website hosted by Advanis.

The surveys were designed to include multiple-choice questions, including scaled, open-ended and demographic questions. Skip logic was applied throughout, including 3 thank-you messages used for the screening out of ineligible participants (being in an age group for which we had enough respondents, being under the age of 18, refusing to provide the age). The survey was thoroughly pre-tested to ensure that skip patterns and survey questions were correctly programmed.

Non-response bias occurs when non-responders from a sample differ in a meaningful way from respondents. It is difficult to assess the presence of a non-response bias since information about the non-responders is unavailable. It remains possible to evaluate the participants' distribution and see if it reflects the known population when data on the population exist. In such cases, we can check the distribution of respondents among the different age categories and regions. If the variation is fairly small, this allows us to assess that the non-response bias is potentially minimal since the distribution of respondents is relatively similar to that of the population studied on a defined set of metrics that remains limited. This is the case with the current study.

Appendices

Appendix A: Survey Weights

Appendix B: Response Rate Calculation (Phone Survey)

Appendix C: Questionnaire

Languages: English

CATI Only

CATI Inbound

IntRDD

Hello/Bonjour, my name is ________ from Advanis and I'm calling on behalf of the Financial Consumer Agency of Canada. I'd just like to ask you a few questions.

• ○ (1) Yes, continue
• ○ (2) Refusal (Continue to offer online survey text/email)
• ○ (3) Call back

RDDref

Instead would you be interested in completing the survey online?

• ○ (1) Yes, send SMS/text message
• ○ (2) Yes, send SMS/text message to a different mobile number
• ○ (3) Yes, but please email me a link to the survey
• ○ (4) Refused
• ○ (5) Call back

CB2

Arrange callback.

(Status code 1001)

T2

Thank you for your time. Goodbye.

(Status code 1000)

CATI Recruit to Web

confirmemail

What email address would you like us to send the survey link to?

(Show if CATI) Please take down email address and then read back and confirm using phonetic alphabet.

____________________

EndEmail Show if sendemail

(if is GPRS) You will be receiving an email message shortly from sday+finance@tellcityhall.ca with the subject line "Financial Consumer Agency of Canada Survey". Have a nice day.
(if is RDD) You will be receiving an email message shortly from sday+finance@advanis.net with the subject line "Financial Consumer Agency of Canada Survey". Have a nice day.

Status Code: 480

confirmsms

What mobile phone number would you like us to send the survey link to?

____________________

EndSMS

You will be receiving an SMS message shortly with a link to the survey from 13333.

(Status code 480)

Web Only

Web Login

LoginRDD

Thank you for taking the time to have your voice heard for an important study on Financial Technology in Canada. Your answers will help to make informed recommendations to the Government of Canada. We hope that you and your loved ones are safe and healthy at this time. Si vous préférez répondre au sondage en français, veuillez cliquer sur Français. Your input is valuable to us, and the survey will take approximately 12-15 minutes to complete. If you get interrupted while doing the survey, you can click on the same link to pick up right where you left off.

Screeners and Community

Screeners

QYearBorn

CATI: Please note that this call may be recorded for quality assurance purposes and that your participation is voluntary. Your responses are confidential and will be grouped with those from other participants In what year were you born?

WEB: Before we begin we want to remind you that your participation is voluntary and that your responses are confidential and will be grouped with those from other participants. In what year were you born?

____________________

• ○ (-8) Prefer not to answer

TerminateYearBornOver2004

CATI: Thank you for your interest in this survey, but you must be 18 or older to participate.

WEB: Thank you for your interest in this survey, but you must be 18 or older to participate.

Please respond to surveys like this (from legit research firms like us at Advanis ) when you turn 18. Research is very important to help governments, not-for-profits, and private businesses make better decisions and develop better services and products.

If you'd like to see what kind of insights we all get from research, check out tellcityhall.ca/surveys .

Thanks again,

(Status code 501)

QAge

Would you be willing to indicate your age range?

• ○ (1) Under 18
• ○ (2) 18 to 24
• ○ (3) 25 to 29
• ○ (4) 30 to 34
• ○ (5) 35 to 39
• ○ (6) 40 to 44
• ○ (7) 45 to 49
• ○ (8) 50 to 54
• ○ (9) 55 to 59
• ○ (10) 60 to 64
• ○ (11) 65 to 69
• ○ (12) 70 to 74
• ○ (13) 75 or older
• ○ (-8) Prefer not to say

TerminateAge

CATI: Thank you for your interest, but we must know your age range to participate in this study.

WEB:

Thank you for your interest, but we must know your age range to participate in this study. Research is very important to help governments, not-for-profits, and private businesses make better decisions and develop better services and products. If you'd like to see what kind of insights we all get from research, check out tellcityhall.ca/surveys . Thanks again,

(Status code 502)

AgeQB

CATI: Thank you for your interest, but we already have enough participants with a similar demographic profile to yours.

WEB: Thank you for your interest, but we already have enough participants with a similar demographic profile to yours. Research is very important to help governments, not-for-profits, and private businesses make better decisions and develop better services and products. If you'd like to see what kind of insights we all get from research, check out tellcityhall.ca/surveys . Thanks again,

(Status code 570)

Content

KNOWLEDGE OF PERSONAL FINANCES

Q11

CATI: How would you rate your level of financial knowledge?

WEB: How would you rate your level of financial knowledge? [[For example: how to budget, save, repay debt, or invest]]

• ○ (1) Very knowledgeable
• ○ (2) Knowledgeable
• ○ (3) Fairly knowledgeable
• ○ (4) Not very knowledgeable
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

PERSONAL CIRCUMSTANCES, USE OF BANKS, TECHNOLOGY

Q8

To what extent do you agree with the following statement: “ I am very comfortable with using technology ”? (For example, devices or software).

• ○ (1) Strongly agree
• ○ (2) Somewhat agree
• ○ (3) Neither agree nor disagree
• ○ (4) Somewhat disagree
• ○ (5) Strongly disagree
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q7

What do you use to access the internet on a regular basis? (at least once per week)

• □ (1) Mobile phone
• □ (2) Tablet
• □ (3) Computer
• □ (4) Other device (ex. A smart TV or game console)
• □ (5) None – I don’t have regular internet access
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q7a

What is the primary reason you don’t have regular access to the internet? (at least once per week)

• ○ (1) Service is not available in my area
• ○ (2) I don’t have the right tech
• ○ (3) It’s too difficult to use
• ○ (4) It’s too expensive
• ○ (5) I’m not interested
• ○ (6) I don’t think the internet is safe
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Definition1

CATI: To help you understand the terminology of this study, let me read you a short definition : For this survey, ‘bank’ means traditional banks and credit unions that offer services in-person and online.

WEB: To help you better understand the terminology of this study, please read the definition below : Banks: For this survey, ‘bank’ means traditional banks and credit unions that offer services in-person and online. [[Examples of banks operating in Canada include RBC, Desjardins, and Alterna.]]

Q1

CATI: Do you deal with one or more banks for your financial needs?

WEB: Do you deal with one or more banks for your financial needs? [[Some examples include RBC, Desjardins, and Alterna]]

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q9

Do you ever do your banking…

• □ (1) …In person
• □ (2) …Online with a web browser
• □ (3) …Through a mobile app on your phone or tablet
• □ (4) …With a phone call
• □ (5) None of the above (exclusive)
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q4a

Do you have any bank accounts?

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q4b

Do you have any of these credit products?

• □ (1) Credit card
• □ (2) ‘Prepaid’ credit card
• □ (3) Payday loan DO NOT READ EXAMPLES
  [[Payday lenders offer short-term loans up to $1,500, with high fees, that you pay back with your next paycheque]]
• □ (4) ‘Buy Now Pay Later’ (or ‘installment’) loan that you applied for when making a purchase
• □ (5) None (Exclusive)

Q4c

CATI: Do you have any investment accounts?

WEB: Do you have any investment accounts? [[For example : TFSA, RRSP, RESP, or other accounts used for investments]]

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q5

CATI: How would you rate your current credit record?

WEB: How would you rate your current credit record? [[You can base your answer on a credit report and/or a 3-digit credit score that you received in the past 12 months from a credit rating agency (Equifax or TransUnion) or another source]]

• ○ (1) Very good
• ○ (2) Good
• ○ (3) About average
• ○ (4) Bad
• ○ (5) Very Bad
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q6

CATI: Have you ever applied for a loan/credit product from a bank and been declined?

WEB: Have you ever applied for a loan/credit product from a bank and been declined? [[Products such as credit cards, personal loans, mortgages, lines of credit]]

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

USE OF TRADITIONAL FINANCIAL SERVICES PROVIDERS

Q14

Would you keep using a bank if you didn’t think your information would be protected against fraud, identity theft, or accidental loss?

• ○ (1) Yes
• ○ (2) No
• ○ (3) Maybe
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q15

Would you keep using a bank if you didn’t think your money would be reimbursed after theft, fraud, or accidental loss?

• ○ (1) Yes
• ○ (2) No
• ○ (3) Maybe
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

USE OF FINTECHS

Q2

Had you heard of FinTech companies before today?

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Definition2

CATI: To help you understand the terminology of this study, let me read you another short definition : For this survey, FinTech, or ’financial technology’, companies are tech companies that offer financial services online only, often through an app. Examples include Wealthsimple, KOHO, Mint, Coinberry, ApplePay and Afterpay.

WEB: To help you better understand the terminology of this study, please read the definition below : FinTechs: For this survey, FinTech (or ‘financial technology’) companies are tech companies that offer financial services online only, often through an app. Examples include Wealthsimple, KOHO, Mint, Coinberry, ApplePay and Afterpay

Q2a

As far as you know, have you ever used a service offered by a FinTech company?

• ○ (1) Yes
• ○ (2) No
• ○ (3) I'm not sure
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q2b

CATI: Can you specify what FinTech company or companies have you used?

WEB: What FinTech company or companies have you used? Specify:

____________________

• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q2b

CATI: Can you specify what FinTech company or companies have you used?

WEB: What FinTech company or companies have you used? Specify:

• ○ (1) A bank (or credit union)
• ○ (2) A FinTech company
• ○ (3) Another type of company DO NOT READ EXAMPLES
  [[ex. A payday lender or Western Union]]
• ○ (4) I don’t have a primary provider
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q16

Would you be willing to try a FinTech service in the future?

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q17

Why wouldn’t you consider using a FinTech service to manage your finances?

• □ (1) I don’t understand it / I need more information
• □ (2) Too expensive
• □ (3) I don’t think my money would be safe
• □ (4) I don’t think my personal information would be safe
• □ (5) I don’t have the right tools (smartphone, computer, Internet)
• □ (6) I don't need it
• □ (7) I’m not interested
• □ (8) Other
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

FINANCIAL CONSUMER PROTECTION (EXPECTATIONS AND BEHAVIOURS) – Banks and FinTechs

Q34to37

CATI: Would you say you strongly agree, somewhat agree, neither agree nor disagree, somewhat disagree or strongly disagree with the following statement?

WEB: To what extent do you agree or disagree with the following statement?

• ○ (1) Strongly agree
• ○ (2) Somewhat agree
• ○ (3) Neither agree nor disagree
• ○ (4) Somewhat disagree
• ○ (5) Strongly disagree
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

They have used a FinTech

Q19

Do you use FinTech saving and investing accounts, including Robo-advisors (for example KOHO, Wealthsimple or Questrade)?

• ○ (1) I use this now
• ○ (2) I used to use this
• ○ (3) I might try it in the future
• ○ (4) I won’t try it in the future
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Levels marked with * are randomized

Q20

CATI: Do you use money management services, like expense tracking or ‘round up’? For example Mint, Moka or Wealthsimple.

WEB: Do you use money management services, like expense tracking or ‘round up’? For example Mint, Moka or Wealthsimple. [[These offer services that help you budget or save automatically by rounding up your purchases.]]

• ○ (1) I use this now
• ○ (2) I used to use this
• ○ (3) I might try it in the future
• ○ (4) I won’t try it in the future
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Levels marked with * are randomized

Q21

Do you use any online loan services, like Borrowell or Lending Loop?

• ○ (1) I use this now
• ○ (2) I used to use this
• ○ (3) I might try it in the future
• ○ (4) I won’t try it in the future
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Levels marked with * are randomized

Q24

Do you use a cryptocurrency exchange or other crypto service? (These let you buy, sell, or store cryptocurrency like Bitcoin).

• ○ (1) I use this now
• ○ (2) I used to use this
• ○ (3) I might try it in the future
• ○ (4) I won’t try it in the future
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Levels marked with * are randomized

Q25

Why did you choose to use FinTech services to manage your finances?

• □ (2) It was offered as a promotion
• □ (4) Save money
• □ (6) Convenience
• □ (8) Couldn’t get the service anywhere else
• □ (10) Get a loan I couldn’t get elsewhere
• □ (14) Try something new
• □ (16) Manage my money better
• □ (18) I trust FinTechs more than banks
• □ (20) Recommended by a friend
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q26

Will you keep using FinTech services in the future?

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q26a

Why won’t you keep using FinTech services in the future?

• ○ (1) Don’t need it
• ○ (2) Too complicated
• ○ (3) Can get the same service from a bank
• ○ (4) Don’t trust the companies
• ○ (5) Too expensive
• ○ (6) It’s not what I thought it would be
• ○ (7) Other
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Comfort, Consumer Protection

Q27

CATI: As far as you know, do FinTech apps and platforms collect personal information from users?

WEB: As far as you know, do FinTech apps and platforms collect personal information from users? [[ Platforms such as Wealthsimple, Mint, Borrowell, Credit Karma, Sensibill ]]

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q30

Would you keep using a FinTech if you didn’t think your information would be protected against fraud, identity theft, or accidental loss?

• ○ (1) Yes
• ○ (2) No
• ○ (3) Maybe
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q31

Would you keep using a FinTech if you didn’t think your money would be reimbursed after theft, fraud, or accidental loss?

• ○ (1) Yes
• ○ (2) No
• ○ (3) Maybe
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Screen scraping

Q32

Have you ever used any services where the company asked you to log into your online banking through their website so they could use your financial information to provide you services? They might have asked for this once when you signed up or on an on-going basis. For example an app like Mint or Wally could give budgeting advice by tracking your purchases.

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q33

Would you ever use a service if the company asked you to share your bank account data by logging into your online banking through their website or app?

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Open Banking

QUESTIONS ABOUT CONSUMER AWARENESS, UNDERSTANDING of OB

Q38

Before today, had you ever heard of ‘Open Banking’?

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q39

How familiar would you say you are with ‘Open Banking’?

• ○ (1) Very familiar
• ○ (2) Somewhat familiar
• ○ (3) Not very familiar
• ○ (4) Not familiar at all
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q40toQ44

Would you say that the following statements that describe Open Banking are true or false?

• 2. “Open Banking” means banks have to share information about victims of fraud with each other
• 3. “Open Banking” means Canadians can tell their banks to share their banking data with other companies (like FinTech companies)
• 4. “Open Banking” means the Canadian government has access to see the financial information of all Canadians
• 5. “Open Banking” exists in Canada today

• ○ (1) True
• ○ (4) False
• ○ (-8) DO NOT READ
  Don't know

DEFINING OB; COMFORT LEVEL AND CONSUMER CONCERNS

IntroDefOB

CATI: Before continuing to the next section, please let me read you the following definition : Open Banking is a system designed to let consumers securely share their financial data from their bank with other banks and accredited FinTech companies. Consumers give permission to share their financial data with companies that offer financial apps and services. Companies can use the data to offer services (like advice or loans) that may be personalized to the consumer. Consumers can choose to stop sharing information whenever they wish.

WEB: Before continuing to the next section, please read the definition below : Open Banking is a system designed to let consumers securely share their financial data from their bank with other banks and accredited FinTech companies. Consumers give permission to share their financial data with companies that offer financial apps and services. Companies can use the data to offer services (like advice or loans) that may be personalized to the consumer. Consumers can choose to stop sharing information whenever they wish.

Q46

Based on this definition, would you participate in an ‘Open Banking’ system?

• ○ (1) Yes
• ○ (2) No
• ○ (3) Maybe
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

POTENTIAL BENEFITS OF OB

RISKS OF OB; CONCERNS REGARDING OB; OB AND CONSUMER PROTECTION

Protections

IntroProtection

An Open Banking system will be safer for consumers if it includes security features and consumer protections. Would any of these protections make you more likely to use Open Banking services? Choose from each of the following lists.

Q49

Would any of the following access protections make you more likely to use Open Banking services?

• □ (1) Making sure everyone can access the Open Banking system, regardless of their credit score or income
• □ (2) Making sure sharing my banking data can’t hurt my credit score
• □ (3) Making sure I’m told if AI (Artificial Intelligence) is used to make a decision (like a loan approval) about me
• □ (4) Making sure I can see who my financial data is being shared with
• □ (5) Making sure I can ask for a copy of the data banks and FinTechs have about me
• □ (6) None
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q50

Would any of these consent protections make you more likely to use Open Banking services?

• □ (1) Making sure banks and FinTechs can’t pressure me to share my financial data
• □ (2) Making sure banks and FinTechs have to explain clearly how my financial data will be used and protected
• □ (4) Making sure that I can control how my data is shared
• □ (5) Making sure I can stop sharing my data whenever I want
• □ (6) Making sure banks and FinTechs can only use my data to provide the service I signed up for
• □ (7) None (Exclusive)
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q51

Would any of these data security protections make you more likely to use Open Banking services?

• □ (1) Making sure that only authorized users can access my financial data
• □ (2) Making sure that banks and FinTechs use 2 methods to identify me when I share my data DO NOT READ EXAMPLES
  [[like a password AND a code that you receive by text message or email]]
• □ (4) Making sure that my financial data is encrypted when it’s transferred between banks and FinTechs DO NOT READ EXAMPLES
  [[This means that while it is being transferred, my information is scrambled to make it hard to understand if anyone accesses it without permission]]
• □ (6) None (Exclusive)
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q52

Would any of these oversight protections make you more likely to use Open Banking services?

• □ (1) Making sure someone oversees the Open Banking system to keep consumers protected
• □ (2) Making sure banks and FinTechs meet required security standards
• □ (3) Making sure that banks and FinTechs report any data breaches where consumers’ data is exposed
• □ (5) Making sure banks and FinTechs set users’ privacy settings at the highest level of protection by default;
• □ (6) None (Exclusive)
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q53

Would any of these liability protections make you more likely to use Open Banking services?

• □ (1) Making sure I have a clear and easy process to follow when something goes wrong
• □ (2) Making sure I am fully protected from any losses
• □ (3) Making sure banks and FinTechs publish information about complaints consumers make about them
• □ (4) Making sure I can take my complaint to a neutral party to settle it if I’m not happy with how a bank or FinTech deals with it
• □ (5) None (Exclusive)
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

INFORMATION SOURCES

Q54

Where would you go to find information on Open Banking in Canada?

• □ (1) An Open Banking app or website
• □ (2) A government website
• □ (3) My bank
• □ (4) My FinTech company
• □ (5) A financial advisor
• □ (6) The Internet
• □ (7) Social media
• □ (8) Family or friends
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Understanding Terms and Conditions, Dispute Resolution: TRADITIONAL FINANCIAL SERVICES PROVIDERS (banks)

IntroSignUpBank

For the next questions, please think about experiences you’ve had with banks.

Q58

Have you ever made a complaint or tried to resolve a dispute about a bank or a bank service?

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q59

CATI: How easy was it to understand the dispute resolution process?

WEB: How easy was it to understand the dispute resolution process? [[This is the set of steps that banks ask you to follow in order to settle a disagreement or complaint]]

• ○ (1) Very easy
• ○ (2) Somewhat easy
• ○ (3) Somewhat difficult
• ○ (4) Very difficult
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q60

Were you able to resolve your dispute to your satisfaction?

• ○ (1) Yes
• ○ (2) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Understanding Terms and Conditions, Dispute Resolution: FINTECHS

IntroSignUpFT

For the next questions, please think about experiences you’ve had with FinTech (financial technology) companies.

Q66

Have you ever made a complaint or tried to resolve a dispute about a FinTech service or company?

• ○ (1) Yes
• ○ (0) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q67

CATI: How easy was it to understand the dispute resolution process?

WEB: How easy was it to understand the dispute resolution process? [[This is the set of steps that FinTech companies ask you to follow in order to settle a disagreement or complaint]]

• ○ (1) Very easy
• ○ (2) Somewhat easy
• ○ (3) Somewhat difficult
• ○ (4) Very difficult
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

Q68

Was the dispute resolved to your satisfaction?

• ○ (1) Yes
• ○ (0) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

SOCIO-DEMOGRAPHIC QUESTIONS

sociodemo

IntroSD

These last few questions are strictly for statistical purposes. They will help us group your answers with others that we will receive in this survey. All of your answers are anonymous and completely confidential.

QPROV

In which province or territory do you currently live?

• ○ (1) Alberta
• ○ (2) British Columbia
• ○ (3) Manitoba
• ○ (4) Newfoundland and Labrador
• ○ (5) New Brunswick
• ○ (6) Northwest Territories
• ○ (7) Nova Scotia
• ○ (8) Nunavut
• ○ (9) Ontario
• ○ (10) Prince Edward Island
• ○ (11) Quebec
• ○ (12) Saskatchewan
• ○ (13) Yukon
• ○ (-8) DO NOT READ
  Prefer not to answer

QGDR

CATI: What is your gender?

WEB: What is your gender? [[Gender refers to current gender which may be different from sex assigned at birth and may be different from what is indicated on legal documents]]

• ○ (1) Female
• ○ (2) Male
• ○ (3) Other
• ○ (-8) DO NOT READ
  Prefer not to answer

QLANG

What language do you speak most often at home?

• ○ (1) English
• ○ (2) French
• ○ (3) Other
• ○ (-8) DO NOT READ
  Prefer not to answer
• ○ (-9) DO NOT READ
  Don't know

QINDIG

Are you an Indigenous person, that is, First Nations, Métis or Inuk (Inuit)? First Nations includes Status and Non-Status Indians.

• ○ (1) Yes
• ○ (0) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

QETHN

Do you identify as a visible minority?

• ○ (1) Yes
• ○ (0) No
• ○ (-8) DO NOT READ
  Prefer not to answer

QBORN

Were you born in Canada?

• ○ (1) Yes
• ○ (0) No
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

QBORNB

In what year did you first immigrate or move to Canada?

____________________

• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

QDBTY

Do you identify as a person with a disability?

• ○ (1) Yes
• ○ (0) No
• ○ (-8) DO NOT READ
  Prefer not to answer

QEDUC

CATI: Please stop me at the category that best describes the highest level of formal education that you have completed:

WEB: What is the highest level of formal education that you have completed?

• ○ (1) Less than a High School diploma or equivalent
• ○ (2) High school diploma or equivalent
• ○ (3) Registered Apprenticeship or other trades certificate or diploma
• ○ (4) College, CEGEP or other non-university certificate or diploma
• ○ (5) University certificate or diploma below bachelor’s level
• ○ (7) Bachelor's degree
• ○ (6) Post graduate degree above bachelor’s level
• ○ (-8) DO NOT READ
  Prefer not to answer

QINC

CATI: Please stop me at the category that best describes your total household income last year, before taxes, from all sources for all household members:

WEB: Which of the following best describes your total household income last year, before taxes, from all sources for all household members?

• ○ (1) Under $20,000
• ○ (2) $20,000 to just under $40,000
• ○ (3) $40,000 to just under $60,000
• ○ (4) $60,000 to just under $80,000
• ○ (5) $80,000 to just under $100,000
• ○ (6) $100,000 to just under $150,000
• ○ (7) $150,000 and above
• ○ (-8) DO NOT READ
  Prefer not to answer
• ○ (-9) DO NOT READ
  Don't know

QHOME

Do you currently rent or own your home?

• ○ (1) Own, with or without a mortgage
• ○ (2) Rent
• ○ (-8) DO NOT READ
  Prefer not to answer

QEMP

Which of the following would best describe your current work status?

• ○ (1) Working full-time (35 hours or more per week)
• ○ (2) Working part-time (less than 35 hours per week)
• ○ (3) Self-employed
• ○ (4) Unemployed, but looking for work
• ○ (6) A student attending school full-time
• ○ (7) Retired
• ○ (8) Not in the workforce (full-time homemaker, unemployed, not looking for work)
• ○ (9) DO NOT READ
  Other DO NOT SPECIFY
  
• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

QPOSTC

To help us better understand how results vary locally and by region, please provide the first three characters of your postal code.

____________________

• ○ (-8) DO NOT READ
  Don't know/Prefer not to answer

End Pages

End1

EndRDD

This survey was conducted on behalf of the Financial Consumer Agency of Canada. We hope you've found this interesting, and we sincerely thank you for your time. This study was designed and funded by market and social research firm:

(Status code -1)

End2

EndCATI

Those are all our questions. Thank you for your time.

(Status code -1)

Help Page

We are doing an important study on Financial Technology in Canada. Your answers will help to make informed recommendations to our Government. The survey will take approximately 12-15 minutes to complete.

Open Banking is designed to be a secure system through which consumers can share their financial data from their bank with others (including banks and accredited FinTech companies). Consumers give permission for their financial data to be shared with companies that offer financial apps and services. Companies can use the financial data to offer services (like advice, loans, or money management) that are personalized to the consumer. Consumers can choose to stop sharing information whenever they wish.

Banks: For the purposes of this survey, banks are regular banks, credit unions and trust companies, that offer services in-person at branches, ATMs and online.

FinTechs: For the purposes of this survey, FinTech companies (also called ‘financial technology’ companies) are technology companies that offer financial services online only, often through an app. They are not banks. [[Examples of FinTech companies operating in Canada include Wealthsimple, Mint (Intuit), Questrade, KOHO, AfterPay and Sezzle.]]

This survey is registered with the Canadian Research Insights Council's (CRIC) Research Verification Service. The project verification number is: 20220328-AD810. Click here to verify the legitimacy of this survey.