Nearly 30 per cent of survey respondents reported being less dependent on their banks for financial transactions in the past year, Ernst & Young’s 2016 Consumer Banking Survey found. ( Dreamstime )Two out of every five Canadians have used non-bank alternatives for financial services in the past year, according to a survey released Friday — the latest indicator of a shift in consumer sentiment away from traditional banking. Nearly 30 per cent of survey respondents reported being less dependent on their banks for financial transactions, financial consultancy Ernst & Young’s 2016 Consumer Banking Survey found. Non-banks include fintech players as well as other alternatives such as investment firms, retailers who offer financial services or credit unions that do not have branches. “What this is signalling is a willingness of customers to try something different, to embrace innovation and to embrace a different way of dealing with their financial affairs,” said Paul Battista, EY’s financial services advisory leader.

Source: thestar October 21, 2016 03:56 UTC