Canadians are building digital-first, ‘multi-banking’ lifestyles

Nearly half of Canadians use online or challenger banks, as support for digital money movement strengthens. New research from the CPPO, the nonprofit organization fueling the growth of the $14 billion open-loop prepaid economy, shows Canadians are expanding how they manage, move, and grow their money by combining traditional and digital-first providers that better align […] The post Canadians are building digital-first, ‘multi-banking’ lifestyles appeared first on fintechnews.org .

6 April 2026 at 05:21 pm

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Canadians are building digital-first, ‘multi-banking’ lifestyles

Canadians are increasingly adopting digital-first, multi-banking lifestyles as they seek more personalized and efficient ways to manage their finances. New research from the Canadian Payments and Prepaid Organization (CPPO), a nonprofit driving the growth of the $14 billion open-loop prepaid economy, reveals that nearly half of Canadians are using online or challenger banks. This trend reflects a significant growth in Canada's fintech sector, which is projected to reach $18.84 billion by 2033, highlighting the pace of innovation in payments, banking, and embedded financial services.

The shift towards multi-banking is driven by consumers who are more cost-conscious and focused on day-to-day money management. The research identifies a clear rise in multi-banking, with 47% of Canadians using online or challenger banks and 41% having relationships with both traditional and digital providers. This trend is even more pronounced among consumers between the ages of 18 and 64, where 52% use digital banks.

Canadians cite practical benefits as primary motivators for using neobanks. Lower fees or better rates are the top reason for 42% of users, while a stronger mobile experience is preferred by 29%. Additionally, 48% of consumers prefer financial apps that help them budget and manage money more effectively.

In parallel, Canadians are calling for public-sector payments to modernize and align with their existing transaction habits. Nearly seven in ten (69%) believe governments should stop mailing cheques and adopt more modern payment and disbursement methods. A significant majority, 81%, cite direct deposit as their preferred way to receive government payments. Respondents see this modernization as an opportunity to improve efficiency, equity, and accessibility in financial services.

Jennifer Tramontana, the CPPO's Executive Director, noted that as Canadians create a multi-banked lifestyle, prepaid technology has emerged as the underlying infrastructure making it possible. "Consumers are building a financial system that works for them, and prepaid solutions are at the heart of this transformation," Tramontana explained. "As the demand for digital-first options continues to grow, the fintech industry will play a crucial role in shaping the future of personal finance in Canada."

This multi-banking trend is not only a reflection of technological advancements but also a shift in consumer expectations. Canadians are increasingly looking for flexible, cost-effective, and user-friendly financial solutions that cater to their unique lifestyles. The rise of fintech companies and the integration of digital tools into traditional banking are enabling this transformation, offering consumers greater control and convenience in managing their money.

In conclusion, the Canadian fintech landscape is undergoing a significant transformation as consumers embrace multi-banking lifestyles. The growing demand for digital-first financial tools is driving innovation in the sector, with the Canadian fintech market set to reach $18.84 billion by 2033. This shift is not only reshaping the way Canadians manage their finances but also pushing public-sector payments to modernize and align with consumer preferences. As prepaid technology continues to play a pivotal role in this evolution, the future of personal finance in Canada is poised for a digital-first revolution.

Source: fintechnews.org

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