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Canadian consumers telling their banks to embrace the digital age

Staff Writer |
Canadian consumers are telling their banks to embrace the digital age. That was the message from a new survey on lender communications by FICO.

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Fourty-three percent of respondents said they would prefer to be reminded of late payments by email, followed by text message at 21 percent. But often their banks are sending them letters (26 percent) or contacting them by phone (14 percent).

More than twice as many Canadians would respond to a collection message made by a live person (34 percent) than they would an offer to reduce or restructure debt (15 percent).

Canadians also prefer to make late payments online. Most respondents said they like to use a website or online portal to make payments with a direct transfer from their bank account (30 percent).

While many respondents use some form of social media, the majority don't want to see late payment reminders in the apps.

More than 70 percent said they would not be comfortable seeing a reminder via social media, and only 5 percent said they'd be extremely comfortable.

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