The news: Consumers in Canada under 40 switched financial institutions (FIs) at twice the rate of older consumers over the past four years, per a J.D. Power survey. Meanwhile, the number who use digital-only banks jumped from 11% to 21% between 2022 and 2025, according to a study by Oliver Wyman LLC.

How we got here: Multiple factors are behind the shift:

• According to The Financial Post, customers cite frustration with "unnecessary charges" and requirements to hold large balances to avoid monthly fees, without earning interest. Meanwhile, smaller competitors charge less and allow customers to put their money to work.