The digital divide: psychographic segmentation in the Canadian banking context

In this research, the authors conduct a psychographic segmentation analysis within the Canadian banking context to identify segments at risk of marginalization during the digital banking transition. Utilizing a survey, the authors reveal three distinct consumer groups—visionaries, skeptics, and conservatives—each defined by unique psychographic traits influencing their digital banking engagement. Our findings provide actionable insights for bank marketers, enabling them to develop targeted strategies that address these vulnerable segments’ specific needs, promoting inclusivity and enhancing customer loyalty. By shifting the focus from solely demographic and socioeconomic factors to psychographic attributes, this study offers a deeper understanding of the barriers consumers face in adopting digital banking solutions. This research enriches the marketing analytics literature by emphasizing the crucial role of psychographic segmentation in understanding consumer behaviour, particularly within the digital banking landscape. It assists marketers in navigating evolving market dynamics, adapting to changing conditions, and responding effectively to new competitors, ensuring that no consumer is left behind in the digital transformation of banking services in Canada.