The Change in Bricks and Mortar Banks and their customers in the City of Toronto, 2016-2019

The purpose of this research paper is examining the future of brick-and-mortar retail in finance with the rise of technological applications by comparing datasets of 2016 to 2019. This is common in demographics such as millennials with certain demographic traits. Some of the key objectives are analyze the change in customers in close proximity to ‘Big Five’ bank branches. The factor analysis technique was used to group the demographic variables such as age, education, income, occupation, and immigration status. The results concluded accessibility to bank branch did not change substanially for the central part of Toronto, however, the population around the banks – particularly those within a proximity of 1 km – did change between 2016 and 2019.