Closing the Banking Knowledge Gap: How Financial Institutions Can Support Newcomers to Canada

According to TD Bank’s Canada Newcomers 2025 survey, 38% of newcomers reported little to no understanding of the banking system in Canada and how to manage their money. Just over half of newcomers (51%) reported little to no understanding of how to invest their money in Canada, and 41% reported they lacked confidence about saving and investing. 

As a result, newcomers have less knowledge about investing and engaging with the Canadian banking system. That’s where banks can make a meaningful difference. 

The Playbook for Banks in Canada: Reduce Friction, Raise Confidence

While TD Bank’s survey on newcomers reveals a troubling gap, banks have an opportunity to close it. By following a playbook that reduces friction and raises confidence for newcomers, banks can support them as they settle into Canadian life. 

The playbook is based on three principles: 

• Plain-language onboarding
• Culturally relevant education
• Multilingual, omnichannel support

Plain-Language Onboarding

Opening a bank account can be complicated. Add a language barrier, and customers can quickly feel confused or uncertain. 

There’s a way to create a customer experience that makes newcomers feel welcome and valued. Providing in-language support during onboarding helps newcomers understand key details such as fee structures, account setup, and investment options.

For example, if you offer instructional videos on how to set up an account or explain what a registered retirement savings plan (RRSP) is, make those videos available in the languages your newcomer customers speak most often. This approach bridges knowledge gaps and reinforces that these customers are welcome and understood. 

Culturally Relevant Education

Another way to bridge the knowledge gap is by offering culturally relevant education. 

This can start with your digital marketing. Multicultural campaigns that speak directly to newcomers show your bank’s commitment to supporting them as they settle into Canada.

You might post scenario-based guides on your website (for example, “Sending Money Home”). A dedicated hub on your website could also be a great way to reach newcomers. It might include checklists on opening or managing accounts, and resources that explain the basics of banking in Canada. 

If you’re taking a visual-first approach—prioritizing short social videos, for instance—consider posting clips with subtitles or voiceovers in top newcomer languages. This helps capture attention while making key concepts easier to understand. 
Webinars with AI-powered interpretation in top newcomer languages are another way to share culturally relevant messages. By offering educational webinars, you position your bank as one that helps newcomers adapt to life in Canada. 

Multilingual, Omnichannel Support 

Meet newcomers to Canada where they are by offering multilingual, omnichannel support. 

Providing in-language chat or voice support during online onboarding—and having in-person staff who can assist in the customer’s preferred language—gives newcomers the clarity they need to manage their accounts. Branch interpreters or video language access services can further reduce comprehension gaps and help advisors walk customers through key steps.

Omnichannel support can also include a persistent language toggle on your website and mobile app, ensuring newcomers can access information in their language at any time. 

Finally, consistent translations across contracts, alerts, and statements build reassurance and trust. When communications are accurate and relevant, newcomers feel confident relying on your institution.

How TransPerfect Can Help 

TransPerfect helps financial institutions connect with newcomers to Canada through translation, interpretation, and digital solutions. 

We translate key financial terms into the most widely spoken newcomer languages to close comprehension gaps and boost customer confidence. Our interpreters and in-language support staff speak your customers’ languages, helping them feel at home from day one.

GlobalLink—our award-winning technology suite combining translation, AI-powered content creation, workflow automation, and system integrations—ensures your content performs consistently across markets. With faster localization timelines, you can launch sooner and help Canadian newcomers bank with confidence.

The experts at TransPerfect Digital can also guide you on which newcomer languages to prioritize, identify gaps in your current language strategy, and recommend targeted improvements to strengthen communication across channels.

Build Trust with Newcomer Customers Through In-Language Support 

Newcomers to Canada want to engage with the Canadian banking system, but knowledge gaps can create barriers. You can bridge those gaps by offering in-language support when customers need it most—whether they’re online, on the phone, or in the branch. By doing so, you’ll deliver better service, foster trust, and build lasting relationships with newcomers.

Learn how TransPerfect can help you close the confidence gap for your customers.