Canadian Smartphone Banking Seen Rising
Nearly half, or 49%, of Canadian smartphone users expect to bank from their device in the next 12 to 24 months, according to a new survey.
That number grows to 64% among respondents ages 18 to 34, according to the survey sponsored by ING DIRECT Canada.
The online survey was conducted in late October among 700 randomly selected Canadian adult smartphone users who are Angus Reid Forum panelists, the company said. The company said the margin of error was plus or minus 3.64%.
The survey found that 35% of Canadian smartphone users have done banking on their mobile devices in the past 12 months. Of those, 53% were 18 to 34 years old, compared with 38% of respondents 35 to 54 years old and 12% of those 55 or older.
The survey also found that 66% of those mobile bankers have used their bank’s application compared with 34% who used their smartphone browser to access the website.
Meanwhile, only 2% of Canadian smartphone users said they primarily conduct their banking transactions on their mobile devices.
“The appetite for mobile banking among Canadians is growing. Our clients have performed over 200,000 mobile fund transfers and 1,000,000 balance inquiries over the last 18 months. Our mobile apps see 2,000 downloads a week, and that number continues to rise,” said Peter Aceto, president/CEO at ING DIRECT Canada in Toronto.