Mobile banking adoption in Canada jumped by 8% in two years,according to a new report from Forrester Research. The firm cited the percentage ofCanadian consumers who use online banking as 1 in 2008 and 9 in2010, based on surveys with more than 5,000 online Canadianadults.
|Use of mobile phones for investment and insurance activitiesremains rare in Canada; fewer than 5% of online Canadians who havean investment account report mobile investing and insurers andbrokerages offer few mobile options, Forrester found. However,Forrester said based on past American and European mobile trends,Canada should soon see an increased use of mobile services forinvesting, trading, insurance and payments.
|“The recent growth of mobile banking in Canada shows that theadoption experienced in the U.S. is extending to its neighbor tothe north,” report author Brad Strothkamp said. “That adoption haslaid the groundwork for more advanced banking functionality and theexpansion of mobile services to other segments like investment andinsurance.”
|Forrester said in order to prepare for the ongoing evolution ofmobile financial services activities, mobile strategists shoulddevelop functionality that's exclusive to mobile use, emphasizeusability in their designs and ensure the value of mobile websitesequates to the value of native smartphone apps.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
