Mobile Banking Surge in Canada
A new report from Forrester Research states mobile banking adoption in Canada has jumped by eight percentage points in two years. According to surveys the firm conducted with more than 5,000 online Canadian adults, the percentage of Canadian consumers who use online banking was 1% in 2008 and 9% in 2010.
Use of mobile phones for investment and insurance activities remains rare in Canada; fewer than 5% of online Canadians who have an investment account report mobile investing and insurers and brokerages 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 for investing, trading, insurance and payments.
“The recent growth of mobile banking in Canada shows that the adoption experienced in the U.S. is extending to its neighbor to the north,” report author Brad Strothkamp said. “That adoption has laid the groundwork for more advanced banking functionality and the expansion of mobile services to other segments like investment and insurance.”
Forrester said in order to prepare for the ongoing evolution of mobile financial services activities, mobile strategists should develop functionality that’s exclusive to mobile use, emphasize usability in their designs and ensure the value of mobile websites equates to the value of native smartphone apps.