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Use of Mobile Banking Continues to Grow: Canadian Bankers AssociationTORONTO, ONTARIO, Nov 9, 2012 (Marketwire via COMTEX) -- The Canadian Bankers Association (CBA) today released the results of its latest study on How Canadians Bank, which explores the role that modern technologies are playing in consumer banking. The results reveal that Canadians continue to embrace new approaches to banking and see these innovations as adding value to their daily banking. Going forward, the research suggests change will continue, driven by the convenience of the Internet, and led by younger generations who tend to be the first adapters. "These results confirm what our banks experience with their customers every day - adding new secure, fast and convenient banking solutions is making life easier for customers and they appreciate this innovation," said Terry Campbell, president of the Canadian Bankers Association. "In fact, 91 per cent see the benefit of being able to bank when and where it's convenient for them." Some of the key findings from the CBA research include: -- 47 per cent of Canadians say they now do the majority of their banking online, 26 per cent say they use ABMs while 17 per cent do most of their banking in person at a branch. This is a sharp change from 10 years ago, when 40 per cent said they did the majority of their banking at an ABM, 30 per cent visited a branch and only 16 per cent did most of their banking online. Forty-six per cent of Canadians also use online banking as their main means of paying routine bills. -- The use of online banking continues to grow and is becoming more consistent across all age groups: 53 per cent of Canadians between the ages of 18 and 34 do most of their banking online as do 45 per cent of those 55 years and older. However, 24 per cent of the 55+ age group bank primarily in a branch while only 11 per cent of those between 18 and 34 years of age do. -- 41 per cent of respondents say their use of online banking is increasing while only four per cent say it is decreasing. In contrast, nine per cent say their use of in-branch banking is increasing while 33 per cent say this type of banking is declining. -- While Canadians who have used a mobile device to bank are still in the minority, 19 per cent of respondents have used a mobile device to bank compared to only five per cent two years ago. -- Consumers value the innovations that have made banking easier, including using debit cards for purchases (91 per cent), having access to a network of ABMs (89 per cent), paying bills electronically (87 per cent) and Internet banking (86 per cent). "When online banking was first introduced 10 or 12 years ago, some people were initially hesitant. But in a few short years, Canadians embraced this innovation and online banking has become the preferred method of banking for Canadians," said Mr. Campbell. "The next innovation, which is coming soon, is mobile payments - using mobile devices to make purchases. People in this country tend to be early adapters of technology so we expect Canadians will quickly adopt this new technology when they experience for themselves the convenience and many benefits that it offers." More of the key findings from the How Canadians Bank research can be found on the CBA website at: http://www.cba.ca/en/media-room/50-backgrounders-on-banking-issues/125-technology-and-banking. Survey Methodology The survey was commissioned by the Canadian Bankers Association and conducted by Anderson Insight. The findings are based on a telephone survey with a randomly selected, nationally proportionate sample of 1216 adult Canadians 18 year of age or older. Respondents were interviewed between July 26 and August 14, 2012. A sample of 1216 is accurate within +/-2.6 percentage points, 19 times out of 20. Among subgroups the margin for error is larger. About the Canadian Bankers Association The Canadian Bankers Association works on behalf of 54 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 274,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca. Follow the CBA on Twitter: @CdnBankers Watch videos: Youtube.com/CdnBankers Follow the CBA on LinkedIn FOR FURTHER INFORMATION PLEASE CONTACT: Canadian Bankers Association Rachel Swiednicki (416) 362-6093, ext. 220 or Cell: (416) 587-7733 [email protected] www.cba.ca SOURCE: Canadian Bankers Association |