Online banking is popular in Canada, but Canadians have been slower to adopt mobile banking.
Slowly but surely this is changing, however, as it seems that each new study released suggests our nation is warming up more and more to the idea of banking from a smartphone or tablet.
According to a recent survey by ING Direct, 41% per cent of Canadians say they are open to doing more traditional banking functions, like paying bills, on their mobile devices, a number that has climbed from 38% last year. 10% of Canadians say they use their mobile device to do banking several times a week, a number that increases to one in five (20%) Canadians when looking exclusively at 18 to 34 year olds.
Canadians indicate that their need to visit a branch has decreased. 33% of Canadians who conduct their banking at a branch say their number one reason for last visiting a bank branch was to deposit a cheque. 46% of respondents who use mobile banking say they would consider depositing a cheque to their bank account using their mobile device, a number that’s more than doubled since 2012 when only 22% of Canadians said they would consider depositing a cheque through this method.
For those Canadians who are already mobile bankers, 56% indicate they use their mobile devices to check their bank account balances, while 27% use it to pay bills. 89% of those who bank on their mobile phones agree that being able to bank on-the-go has made their lives easier; 72% reported that they save up to two hours every month by banking from their mobile devices.
The survey also revealed that 44% of Canadians have used mobile banking to get them out of a bind, such as checking their account balance before making a purchase at the register, emailing money to a friend or making a last-minute bill payment. Canadians also admit to banking from their mobile device in some rather unusual places; 25% of respondents say they’ve done it in the bathroom while other respondents mentioned banking at a nightclub, in class, and while hunting.