A new survey from ING Direct revealed that half of Canadian smartphone users will be banking from their mobile device within 24 months.
35% of Canadian smartphone users have done banking on their mobile devices in the last 12 months. 53% are 18 to 34 years old, compared to 38% of those who are 35 to 54 years old and 12% of those aged 55-plus. 66% of those who've done mobile banking in the last 12 months have used their bank's mobile application versus 34% who simply use their smartphone browser to access the bank's website. However, all this banking seems to be casual: only 2% of Canadian smartphone users indicated they primarily conduct their banking transactions using their mobile devices.
"We know that as the mobile marketplace continues to expand, mobile banking is set to become a more popular option for Canadians. While online banking has and continues to be a convenient option, Canadians want easy access to their money at any time, wherever they are," said PeterAceto, President and CEO at ING DIRECT Canada. "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."
As to why some Canadian don't mobile bank, 56% said online (as in web on desktops) banking suited them just fine while 21% said they prefer other methods of banking (such as in person, ABM, or telephone). 40%, said they had security concerns about using their mobile phones to do banking. Of all respondents, 64% said security is their biggest concern about mobile banking.
"It's not surprising that security is one of the biggest concerns given that the popularity of mobile banking has only recently started to pick up," said Charaka Kithulegoda, Chief Information Officer at ING Direct Canada. "The fact is mobile banking applies the same stringent security measures as traditional online banking websites."
For those who do mobile bank, checking account balances is the most popular activity at 63%, followed by paying a bill (19%), transferring funds (15%), emailing money (2%) and buying and selling mutual funds (1%).
Canadians already using mobile banking apps still have a wish list of functionalities. 31% want to make mobile payments using their smartphones, while 27% want the ability to add a payee, 19% want personal finance management and budgeting tools, and 17% want the ability to live chat with a bank associate.