September 18, 2013
70% of Canadian smartphone owners use financial apps – report
Out of 68 percent of Canadians owning a mobile device, 70 percent are using apps to manage their finances on the go, a recent study reveals.
According to the ‘Mobile Banking Survey’ released by North American financial services organization BMO Financial Group, , two-thirds (69 percent) of Canadian consumers who admitted to using financial apps have added that they began using them around 2012.
The study also indicates that of those who use mobile apps for banking-related purposes, use them frequently, with nearly three-quarters (72 percent) of Canadian respondents saying they use them on a weekly or daily basis.
The survey also finds that the most popular tasks performed by consumers using a mobile banking app include checking account balances (55 percent), followed by reviewing transactions (44 percent), managing bill payments (41 percent) and transferring money between accounts (35 percent).
Furthermore, the research reveals that while only one-in-five (20 percent) consumers currently have a financial app that provides alerts, 27 percent admit this would be one of the most useful features offered by a mobile banking app.
The report also points out that younger Canadians have been the quickest to embrace mobile banking technology, with seven-in-ten (71 percent) of those under 35 years old using mobile banking. This compares to 55 percent of those between the ages of 35-44, 40 percent of those aged 45-54 and 26 percent of those aged 55-64.
The study also adds that while mobile banking apps have surged in popularity, concerns about privacy and security among all age groups represent the number one reason why some Canadians are avoiding using the technology.
Finally, the survey concludes that while the most popular methods of banking remain in-person or at an ATM (95 percent), mobile banking, including banking apps, is quickly gaining in popularity.