Mobile Banking Growing Among a Niche Group of Online Canadians
More than One in Ten (12%) Online Canadians Have Conducted Mobile Banking in the Past Three Months
Tuesday, July 10, 2012
Vancouver, BC – Is mobile banking the way of the future? According to a recent issue of the Ipsos Canadian Inter@ctive Reid Report which investigated online Canadians' use of web-based financial services, only a small minority of online Canadians are mobile banking, but this minority is growing.
Slightly more than one-in-ten (12%) online Canadians have conducted banking from their mobile device in the past 3 months. While still appealing to only a niche group of online Canadians, this represents a significant growth from 2011 when just 8% online Canadians used this service.
Overall, the adoption of mobile banking may be limited by the penetration of smartphones in the Canadian marketplace. Only one-third (36%) of online adults in Canada own a smartphone, and therefore, would be able to conduct mobile banking. That said, ownership of smartphones has expanded quickly in the last few years – from 9% in 2008 and 31% in 2011 – which hints that mobile banking may continue to strengthen in the future as more Canadians become equipped with the technology that will enable them to use this service.
The small minority who conduct mobile banking is contrasted by the popularity of online banking in general. Specifically, over three-quarters (78%) have conducted any type of online banking transaction in the past three months. And the prevalence of online banking is still growing, with no signs of leveling off yet – penetration overall has expanded from 73% in 2011.
Catherine Dawson, Senior Vice President comments "This growth in mobile and online banking may be fueled at least in part by an increasing sense of confidence and security in online and mobile transactions". This same study found that nearly all online Canadians are now confident that Canadian financial services industry can ensure the security and privacy of their information (87%, with 35% very confident and 52% somewhat confident; up from 77% confident in 2008). This suggests that as Canadians feel more secure, online and mobile banking will become even more widespread.
This release is based on the findings of an Ipsos Reid syndicated study, The Ipsos Canadian Inter@ctive Reid Report, fielded April 30 – May 4, 2012 and released in 2012-Issue 2. This online survey of 843 Canadian adults was conducted via the Ipsos Online Panel. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted probability sample of this size, with a 100% response rate, would have an estimated margin of error of +/- 3.4 percentage points, 19 times out of 20.
For more information on the Ipsos Canadian Inter@ctive Reid Report, please visit www.ipsos.ca/reid/interactive.
For more information on this news release, please contact:
Senior Vice President
Senior Research Manager
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.
With offices in 84 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.
Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,363 billion (1.897 billion USD) in 2011.
Visit www.ipsos-na.com to learn more about Ipsos' offerings and capabilities.