According to the BMO Mobile Banking Survey released today, the majority of mobile owners in Canada take advantage of financial apps with two-thirds (69 per cent) of respondents saying they began using them within the past year.
The survey, conducted by Pollara, revealed:
In total, 68 per cent of Canadians own a mobile device, with 70 per cent of those saying they use mobile banking apps
Those who use mobile apps for banking use them frequently, with nearly three-quarters (72 per cent) saying they use them on a weekly or daily basis
The most popular tasks using a mobile banking app include checking account balances (55 per cent), followed by reviewing transactions (44 per cent), managing bill payments (41 per cent) and transferring money between accounts (35 per cent)
While only one-in-five (20 per cent) currently have a financial app that provides alerts, 27 per cent say this would be one of the most useful features offered by a mobile banking app
Younger Canadians have been the quickest to embrace mobile banking technology, with seven-in-ten (71 per cent) of those under 35 using mobile banking - this compares to 55 per cent of those between the ages of 35-44, 40 per cent of those aged 45-54 and 26 per cent per cent of those aged 55-64
While the most popular methods of banking remain in-person or at an ATM (95 per cent), mobile banking, including banking apps, is quickly gaining in popularity.
"The adoption rate among our customers of mobile banking has outpaced even that of online banking, showing the growing appetite for this type of technology for everyday banking needs," said Dan Dickinson, Managing Director, Mobile and Online Banking, BMO Bank of Montreal. "Mobile banking and financial apps provide Canadians with a number of benefits and features that make it easier and less time-consuming to manage finances on the go."
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.
"We know that customers are looking for convenience and security over anything else when it comes to their everyday banking," added Mr. Dickinson.Dickinson. "Our online and mobile banking solutions are 100 per cent guaranteed to protect our customers against unauthorized transactions. However, it's also important that customers do their part - both for online banking and other online transactions - to minimize fraud and protect their information."
Mr. Dickinson added that there are a few simple ways Canadians can protect their information, including choosing strong passwords and changing them on a regular basis, and never writing down passwords or PINs.