Canadians adopting mobile banking

Is mobile banking the way of the future?

While only a small minority have turned to it so far, the trend is growing, says the most recent issue of the Ipsos Canadian Inter@ctive Reid Report.

More than one-in-10 online Canadians (12%) have completed transactions using their mobile device in the past three months, shooting up 4% from 2011 levels.

Read: Cashless society becoming reality

Also, consider this: only one-third (36%) of adults in Canada currently own a smartphone. As more people buy them—ownership soared from 9% in 2008 to 31% in 2011—mobile banking could become the faster, preferred method, with online banking already growing steadily.

Read: Canadians active in online banking

“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”, says Catherine Dawson, senior vice president at Ipsos Reid.

The study finds nearly all Canadians are confident the financial services industry can ensure the security and privacy of their information online (87%), up 10% over last year.

Read: Safer financial websites coming

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.