/ciol/media/agency_attachments/c0E28gS06GM3VmrXNw5G.png)
Follow UsTORONTO, CANADA: Smartphone users want their mobile banking apps to offer payment functionality, budgeting tools and ability to chat with a bank associate
With mobile banking expected to become a bigger trend in the next few years, a new survey from ING DIRECT finds that nearly half of Canadian smartphone users (49 pc) expect to do banking from their mobile device in the next 12 - 24 months. This number grows to 64 pc when looking at those aged 18 - 34.
"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 Peter Aceto, 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."
Who's using mobile banking?
35 pc of Canadian smartphone users have done banking on their mobile devices in the last 12 months. 53 pc are 18 - 34 years old, compared to 38 pc of those who are 35 - 54 years old and 12 pc of those aged 55+.
66 pc of those who've done mobile banking in the last 12 months have used their bank's mobile application vs. 34 pc who simply use their smartphone browser to access the bank's website.
2 pc of Canadian smartphone users indicated they primarily conduct their banking transactions using their mobile devices.
Despite the promising uptake of mobile banking in the last 12 months, nearly two-thirds of Canadian smartphone users (65 pc) still aren't on board. When asked why they haven't used mobile banking, a majority (56 pc) said online banking suited them just fine while one in five Canadians (21 pc) said they prefer other methods of banking (in person, ABM, telephone, etc.) A large number of respondents, 40 pc, said they had security concerns about using their mobile phones to do banking. Of all respondents, 64 pc said security is their biggest concern about mobile banking.