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Survey shows 38% of smartphone owners use a banking app

By on July 5, 2011 at 11:10am in Mobile News


There’s been one quote that has stuck in mind about mobile banking in Canada. It was from Bob Hedges of Mercatus who in February 2010 stated that Canadians are “at the tipping point in terms of adoption” and “over the next five years this will become more important than online banking”. It’s been a slow adoption rate thus far but it’s certainly increasing. Last week it was PayPal Canada that came out with stats that showed 34% of those surveyed would rather carry a mobile phone to make a payment than a pocket full of change.

The latest survey is from the Toronto-based Solutions Research Group who stated that “In 14 months, the number of Canadians using mobile banking apps on their smartphones went from zero to two and a half million”. In April of this year they surveyed 419 smartphone users (not that many people really) and 38% of them use a banking app (159 people). In addition, of those 419 people 54% use an iPhone, 32% use a BlackBerry and 25% gets pushed into the “other” pile which probably has a great deal of Android users. The main reason for those who are banking by phone is for the convenience of being able to check balances and transactions, transfer, pay bills, find banking locations/ATMs. Finally, as for upcoming mobile payment features that include the ability to pay for items via your phone (NFC capabilities), 47% are aware of it and 31% say it sounds convenient. The major concern that hold people back is over security and making sure transactions are safe.

Source: SRG

Related posts:

  1. KPMG: 15% of Canadians have done banking through a mobile device
  2. BMO Mobile Banking app for iPhone and BlackBerry now available
  3. Mobile banking in Canada: “We’re at the tipping point in terms of adoption”
  4. Survey reveals 41% of Canadians have a smartphone

Discussion

21 comments for “Survey shows 38% of smartphone owners use a banking app”

  1. I would if one was available for BMO on android

    Like or Dislike: Thumb up 7 Thumb down 0

    Posted by stephan | July 5, 2011, 11:14 am
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  2. Don’t trust mobile banking apps on phones, in terms of security.

    Like or Dislike: Thumb up 7 Thumb down 5

    Posted by EmperumanV | July 5, 2011, 11:18 am
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    • I’m more annoyed tha my bank has an app for iDevices but not for Android. But security-wise, you’re right, I’m probably better off using their mobile website anyway.

      Like or Dislike: Thumb up 9 Thumb down 0

      Posted by Zomby | July 5, 2011, 11:22 am

  3. Android apps for many of the major banks (never mind the credit unions) are still not available. I would happily use one when it gets released for my bank.

    Like or Dislike: Thumb up 5 Thumb down 1

    Posted by Dave | July 5, 2011, 11:18 am
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  4. Until Desjardins releases one for Android, it’s not an option. Fortunately they have a mobile website that’s quite easy to use.

    Like or Dislike: Thumb up 2 Thumb down 0

    Posted by Zomby | July 5, 2011, 11:19 am
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    • The Desjardins app for iPhone is mainly a browser pointing on the mobile website. Exact same look and feel. So it’s not really useful.
      I would like a more “native” Desjardins application.

      Like or Dislike: Thumb up 2 Thumb down 0

      Posted by Guillaume | July 5, 2011, 11:51 am

  5. I only bank from my home PC (Linux, via LAN not wifi) where it’s secure.

    Like or Dislike: Thumb up 5 Thumb down 1

    Posted by sookster54 | July 5, 2011, 11:30 am
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  6. Since CIBC doesnt have an app for Android i use there mobile website which works well and its easy to read and use. cibc.mobi

    Like or Dislike: Thumb up 3 Thumb down 0

    Posted by Abe | July 5, 2011, 11:30 am
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  7. Not me :)

    Like or Dislike: Thumb up 1 Thumb down 1

    Posted by Eric | July 5, 2011, 11:39 am
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  8. Make it secure, and I’ll hop on board.

    Like or Dislike: Thumb up 1 Thumb down 1

    Posted by Steve Z | July 5, 2011, 1:04 pm
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  9. CIBC has the best app/mobile banking.

    Like or Dislike: Thumb up 1 Thumb down 4

    Posted by TheTigerTek | July 5, 2011, 1:33 pm
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    • The CIBC app for Android is just a webpage loader, not really what I would call an app. I actually called them to complain that they need to make it better.

      Like or Dislike: Thumb up 2 Thumb down 1

      Posted by Stimulator | July 5, 2011, 1:47 pm

  10. I’m rather pissed off with CIBC with the fact they don’t have an Android application. I emailed them with my complaint and they didn’t do anything to assist me. All they said was “We have no plans to support Google’s Android operating system”

    I think its rather pathetic if you ask me. I’m paying them god knows how much and they can’t even produce an application to better assist me. CIBC really should put out an Android application, because if they don’t well someone could make a CIBC application that simply takes people information.

    Honestly.. I’m rather pissed with the selection of applications that Android has, and I’m a strong supporter of Google Android. I love the operating system and the community but honestly most of our apps suck.

    /end rant.

    Like or Dislike: Thumb up 2 Thumb down 1

    Posted by Mitchell | July 5, 2011, 2:22 pm
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    • They do support Android, it’s just crappy.

      Like or Dislike: Thumb up 1 Thumb down 2

      Posted by Stimulator | July 5, 2011, 4:00 pm

  11. I vote anyone who is with CIBC that has an Android phone I say we get together and complain and complain until CIBC produces and app for Android. We should make a petition demanding one – or I’m switching.

    Like or Dislike: Thumb up 1 Thumb down 1

    Posted by Mitchell | July 5, 2011, 2:23 pm
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  12. I don’t use my phone for online banking…because I cant. For some stupid reason you can’t use RBC’s mobile site on Android. Just iPhone and Blackberry.

    Like or Dislike: Thumb up 2 Thumb down 0

    Posted by matt | July 5, 2011, 3:25 pm
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  13. No thank you. I do not believe a phone will have enough hardware and software to provide adequate protection against profession hackers. Given enough time, they can break the system. Just look at the recent uproar in Britain involving the tabloid hacking into that poor girl’s phone. With millions of dollars just floating around, how long before someone come up with an automatic system to collect info?

    Like or Dislike: Thumb up 0 Thumb down 1

    Posted by Sunny | July 6, 2011, 11:19 am
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  14. RBC needs to show some love for android, and it seems the others aswell! Ive emailed them already regarding this. Maybe if more people email they will take us seriously

    Like or Dislike: Thumb up 1 Thumb down 0

    Posted by dennis | July 6, 2011, 12:52 pm
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  15. I use the TD Android app all the time to check my balance. Its awesome.

    Like or Dislike: Thumb up 0 Thumb down 1

    Posted by David | July 6, 2011, 2:36 pm
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