Canadians are adopting mobile banking solutions at an ever-growing rate, according to a new survey commissioned by the Canadian Bankers Association (CBA).

The survey, which was conducted by Abacus Data in December 2018, polled a total of 4,000 Canadian adults. Among this group, 56 percent of respondents said they used mobile banking in the last year, a considerable increase from the 44 percent and 31 percent reported in 2016 and 2014, respectively.

In total, 53 percent of Canadians say online banking is now their most common banking method, while the second-most used method is mobile banking at 23 percent.

This led to 32 percent of Canadians’ financial transactions being made through a mobile device — a figure that is expected to increase to 41 percent in five years.

In terms of age group, 36 percent of Millennials (Gen Y) say apps are their leading banking method, compared to 23 percent for all demographics. Meanwhile, 54 percent of Millennials plan to increase their use of banking apps within five years.

Finally, 42 percent of Canadians noted that they are “very satisfied” with app-based banking services.

“Canadians today have unprecedented access to innovative, safe and secure channels to meet all aspects of their banking needs,” said Neil Parmenter, president and CEO of the Canadian Bankers Association, in a press statement.

“With a client-first focus, banks in Canada are building on their strong track record of adapting to what their customers want — and what they want, now more than ever, is access to banking services 24 hours a day, in real-time, from anywhere in the world, on a reliable and secure network.”

Source: Canadian Bankers Association

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