A recent survey by ING Direct showed that an increasing number of Canadian consumers are opting for mobile banking services.
The survey showed that 41 percent of Canadians are receptive to completing traditional banking transactions, such as bill pay, on their mobile devices—an increase from 38 percent last year.
Ten percent of all Canadians indicated that they use their mobile device to complete banking transactions several times per week, and the number increases to 20 percent for the 18 to 34 age group.
Approximately one-third of Canadians who conduct their banking business at a branch said their number one reason for last visiting a branch was to deposit a check. Nearly half—or 46 percent—of respondents who use mobile banking said they would consider depositing a check using their mobile device, nearly double from 22 percent in 2012.
Fifty-six percent of Canadian consumers said they use their mobile devices to check their account balances, while 27 percent use their mobile devices to pay bills. Nearly 90 percent of consumers who bank on their phones said being able to bank on-the-go has made their lives easier by saving time. Another 72 percent said they save up to two hours every month by banking with mobile devices.
The survey also revealed that 44 percent of Canadians have used mobile banking to get out of a precarious financial situation, such as checking their account balance at the register, emailing money to a friend or making a last-minute bill payment.