CIBC: 33% Of Canadians Own A Smartphone, Mobile Banking On The Grow

CIBC released some new data this morning on the usage of smartphones in Canada that was conducted by Harris/Decima, the data reveals that
one-third of Canadians now own a smartphone (33 per cent), and a quarter (25 per cent) of smartphone owners have started banking on the go with mobile banking.Highlights of the poll include:

  • One-third (33 per cent) of Canadians now own a smartphone
  • Ownership is growing across age groups – with 51 per cent of Canadians between the ages of 18-24, and 35 per centof Canadians between 45-54 saying they own a smartphone
  • Among all smartphone owners, one-quarter (25 per cent) have used mobile banking
  • About 1 in 5 Canadians (21 per cent) who own a smartphone believe it will replace their computer in the next couple of years

“An increasing number of Canadians own smartphones, and they are taking advantage of the various benefits of mobile financial services such as paying bills on the go, staying on top of their account balance, and even trading stocks when they can’t get to their computer,” said Michael Martin, Senior Vice-President, Alternate Channels, CIBC. “In the relatively short period of time since CIBC launched the first mobile banking app in Canada in February 2010, we’ve seen clients adopting mobile banking at a faster rate than they did with innovations like online banking in the 1990’s.”

No surprised but the younger generation of Canadians are leading the pack when it comes to adoption of smartphones, 36% of those aged 25 – 34 have used mobile banking, and more than one-quarter (28 per cent) believe their smartphone will replace their personal computer sometime in the next couple of years.
According to the data there has also been an increase in usage by baby boomers, with 24 per cent of Canadians between 45-54 who own a smartphone saying they have used mobile banking.