Some new research from BMO shows that financial apps are on rise and increasingly being used more by Canadian smartphone owners. According to their data, two-thirds of those surveyed have downloaded a financial app within the past year. Financial apps are most often used to check account balances, review transactions, manage bills and make money transfers.
The survey, conducted by Pollara, revealed:
In total, 68 per cent of Canadians own a mobile device, with 70 per cent of those saying they use mobile banking apps
- Those who use mobile apps for banking use them frequently, with nearly three-quarters (72 per cent) saying they use them on a weekly or daily basis
- The most popular tasks using a mobile banking app include checking account balances (55 per cent), followed by reviewing transactions (44 per cent), managing bill payments (41 per cent) and transferring money between accounts (35 per cent)
- While only one-in-five (20 per cent) currently have a financial app that provides alerts, 27 per cent say this would be one of the most useful features offered by a mobile banking app
- Younger Canadians have been the quickest to embrace mobile banking technology, with seven-in-ten (71 per cent) of those under 35 using mobile banking – this compares to 55 per cent of those between the ages of 35-44, 40 per cent of those aged 45-54 and 26 per cent per cent of those aged 55-64
While the most popular methods of banking remain in-person or at an ATM (95 per cent), mobile banking, including banking apps, is quickly gaining in popularity.
“The adoption rate among our customers of mobile banking has outpaced even that of online banking, showing the growing appetite for this type of technology for everyday banking needs,” said Dan Dickinson, Managing Director, Mobile and Online Banking, BMO Bank of Montreal. “Mobile banking and financial apps provide Canadians with a number of benefits and features that make it easier and less time-consuming to manage finances on the go.”
While mobile banking is on the rise, there is still a sense of worry about privacy and security in the back of the minds of many Canadians, often this can be the cause for them to avoid using the technology.