The benefits of owning a smartphone are many. For Canadians, smartphones are becoming their go-to device for paying bills and checking bank account balances.
The move toward mobile banking parallels the “big embrace” that Canadians have given to smartphones, says Kaan Yigit, president of Solutions Research Group.
Five years ago, the percentage of the population using a smartphone was in the single digits. “Then the iPhone changed all that,” Mr. Yigit says.
“If you look at the numbers now, it’s eye-popping. We’re at over 10 million smartphone users in Canada, and roughly about 3.5 million banking app users in Canada that three years ago didn’t exist.”
Canadians are embracing mobile banking because they have “acute time poverty,” he says. “That’s what drives so many decisions.”
The introduction of online banking 16 years ago paved the way for mobile banking, Mr. Yigit says. At that time people had big questions about security. But as people have become comfortable with that method, they’ve been more willing to accept mobile banking.