Nearly half of Canadian smartphone users, or 49 per cent, are expected to do banking from their devices in the next year or two, a new survey from ING Direct says.

In a release, ING said the number reaches 64 per cent when looking at smartphone users between 18 and 34 years old.

According to the survey, 35 per cent of smartphone users have done banking on their devices in the last year.

ING said that 53 per cent of those doing mobile banking are 18 to 34 years old, while 38 per cent fall into the 35 to 54 age demographic.

The survey showed that 66 per cent of Canadians have done mobile banking through a bank’s app, while 34 per cent have used their smartphone browser to access the bank’s website, ING said.

Despite the growth, ING said 65 per cent of Canadians do not use mobile banking.

Among the most commonly cited reasons for not using mobile banking, there was a general contentment with online banking (56 per cent) and other forms of banking (21 per cent).

Sixty-four per cent of all respondents also said security was a concern.

Only two per cent of Canadian smartphone users said they primarily did their banking on their phone.

Angus Reid conducted the survey for ING between Oct. 21 and Oct. 25th, polling 700 Canadian adult smartphone users online.

The margin of error is plus or minus 3.64 per cent, 19 times out of 20. 

Contact Ryan O'Neill at 613-232-5952 ext. 222 or roneill@thewirereport.ca
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