Canadians Banking Their Big Bucks Online

Canada has over 61 percent of its citizens using some form of online banking. According to a recent comScore survey, out of 37 global markets Canada had they highest adoption rate of online banking than any other market including the United Kingdom, United States and Australia.  More Canadians are banking online and they are doing it more frequently than the other contenders for the online banking crown.

The internet has changed the way everyone does business, especially the banking industry. With the introduction of online banking, many consumers are managing their accounts barefoot and in bed instead of messing with their brick and mortar counterparts. 

HOW OFTEN: Canada also reigned supreme in online banking frequency. On average, they spent 46 minutes over 10.5 online banking visits per visitor in April. That averages over a week in usage days.

WHAT BANKS ARE CASHING IN: Of the almost 24 million Canadian internet users, 15.5 million visited a banking site. The Bank of Montreal site saw the greatest gain in visits last yaer with a growth of 22 percent. Other big winners were the RBC Financial Group and TD Bank Financial Group.

WHO: It's a split in demographics. More 20-something to 40-somethings do online banking but baby boomers bank online most often. Those who are embracing online banking the most are those between the ages of 25 and 44 where 74 percent of them use online banking. Although the use of online banking is typically higher among the younger age groups, the older age groups win on the frequency of usage.

Brent Bernie, president of comScore Media Metrix Canada, explains this phenomenon by stating, "Canadians are typically very savvy Internet users, a fact that is underscored by their heavy usage of online banking. But because the Canadian online banking sector is so developed and competition already so fierce, banks need to closely examine how they are meeting the needs of their consumers online."

With an increase in usage and services available, it seems that an increase in online banking is becoming an integral part of the public's banking activities. It appears online banking is here to stay.


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