For Immediate Release

Toronto, ON, February 7, 2017 – The Canadian Bankers Association (CBA) today released the results of its latest research, How Canadians Bank, which shows that Canadians are embracing new banking and payment technologies and that a large majority of Canadians (90 per cent) recognize the value they get from banking innovation.

The research, commissioned by the CBA and conducted by Abacus Data, also reveals that 17 per cent bank primarily on a mobile device, up significantly from nine per cent two years ago. This is a sharp change from 14 years ago when 40 per cent said they banked mainly at an ABM, 30 per cent banked in branches and only 16 per cent did most of their banking online. Respondents credit banks for taking steps to provide secure, fast and convenient banking and payments solutions.

“Banks in Canada have long been leaders in the development of new technologies and innovations that make banking and payments fast, simple and convenient for customers, while maintaining customer trust and confidence in the safety and security of these transactions,” said Terry Campbell, president of the Canadian Bankers Association. “Canadians of all age groups are not only increasingly using online and mobile banking and payments, they are telling us they anticipate doing more and more in the coming years. The fact that 44 per cent of Canadians used mobile banking in 2016 is evidence of this progress.”

Digital banking and payments grow rapidly

  • More than two-thirds (68 per cent) of Canadians now use online and mobile banking as their primary means of banking, up from 52 per cent in 2012.
  • 44 per cent of Canadians report having used mobile banking in the last year, up from 31 per cent in 2014.
  • Nearly two-thirds (63 per cent) have used an email money transfer to send or receive money, including 40 per cent of those over the age of 55.
  • In 2016, nine per cent of Canadians said that taking a picture on their mobile device was their primary means of depositing a cheque, compared to only one per cent in 2014.

Looking ahead

More Canadians than ever expect to be using mobile banking and payments in the coming years; a trend the 35 and under demographic are leading, but that Canadians 55 and older are contributing to in steady numbers.

  • 38 per cent say their use of mobile banking increased in 2016 and 52 per cent say they are likely to conduct more of their banking using a mobile phone over the next two to three years.
  • 40 per cent of Canadians believe they will be making a purchase using a mobile phone in the next two to three years.
  • Notably, Canadians believe that the introduction of new banking technology will change how they pay for everyday items. When asked, 26 per cent said they don’t think they will be carrying cash in 10 years, and 59 per cent don’t anticipate using cheques.

Canadians overwhelmingly credit banks for leadership on banking technologies

  • 90 per cent agree that Canada’s banks have been doing a good job of bringing forward innovations in banking.
  • 95 per cent of bank customers say that banking has become a lot easier and more convenient over the years.
  • 91 per cent believe their banks have earned their trust over the years when it comes to ensuring banking technologies are safe and secure.

“It’s clear that Canadians are excited about, and fully willing to take advantage of the numerous banking innovations that are unravelling before our eyes,” said Mr. Campbell. “This is in no small part due to the fact Canadians say they trust their banks year after year, and view them as a partner they can rely on.”

More of the key findings from the 2017 How Canadians Bank research can be found here.

Survey methodology

The survey was commissioned by the Canadian Bankers Association and conducted by Abacus Data. The findings are based on a phone-online hybrid survey of 1,262 Canadians aged 18 and over conducted from October 6 – 19, 2016. 817 interviews were conducted by telephone while 445 were conducted online. Results are valid within +/- 2.8 percentage points, 19 times out of 20.

About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 60 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 280,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness.

– 30 –