British Columbians choose to bank online more than any other group of Canadians, according to the latest study by the Canadian Bankers Association.
The survey found that 72% of B.C. residents did their banking online, a 15% increase from 2008 and 9% higher than the national average of 63%.
Half of B.C. respondents said online banking was their primary means of conducting financial transactions, 5% above the national average and higher than all other types of banking combined.
Maura Drew-Lytle, CBA’s director of communications said, “In 2000, only 4% of B.C. residents did their banking online while 39% did most of their banking at automated banking machines. Now, all that has changed.”
These trends bode well for financial institutions that are expanding the platforms from which consumers can do their banking. Canada’s second largest credit union, Coast Capital Savings, recently launched its mobile banking website for smartphones, and CIBC and TD Canada Trust have launched mobile phone banking apps that allow clients to check balances and make payments.
BIV last spoke with Coast Capital in May when they launched their mobile banking website (See “Credit unions to reap dividends from new smartphone banking services” – Issue 1073; May 18-24, 2010).
Wendy Lachance, Coast Capital’s director of eBusiness and direct technology, said about a third of the credit union’s 425,000 members use online banking. She expects about the same number of members will take up mobile banking.
She said, “You’re going to see a whole group of credit unions competing with these services and potentially penetrate other market areas through a mobile device. As long as you get a signal, you can still do your banking.”