Over one third of Canadians open to doing more traditional banking
functions on smartphones
TORONTO, Oct. 21, 2013 /CNW/ - Though online banking remains king when it comes to Canadians'
preference for how they bank, an increasing number of Canadians are
beginning to embrace mobile. According to a recent survey by ING
DIRECT, 41 per cent of Canadians say they are open to doing more
traditional banking functions, like paying bills, on their mobile
devices, a number that has climbed from 38 per cent since 2012. One in
10 (10%) Canadians say they use their mobile device to do banking
several times a week, a number that increases to one in five (20%)
Canadians when looking exclusively at 18 - 34 year olds.
As technological advancements make banking easier and more convenient,
Canadians indicate that their need to visit a branch has decreased. A
third of Canadians (33%) who conduct their banking at a branch say
their number one reason for last visiting a bank branch was to deposit
a cheque. Close to half (46%) of respondents who use mobile banking say
they would consider depositing a cheque to their bank account using
their mobile device, a number that's more than doubled since 2012 when
only 22% of Canadians said they would consider depositing a cheque
through this method.
ING DIRECT is leading this technological shift in the financial services
industry with Cheque-In™, its Remote Deposit Capture feature within the
bank's existing Mobile Banking app. With the snap of a mobile photo,
clients can deposit cheques to their ING DIRECT account anytime from
anywhere, without the hassle of visiting a bank branch or ABM.
"Technology is rapidly changing the way we manage some of our most
traditional day-to-day responsibilities, and a growing number of
Canadians are downloading clever applications, like ING DIRECT's mobile
banking app, to simplify their lives," said Marc Saltzman, technology
expert, author and television personality. "As a freelancer who is
often on the road, I - like many others - rely heavily on my smartphone
to get my banking done when it's convenient for me, so it's ideal that
we're moving towards a system that makes depositing cheques easier."
For those Canadians who are already mobile bankers, over half (56 per
cent) indicate they use their mobile devices to check their bank
account balances, while over a quarter (27 per cent) use it to pay
bills. Not surprisingly, 89 per cent of those who bank on their mobile
phones agree that being able to bank on-the-go has made their lives
easier, thanks in large part to the amount of time it has saved them.
In fact, 72 per cent reported that they save up to two hours every
month by banking from their mobile devices.
"We recognize that Canadians have busy lifestyles and scheduling time to
go to a bank branch is another item on a long list of to-dos. Our
Mobile Banking application makes it easier for our clients to bank
quickly at any time of day no matter where they might be. Cheque-In is
another practical example of how we're making banking more convenient
for our clients," said Peter Aceto, president and CEO at ING DIRECT.
The survey also revealed that 44 per cent of Canadians have used mobile
banking to get them out of a bind, such as checking their account
balance before making a purchase at the register, emailing money to a
friend or making a last-minute bill payment. Canadians also admit to
banking from their mobile device in some rather unusual places; One
quarter (25%) of respondents say they've done it in the bathroom while
other respondents mentioned banking at a nightclub, in class and while
About the Survey
On September 29, 2013, an online survey was conducted among 1,005
randomly selected Canadian adults who are Angus Reid Forum panelists.
The margin of error - which measures sampling variability - is +/-
3.1%, 19 times out of 20. The results have been statistically weighted
according to the most current education, age, gender and region (and
language in Quebec). Census data to ensure a sample representative of
the entire adult population of Canada. Discrepancies in or between
totals are due to rounding.
From June 19th to June 20th 2012 an online survey was conducted among
1,004 randomly selected Canadian adults who are Angus Reid Forum
panelists. The margin of error—which measures sampling variability—is
+/- 3.1%, 19 times out of 20. The results were statistically weighted
using the same methods as the 2013 survey.
About ING DIRECT
ING Bank of Canada, operating under the trade name of ING DIRECT, is a
wholly owned subsidiary of The Bank of Nova Scotia. ING DIRECT is
Canada's leading direct bank with over 1.8 million Clients and close to
$40 billion in total assets. ING DIRECT is a bright way forward in
everyday banking for Canadians, offering value added, simple products
such as high interest savings accounts, including TFSAs, GICs and RSPs
with no fees or service charges, mutual funds, low rates on mortgages
and a no-fee, daily chequing account that actually pays interest.
ING DIRECT has been operating in Canada since 1997, and has paid near
$6 billion in interest to Clients. ING DIRECT is open for banking 24
hours a day, 7 days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by calling 1-800 ING DIRECT
ING Bank of Canada and its subsidiaries have been acquired by The Bank
of Nova Scotia and are no longer affiliated with ING Groep N.V. The
trademarks ING, ING DIRECT, ING Lion, the ING Lion logo and any
derivation, variation, translation or adaptation thereof are trademarks
of ING Groep N.V. and are used under license.
™ Cheque-In is a trademark of ING Bank of Canada
Get social with ING DIRECT: Facebook.com/SuperStarSaver; Twitter.com/SuperStarSaver; YouTube.com/SuperStarSaver
SOURCE: ING DIRECT
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