British Columbians flock to online banking

For Immediate Release

Vancouver, July 28, 2010 – More than any other group of Canadians, British Columbians love to bank online according to a new study by the Canadian Bankers Association. The bi-annual survey found that 72 per cent of BC residents reported conducting banking transactions online during past year, a significant jump of 15 percentage points from 2008 and a full nine points higher than the national average of 63 per cent.

In addition, 50 per cent of BC respondents identified online banking as their primary means of conducting financial transactions, five per cent above the national average of 45 per cent and higher than all other types of banking combined.

“Clearly British Columbians appreciate the ease and convenience of banking online, and the growth in this province over the past decade has been remarkable,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association. “In 2000, only four per cent of BC residents did most of their banking online while 39 per cent did most of their banking at ABMs.  Now all that has changed.” 

The personal touch of in-person banking

While online banking is the most popular way to bank for the majority of BC residents, the second most popular choice is banking in person at a branch. Thirty-two per cent of BC respondents identified in-person banking as their primary means of conducting financial transactions, well above the national average of 23 per cent. At the same time BC residents are the lowest users of ABMs for their main banking needs at just 11 per cent, in stark contrast to the national average of 23 per cent and a high in Quebec of 35 per cent.

“While the convenience of online banking certainly appeals to many in BC, it is also apparent that a large group appreciates the high level of service that comes with in-person banking,” said Ms. Drew-Lytle. “Our research shows that people choose to bank in different ways.  This is a competitive business and banks in Canada ensure they can meet the diverse needs of their customers by offering a range of banking options and new technologies to make banking even more convenient.”

A mobile future

As technology continues to develop, banks in Canada now offer mobile banking services that allow Canadians to carry out a variety of day-to-day banking transactions through their smart phones. Although this technology is fairly new, Canadians from coast to coast appear enthusiastic about its prospects. When asked about the possibility of conducting banking transactions with a mobile phone in the next two years, 23 per cent of respondents Canada-wide believe it is likely.  This number jumped to 54 per cent among BlackBerry owners and 64 per cent among owners of PDAs, including iPhones.

Banking and paying bills made easier

The survey results indicate that BC residents do indeed appreciate the ease that technology has brought to their banking experience, with 86 per cent reporting that technology has made their personal banking experience more convenient.

British Columbians’ comfort with online banking is also evident when looking at how BC residents make their regular bill payments; the majority, 55 per cent, identified online payments as their primary choice for paying bills, compared to only two per cent at ABMs. This number is 10 per cent higher than the national average of 45 per cent.

Survey Highlights

Canadian and BC residents’ primary means of conducting financial transactions (percentage)

Canadian and BC residents’ primary method of making regular bill payments (percentage)

Canadian and BC residents’ opinions on how technology has affected banking convenience (percentage)

Survey methodology

The survey was commissioned by the Canadian Bankers Association and conducted by The Strategic Counsel. The findings are based on a random, nationally proportionate sample of 1200 adult Canadians 18 year of age or older. Respondents were interviewed by telephone between May 25 and May 31, 2010. A sample of 1200 is accurate within +/-2.9 percentage points, 19 times out of 20. Among subgroups the margin for error is larger.

For more information and a detailed backgrounder on how Canadians’ bank please visit www.cba.ca. 

For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca