Quebec residents flock to online banking

For Immediate Release

Montreal, July 28, 2010 – Quebec residents are going online to bank in record numbers according to a new study by the Canadian Bankers Association. The bi-annual survey found that 59 per cent of Quebecers reported conducting banking transactions online during past year, a significant jump of 10 percentage points from 2008.

In addition, 41 per cent of Quebec respondents identified online banking as their primary means of conducting financial transactions, higher than any other type of banking.

“Looking at the remarkable growth over the past decade, it’s clear that Quebecers have come to appreciate the ease and convenience of banking online,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association. “In 2000, only eight per cent of Quebec residents did most of their banking online while 60 per cent did most of their banking at ABMs.  Now all that has changed.” 

Diverse preferences

Although online banking is the most popular way to bank for the majority living in Quebec, banking at ABMs and in person at a branch are also popular choices among a significant number. According to the survey, 35 per cent of respondents identified banking at an ABM as their primary means of conducting financial transactions and 14 per cent pointed to in-branch banking.

“While the convenience of online banking appeals to many living in Quebec there are also many who appreciate the diverse options available at ABMs and the personal touch that in-branch customer service representatives provide,” 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 Quebec residents do indeed appreciate the ease that technology has brought to their banking experience, with 82 per cent reporting that technology has made their personal banking experience more convenient.

Quebecers’ comfort with online banking is also evident when looking at how they make their regular bill payments; 45 per cent, identified online payments as their primary choice for paying bills, compared to 18 per cent at ABMs.

Survey Highlights

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

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

Canadian and Quebec 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