Atlantic residents turn to online banking in record numbers

For Immediate Release

Halifax, July 28, 2010 – More than ever, residents of Atlantic Canada love to bank online according to a new study by the Canadian Bankers Association. The bi-annual survey found that 63 per cent of those living in New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland reported conducting banking transactions online during the past year, a significant jump of 16 percentage points from 2008 and the highest year-over-year increase in Canada.

In addition, 44 per cent of Atlantic respondents identified online banking as their primary means of conducting financial transactions, higher than any other method of banking.

“Clearly people living in the Atlantic provinces appreciate the ease and convenience of banking online, and the growth in this region over the past decade has been impressive,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association. “In 2000, only six per cent of Atlantic Canadians did most of their banking online while 37 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 Atlantic Canada, banking at ABMs and in person at a branch are also popular choices among a significant number. According to the survey, 28 per cent of respondents identified banking at an ABM as their primary means of conducting financial transactions and 20 per cent pointed to in-branch banking.

“While the convenience of online banking appeals to Atlantic Canadians 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 those from the Atlantic provinces 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.

Atlantic residents’ comfort with online banking is also evident when looking at how they make their regular bill payments; 44 per cent identified online payments as their primary choice for paying bills.

Survey Highlights

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

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

Canadian and Atlantic 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