Convenience has overcome security concerns when it comes to mobile banking. Despite legitimate security reasons never to access your bank account using your mobile phone, the practice continues to grow and expand. Banks promote this because it saves them a great deal of money by cutting back on the number of brick and mortar branches and cutting the staff that goes with it. The savings by the banks has yet to trickle down to the consumers.
Canadians embrace mobile banking - CBA
The Canadian Bankers Association (CBA)
today released the results of its latest research, How Canadians
Bank, which shows that Canadians of all ages are embracing new
technologies in their daily lives and value innovative ways to make
their banking more accessible and convenient.
Keys trends include the fact that
online and mobile banking use continues to grow and payments are
quickly evolving as mobile wallets and "tap and go"
contactless payments become more widely available.
"Bankers from the 1970s would be
astonished at the technologies being used for everyday banking
today," said Terry Campbell, president of the Canadian Bankers
Association. "Canadians are now checking account balances using
their bank's mobile app, flashing their phone to make purchases and
taking pictures of cheques to deposit them from their mobile phone.
It's hard to imagine what we'll be doing 10 years from now."
Mobile banking and payments growing
rapidly
- 31 per cent of Canadians do some banking using their mobile device, up from only 19 per cent in 2012.
- While the technology is relatively new, three per cent of Canadians have deposited a cheque by taking a picture with their mobile phone.
- 57 per cent of Canadians value making purchases with a mobile device and 61 per cent value contactless payments.
- 23 per cent of Canadians said they don't think they will be carrying cash in 10 years and 54 per cent don't anticipate using cheques.
Online banking grows while branch, ABM
and telephone banking decline.
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