Record number of Prairie residents logging on to bank

For Immediate Release

Calgary, July 28, 2010 –  More than ever, Prairie residents love to bank online according to a new study by the Canadian Bankers Association. The bi-annual survey found that more than two-thirds (67 per cent) of those living in Alberta, Saskatchewan and Manitoba reported conducting banking transactions online during the past year, a significant jump of 13 percentage points from 2008 and four points higher than the national average of 63 per cent.

In addition, 49 per cent of Prairie respondents identified online banking as their primary means of conducting financial transactions, four per cent above the national average of 45 per cent and higher than any other method of banking.

“It is clear that people living in the Prairie provinces really appreciate the ease and convenience of banking online, and the growth in this region over the past decade has been remarkable,” said Maura Drew-Lytle, Director of Communications for the Canadian Bankers Association. “In 2000, only nine per cent of Prairie residents did most of their banking online while 36 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 living in the Prairies, the second most popular choice is banking in-person at a branch. Twenty-five per cent of respondents identified in-person banking as their primary means of conducting financial transactions. At the same time Prairie residents are the second lowest national users of ABMs for their main banking needs at just 19 per cent, in 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 living in the Prairies, it is also apparent that a significant group of people appreciate 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 those from the Prairies 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.

Prairie 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, compared to only four per cent at ABMs.

Survey Highlights

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

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

Canadian and Prairie 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