TORONTO, ON--(Marketwired - June 28, 2016) - In another sign that Canadians are adopting digital banking channels, a poll commissioned by Scotiabank reveals that the majority (85%) of Canadians are currently using online and mobile banking. What's more, two-thirds (66%) say they use online and mobile banking at least once per week and more than three quarters (79%) who use mobile and online banking say 'convenience' is the top reason for using digital banking tools.
"What we're seeing is a seismic shift in the behaviour of Canadians when it comes to how they bank," said Jeff Marshall, Head of the Digital Factory at Scotiabank. "Mobile banking is the fastest growing channel at Scotiabank. We are committed to building innovative, world-class digital banking solutions that make it easier to do business with us and these are resonating with our customers. We were proud to have been recognized as one of two banks to receive the highest overall score in Forrester Research Inc.'s 2016 Canadian Mobile Banking Functionality Benchmark."
In the poll, Canadians who use digital banking channels also said 'saving time' (62%), 'monitoring my finances' (61%), and 'banking outside of traditional hours' (54%) were among the top reasons for choosing these options.
Other findings in the poll:
- The vast majority of Canadians are using mobile or online banking to check their balance (85%) and pay bills (83%).
- Currently, less than one in five said they use digital platforms for more advanced activities like managing investments (16%), depositing a cheque through a mobile app (12%) or applying for accounts or credit cards (3%).
"Scotiabank provides safe, efficient tools for customers to perform their everyday banking on online and mobile channels whenever and wherever they want, and we look forward to continuing to add more customers to these convenient platforms," added Marshall.
Scotiabank is running a contest over Facebook and Twitter throughout the month of June to show Canadians all the ways they can save time with online and mobile banking. There are prize winners every week and a chance to win one of three grand prizes of $1,500. The contest asks customers to tell Scotiabank "What would you do with more free time?" (if they were to switch to digital banking). Customers can visit Scotiabank.com/myfreetime to enter the contest.
Further contest details:
To enter, you must be a legal resident of Canada who has reached the age of majority in your province or territory of residence. Employees of Scotiabank and others as well as their family members and those who reside with them are ineligible. The contest closing date is June 30, 2016. The odds of winning depend on the number of eligible entries. To be declared a prize winner, each selected entrant must answer correctly a skill testing question. No purchase is necessary to enter. Entrants can visit Scotiabank.com/myfreetime for additional details and to enter the contest.
About the Survey:
The poll was conducted by MARU/VCR&C on behalf of Scotiabank. A total of 1,503 online interviews were conducted nationally with Canadians 18+. The research study was conducted from June 15 to 16, 2016.
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 89,000 employees and assets of $895 billion (as at April 30, 2016), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.