Online Banking Gains Canadians’ Interest

October 18, 2004

A new study by comScore Media Metrix Canada finds that online banking continues to be a widespread and growing industry.

The number of Canadians banking online grew from 8.7 million in May 2003 to 11.8 million in August 2004, a 36% increase. Currently, 64% of all Internet users in the country have visited banking Web sites.

HSBC experienced the greatest growth in the number of unique visitors with a change of 88.3% from August 2003 to August 2004. ING Group’s visitor numbers also expanded by a large relative margin, with a 55.4% growth in the one-year period.

Overall, men make up a slightly higher percentage of visitors to bank Web sites than women, but the gender picture varies significantly by bank. For instance, 53.6% of ING Canada’s visitors are male, while 52.9% of Scotiabank’s visitors are female.

The banks do vary greatly in terms of the income level of their visitors. ING and Royal Bank both bring in over 25% of their visitors from households with annual income over $100,000 (US). TD, on the other hand, only counts these more affluent households as 16.6% of their visitors.

Historically, Canadian households have done more online banking than US households, and this pattern will continue for 2004. eMarketer estimates that 43.7% of US online households will engage in online banking in 2004, a rate already well below that of Canadian online households in 2003.

About eMarketer

By gathering the latest research and news from over 1,000 sources, eMarketer has established itself as the world’s leading provider of internet and e-business statistics. eMarketer’s Web site is at www.emarketer.com.