Most Canadian Internet Users Do Their Banking Online

In Canada, 89% of internet users will conduct digital banking activities in 2016

Toronto, ON (Apr. 27, 2016) – More than two-thirds of internet users in Canada use online banking at least once a week, according to January 2016 research. Only 16% say they go into a branch.

Banking channels used by Canadian internet users

Yahoo Canada surveyed 1,260 internet users ages 18 and older. Other banking channels respondents said they used included mobile apps for banking transactions, indeed 31% of internet users said they used it. Additionally, 29% of respondents also said they go to an ATM once a week. And while 31% of internet users in Canada use a mobile app for any banking transaction, 22% use a mobile app for payment.

Face-to-face banking is rarely employed: only 16% of those surveyed say they go into a physical bank branch at least once a week.

Internet activities conducted (2010 vs 2016)

Separate research from the Canadian Radio-television and Telecommunications Commission (CRTC) found that digital banking is one of the top internet activities conducted by internet users in Canada. In fact, it’s more popular than using social networks or playing digital games.

According to the research, an estimated 89% of internet users will conduct digital banking activities in 2016, up from 68% who did so in 2010.

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SOURCE: eMarketer