Mobile apps for more than just checking account balances
August 2013 research conducted by Pollara for Bank of Montreal found that mobile banking app users in Canada go beyond just checking the balance of their account to more advanced activities.
More than four in 10 managed their bill payments on mobile apps, and over one-third used mobile apps to transfer money between their accounts.
There’s no doubt mobile banking apps have caught on in Canada—70% of mobile users in the country have such apps. That includes nearly three-quarters of males and more than two-thirds of females. Banking app usage was highest in the country’s largest provinces of Quebec and Ontario, with penetration rates lower in the Maritime provinces and the Western part of the country.
Unsurprisingly, age played the largest demographic role in whether users had mobile banking apps. It was a majority activity for those under 45, with penetration dropping off dramatically to 26% for the 55-to-64 set.