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A much higher percentage of adults in Canada have adopted digital banking than their counterparts in the US, according to eMarketer’s latest forecast on digital and mobile banking users. Yet banking via mobile devices is more common in the US.
This year, 78.2% of adult internet users in Canada will access their bank accounts via any digital channel at least once a month. That audience will be 3.3% larger than last year. Just 67.9% of US adult internet users will bank online this year.
Most digital banking users in both countries also bank specifically via mobile devices, but this activity is more common in the US. There, 77.4% of adults who bank digitally will bank via mobile this year. In Canada, the figure is lower, at 53.8%.
“Overall mobile growth is slower in Canada than in the US, largely because there are fewer carriers, which has led to higher data costs,” said eMarketer forecasting director Monica Peart. “Conversely, Canadians’ use of laptops and desktops is higher than that of Americans because of less-expensive broadband access. An increasing share of Americans are also forgoing home broadband access altogether, in favor of mobile-only internet access—a small but growing trend that isn’t yet as well established in Canada.”
Digital banking skews most heavily toward adults 25 to 44, while mobile banking specifically skews even younger. This year in Canada, adults 18 to 24 will represent 27.4% of mobile banking users. They will remain the highest represented group through 2020. In Canada, more English-speaking adults have adopted mobile banking than French-speaking.
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