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The State Of Canadian Mobile Financial Services: 2011

Adoption Of Mobile Banking Is Heating Up And Portends Future Use Of Mobile Investing And Insurance Services

August 10, 2011

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Why Read This Report

Most of the "big five" banking providers have now launched mobile offerings, and clients are responding. Consumer adoption of mobile banking in Canada has risen sharply from just 1% in 2008 to 9% at the end of 2010. Adoption of mobile investing, mobile trading, and mobile insurance, however, remains scant. As Canadian consumers in greater numbers move to smartphones and discover the advantages of the mobile channel, mobile banking will pave the way for adoption of further mobile financial services activities. These will include mobile investing and trading, mobile services for insurance clients, and mobile payments, as well as banking functionality that goes beyond basics like accessing account information. Mobile strategists at financial services providers should prepare by developing mobile-only functionality, designing mobile services with an eye toward usability, and making sure mobile websites offer the same value to clients as native smartphone apps.

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Best Practice Assessments

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  • Information-Based Features Still Top The List, But Many Use Transactional Functionality

Also in Collection: How Canadian Consumers Use Financial Channels

Table of Contents

  • Mobile Banking Use Keeps Climbing, While Mobile Investing And Insurance Lag
  • Growth In Mobile Banking Portends Demand For Mobile Services In The Future
  • RECOMMENDATIONS

  • eBusiness Execs: Prepare For An Expanding Mobile Financial Services Market
  • Supplemental Material
  • Related Research Documents

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