Trends Report

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 10th, 2011
Brad Strothkamp, null
Brad Strothkamp
With contributors:
Ellen Carney , Amelia Martland , Myriam Da Costa

Summary

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.

Want to read the full report?

Contact us to become a client

This report is available for individual purchase ($1495).

Forrester helps business and technology leaders use customer obsession to accelerate growth. That means empowering you to put the customer at the center of everything you do: your leadership strategy, and operations. Becoming a customer-obsessed organization requires change — it requires being bold. We give business and technology leaders the confidence to put bold into action, shaping and guiding how to navigate today's unprecedented change in order to succeed.