Canadian’s Financial Lives Increasingly Driven By Tech

tech financeA study released this week by Microsoft Advertising confirms what many have already suspected: Canadians see technology as something of a double-edged sword as they increasingly use online services and mobile devices to manage their finances.

The technology company surveyed 2,000 people online, and the resulting study, dubbed The Financial Lives of Canadians, suggests consumers have passed a tipping point in terms of their routine use of online tools. Fully 79 per cent of Canadians now use online banking at least monthly, with 60 per cent saying they do so at least once per week.  Read More…

This article has 7 Comments

  1. Anderson Zhong

    Wow i think im a dinosaur since i have never used online tools to do my finances like banking or stock trading. I guess i just dont see how using my small screen phone as giving me enough room to make actions quickly.

    Surely i can't be the only one who tihnks this.

  2. Diya Eader

    I agree with you @Anderson Zhong but i believe for the general public its because they are always on the go that its better to have these tools than to not. I would guess most would prefer their full desktop experience but don't want the cumbersome of carrying large equipment. So it's really a trade-off.

  3. Samson

    Although i do make use of mobile banking and brokerage trading apps i do find their ability to give me the most power in such a limited space very difficult. I think the way we interact with mobile devices like our phones would need to change to better fulfill the desire so customers and businesses alike.

  4. Branden

    What happened to all the rage of NFC payments with your smartphones? Didn't Apple even have iWallet? What happened to all of that?

  5. Jensen Dawkins

    Look at those #s. ATM visits are 2/3rds compared to mobile usage at 27%. What this clearly says is that the experience is quite not their on mobiles and so people prefer just to go to the ATM to get things done.

    This makes sense since there is more one can do at the ATM than on the mobile. However, i do notice many banks now offer special things like cheque scanning on your phone (PC Financial comes to mind).

  6. Raekwon

    There is also the trust issue in that i think more people would use these applications if they could trust that it was secure to do so. Most people aren't tech minded and so don't how things work. From their perspective it seems like inputting private information like banking/credit card details is a no-no. Build trust and they will come 🙂

  7. Kelton Watkins

    Mobile experiences will continue to improve. Sure it has been a slow progress but it is advancing. The person who cracks that nut will make a fortune.

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