With 24 million internet users – three-quarters
of the population – Canada has among the world’s highest internet
penetration levels. Canadians are also avid online bankers reveals
a study undertaken by internet research firm comScore.
of the population – Canada has among the world’s highest internet
penetration levels. Canadians are also avid online bankers reveals
a study undertaken by internet research firm comScore.
Based on data collected in April this year
comScore found that 67.1 percent of Canadian internet users banked
online, the highest level of any of the 37 countries studied. Other
English-speaking countries had significantly lower penetration,
including the UK (49.5 percent), the US (44.4 percent), and
Australia (41.7 percent).
comScore found that 67.1 percent of Canadian internet users banked
online, the highest level of any of the 37 countries studied. Other
English-speaking countries had significantly lower penetration,
including the UK (49.5 percent), the US (44.4 percent), and
Australia (41.7 percent).
Canadians also led the world in online
banking frequency, with an average of 8 usage days and 10.5 online
banking visits per visitor in April. Canadians spent an average of
46 minutes on banking sites in April, viewing about 121 pages per
visitor.
In a demographic profile of Canadian internet
users comScore found that 74 percent of people aged between 25 to
44 years old made use of internet banking, by a small margin the
highest of any age category.
users comScore found that 74 percent of people aged between 25 to
44 years old made use of internet banking, by a small margin the
highest of any age category.
Not far behind are those in the 45 to 55
year-old age category where penetration is, at 73 percent, almost
as high.
year-old age category where penetration is, at 73 percent, almost
as high.
The frequency of use in this age category is,
however, the highest at an average of 12.1 visits and 157 pages per
visitor per month. This compares with about 10.5 visits and 119
pages viewed in the 25 to 44 age category.
however, the highest at an average of 12.1 visits and 157 pages per
visitor per month. This compares with about 10.5 visits and 119
pages viewed in the 25 to 44 age category.
In the two oldest age categories, 55 to 64 and
over 65, average internet banking usage was 66 percent and 58.6
percent, respectively. Average visits per visitor per month were 11
and 10.3, respectively.
over 65, average internet banking usage was 66 percent and 58.6
percent, respectively. Average visits per visitor per month were 11
and 10.3, respectively.
However, alongside high levels of online
banking penetration has arrived what comScore termed fierce
competition.
banking penetration has arrived what comScore termed fierce
competition.
This fierce contest is evident in the overall
growth in the total number of online bankers of only 2 percent
between April 2007 and April 2008, and some significant shifts in
the number of visitors to specific online banking sites.
growth in the total number of online bankers of only 2 percent
between April 2007 and April 2008, and some significant shifts in
the number of visitors to specific online banking sites.
For example, while Bank of Montreal’s (BoM)
website experienced a 546,000 (22 percent) surge in visitors,
declines of between 9 percent and 11 percent were experienced by
three of BoM’s competitors.
website experienced a 546,000 (22 percent) surge in visitors,
declines of between 9 percent and 11 percent were experienced by
three of BoM’s competitors.
