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.
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.
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).
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.
Not far behind are those in the 45 to 55 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.
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.
However, alongside high levels of online 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.
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.