Canada Leads World in Online Banking Usage

By July 14, 2008 1 comment

A new study reports that Canadians lead the world in the frequency of online bank visits. According to the Internet media metrix company, 67.1 percent of Canadian Internet users banked online in April 2008 – 15.5 million out of Canada’s nearly 24 million internet users. This is a significantly higher percentage than the U.S., which had 44.4 percent. Other English-speaking countries were also lower that Canada, as in the U.K. 49.5 percent of internet users banked on line, and in Australia, 41.7. 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, spending an average of 46 minutes, viewing approximately 121 pages per visitor. The leading bank in usage growth is Bank of Montreal [


Brent Bernie, president of comScore Media Metrix [SCOR], comScore Canada, says that, “because the Canadian online banking sector is so developed and competition already so fierce, banks need to closely examine how they are meeting the needs of their consumers online if they are to achieve customer growth and retention through this increasingly important channel.”

While a larger percentage of younger internet users visit banking sites, older users, especially the 45-54 demographic, lead in user frequency.

comScore also reported which sites were most visited by light bankers, a finding that helps marketers better reach their desired audience. “Light online bankers represent an opportune target for banks seeking new customers since they may be more easily enticed to switch brands through incentive offers than heavier users who are more highly engaged in their banks’ sites and theoretically, more brand loyal.” The most visited sites included Car Rental, Personal Finance, Gay/Lesbian, Online Trading, and Career-Training and Education.

(graphics credits: comScore)

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1 Comment

This stat is actually incredible and ironic. Two weeks ago I began a series on Mobile Banking in Canada... and the reason I say this is incredible is because even though Canadians have such high online banking usage, Canadian banks have neglected to take advantage of the mobile channel.

I would like to hear your input on the series. Please drop by and let me know what you think. You can even Tweet about it... :)

Submitted by Jose HC (not verified) - on August 31, 2009 at 10:28 am

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