A new study from TNS Facts notes the state of the nation for online banking usage in Canada. Using even the worst of those numbers, 49% of Canadians with internet access are active with online banking in the last month (37 /76).
Of greater significance is the trendline for telephone banking that has dropped to 32% from a peak of 40% 5 years ago. This reflects newer generations skipping the old assumption of ATM – tel banking – internet that some still believe.
There should be no doubt for any banker that their brand and service is now defined by their internet capabilities. It is time to accept and allow that plan to drive investment priorities. Time to re-visit post on Charlenes assessment from 2006 and Deloittes earlier this year.
Four out of 10 Canadians banking online, research shows | IT Business Canada
According to the survey … the percentage of Canadians who have registered for online banking increased four points to 44 per cent last year (37% active last month) … 76 per cent of Canadians have Internet access; 67 per cent of Canadians have the Internet at home.
Bankwatch 
In other news….BMO has discovered young people use the interweb.
That report’s actually 21 months old. So the numbers are probably higher.
Maybe BMO would have come around quicker if the Directer of their online channel back in 2003 had been on the ball. 😉
Oh really – I was just reading the quote outlined from BMO.
“Bank of Montreal woos millennials with Web tools
A new survey sponsored by Microsoft shows 18-30 year-olds love banking over the Web. BMO is hoping to win them over with some rich new applications.
11/19/2008 5:59:00 AM By: Brian Jackson
…
BMO is trying to react quickly. The firm plans to launch a new branch and ABM locator on its Web site Monday. Using Microsoft Earth, the locator is much improved over the old system, Gandhi says.”
If there is an error there, perhaps said director would like to make a comment on that post and address said error.
I was making fun of Duarte’s comment (and your earlier Tweet) which interprets the article as saying that BMO has just now discovered that 18-30 year olds like Online Banking. I thought it odd that you would level such criticism, since an obvious time to have mentioned that particular demographic trend would have been 2001 or so, when their online channel was being run by…well, you know. 🙂
@Dan: In his defense, I believe the “Directer” of the online group at the bank back in 2003 was getting bad info from the research houses.
@Ron: Well, that’s what I get for using both English and French spellcheck dictionaries. ‘Directer’ is a perfectly acceptable word in French…didn’t even notice I’d done it. I’ve become too reliant on the red squiggly, obviously.
And I’m not really having a go at Colin. My point was just that it’s a bit of a cheap shot to make fun of the party that you just walked out of.
I don’t think it was a cheap shot. If I was at any other “party” and the same statements were made the same would apply.
RBC Bank President Gordon Nixon – Salary $11.73 Million
$100,000 – MISTAKE (FISHERMEN’S LOAN)
I’m a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.
There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn’t familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:ombudsman@obsi.ca
http://www.corporatebully.ca
http://www.youtube.com/CORPORATEBULLY
“Fighting the Royal Bank of Canada (RBC Bank) one customer at a time”
Not certain about Canadians opening US bank accounts but with virtual banking it makes sense to me that you should be able to. The US has several high interest banks online, such as venturebankdirect.com, that offer 3.8% APY on their savings accounts with no minimum balance requirements.
Thanks for the tip Chris, I checked out Venture Bank Direct and have been happy so far. They are launching their online checking account which is a big plus for me. Makes for easy access.