British Columbians most likely in Canada to prefer online banking to pay bills
6 minute read
6 minute read
- TD Canada Trust Everyday Banking Poll finds there's still opportunity for B.C. residents to take advantage of automatic and mobile banking services -
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VANCOUVER, Sept. 8, 2011 /CNW/ - Saying goodbye to the hassle of writing cheques, British Columbians are the most likely in the country to prefer paying their bills online (72% versus 65% nationally) as opposed to more traditional methods like branch banking (9%), telephone banking (4%) and by cheques in the mail (1%).
According to the 2011 TD Canada Trust Everyday Banking Poll, British Columbians say the most significant change in their banking habits over the past five years has been adopting online banking (51%), followed by viewing statements electronically (15%) and paperless recordkeeping (9%). B.C. residents are also most likely in the country to use online banking to pay their bills (85% versus 76% nationally).
"Anytime and anywhere, B.C. residents are increasingly turning to online banking for its convenience, security and ability to simplify how they manage their everyday finances," says Mike Pride, District Vice President - Vancouver, TD Canada Trust. "Online banking gives British Columbians access to banking information whenever they need it - and they can also use a tablet or smartphone to check account balances, pay bills and make transfers."
But Pride says there is still an opportunity for B.C. residents to take advantage of other banking services that will help make saving and managing finances even easier. According to the poll, less than half of those polled (47%) take advantage of pre-authorized payments, only 6% use mobile banking and only 28% use automated savings programs.
"Setting up pre-authorized debits to pay credit card and other bill balances each month is a simple and effective way to ensure payments are never missed. This saves money on late fees and interest and helps maintain a credit rating," says Pride. "With mobile banking, you can access your accounts, transfer funds or make payments with your mobile device anytime, from almost anywhere in the world."
"Plus automated savings programs are an easy way to help take the pain out of saving: your bank can set up a pre-authorized, regular transfer from your chequing account to a high-interest savings account."
The TD Canada Trust Everyday Banking Poll also found that 18-to-34 year old Canadians are the most likely to use a mobile app for banking (19% versus 8% overall), for activities such as checking account balances (18% versus 7% overall), making transfers (10% versus 4% overall) and paying bills (8% versus 4% overall). The majority of British Columbians who don't use mobile banking say it's because they don't have a smartphone (70%) or they perceive it to be unsafe (16%) or too expensive (16%).
"Mobile banking is still in its infancy, but its popularity has grown exponentially as more and more Canadians switch to smartphones," says Pride. "As an example, within a year of its launch, more than 1 million Canadians downloaded the TD mobile app, making it the most downloaded banking app in the country."
Pride offers his tips on simple but effective ways B.C. residents can better manage their everyday banking and save money:
About the 2011 TD Canada Trust Everyday Banking Poll
The 2011 TD Canada Trust Everyday Banking Poll surveyed a representative sample of 1,000 adult Canadians, including 123 from British Columbia, through a custom, online survey. The survey was conducted by Environics Research Group between August 3 - 9, 2011.
About TD Canada Trust
TD Canada Trust offers personal and business banking to more than 11.5 million customers. We provide a wide range of products and services from chequing and savings accounts, to credit cards, mortgages and business banking, to credit protection and travel medical insurance, as well as advice on managing everyday finances. TD Canada Trust makes banking comfortable with award-winning service and convenience through 24/7 mobile, internet, telephone and ATM banking, as well as in over 1,100 branches - most open 8 'til late and many now open Sunday. For more information, please visit: www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America.