Canadian Online Banking Stats Released for Q1 2011

From Reuters and Yahoo News:

TORONTO, July 27, 2011 /PRNewswire/ — comScore, Inc. (NASDAQ:SCOR - News), a leader in measuring the digital world, today announced the availability of the comScore Canadian Online Banking Insights report, providing a detailed look into emerging trends in the Canadian online banking industry. Based on comScore’s opt-in research panel of approximately 40,000 Canadian Internet users, the detailed quarterly reports include web site visitation, online marketing metrics, transaction benchmarks and mobile banking data that yield critical insights into emerging trends and consumer behavior in the Canadian online banking industry.

“We are excited to introduce a solution to the Canadian financial services industry leveraging comScore’s industry-leading measurement solutions and expertise in the online banking sector,” said comScore vice president Bryan Segal. “At comScore, we have long provided actionable insights into a broad range of online financial services such as credit cards, brokerage and mobile banking, which have helped our clients optimize their strategic digital marketing decisions. Through comScore’s Canadian Online Banking Insights report, financial services firms in Canada now have access to a wealth of competitive insights to help them understand the industry landscape and maximize the return on their digital investment.”

Online Bill Payment Sees High Penetration in Canada

An analysis of the Canadian online banking sector in Q1 2011 showed that there were 13.3 million online banking customers across the top Canadian financial institutions who manage checking or savings accounts online. Included in the competitive set for this analysis were the BMO Financial Group, National Bank ofCanada (BNC), Canadian International Bank of Commerce (CIBC), Desjardins Group, HSBC, ING Group, President’s Choice Financial, Royal Bank of Canada (RBC), Scotiabank and TD Bank.

Three out of five online banking consumers use their bank’s online bill pay platform. Although the number of online banking consumers in Canada is a fraction of the total in the U.S., bill payment users account for a similar percentage of total online banking customers, indicating a healthy demand for online payment services in Canada.

 

Online Banking Customers in Canada and U.S. Q1 2011 Total Canada and U.S. Source: comScore Financial Services
Country	Total Online Banking Customers (MM)	% of Banking Customers Using Online Bill Payment
Canada	13.3	62%
U.S.	63.6	68%