News Releases

TORONTO, November 29, 2004

Canadians are becoming increasingly sophisticated about using the different banking channels available to them with most using multiple methods to conduct their financial transactions each month, according to a new Decima Research survey conducted for BMO Bank of Montreal.

The BMO survey was conducted in five cities Vancouver, Calgary, Edmonton, Toronto and Montreal by Decima Research between November 10-14 with a total sample size of 1,035 and a margin of error of /- 3 per cent 19 times out of 20. The margin of error will be larger within regions and for other sub-groupings of the survey population. 

The survey found that, on average, Canadians used at least two banking distribution channels to conduct their financial transactions (over and above just cash withdrawals) each month. Only 52 per cent used a traditional branch to conduct a financial transaction over the past month.  Seventy three per cent used an Automated Banking Machine (ABM), 25 per cent used telephone banking (live or automated) and a strong 42 per cent of those surveyed used online banking (the internet).

These usage numbers represent a significant change in how customers are conducting their banking business from previous years.  A study looking at similar measures conducted in 2000 found that 75 per cent of customers were visiting a bank branch and only 18 per cent of banking customers were using online services to conduct their transactions.   In 2002, in-person branch visits dropped even further to 72 per cent while online bank usage rose to 32 per cent. 

“Although branch banking and ABM transactions are still the channels of choice for the largest segment of bank customers, we have seen a marked increase over the past few years in the number of bank customers who are using complementary banking channels such as online banking, telephone banking and grocery store-based bank outlets to access their accounts and transact their financial business,” said Maria Racanelli, Vice-President, BMO Bank of Montreal. 

“Canadians are working longer hours and commuting farther to work each day so they are definitely looking to find more convenient ways of conducting their banking.  For example, more and more Canadians find they can conduct most if not all of their basic transactions from home or at the office through the online and other non traditional banking channels.”

The survey results also show a regional disparity across the surveyed cities in how customers conduct their banking.   For example, Calgarians were the most likely (at 50 per cent) to have used online banking in the past month, whereas only 34 per cent of Montrealers had used this banking channel in the last month. 

Of those in the five cities surveyed, Montrealers were also the least likely to use live or automated telephone banking.  Usage of this channel ranged from a Montreal low of 21 per cent to an Edmonton high of 33 per cent.  Calgary also showed a high usage of this channel with 30 per cent choosing to use telephone banking at least once during the previous month.

Calgarians and Edmontonians were also most likely to have used a bank branch at their grocery store with 20 per cent and 18 per cent respectively saying they had used this channel to conduct their bank business over the past month.   By contrast only 9 per cent of Torontonians and 11 per cent of Montrealers had used a grocery store based branch in the previous month.

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