Electrical Business


Canadians avid tech users – wary of mobile banking

August 22, 2010 | By Anthony Capkun

August 22, 2010

Despite major concerns over privacy and data security, people around the world are rapidly adopting the mobile internet as an easy and convenient method of carrying out everyday transactions, including banking and shopping, according to KPMG International’s survey Consumers & Convergence IV.

Like our global counterparts, security and privacy appears to be an
issue for Canadians when using a mobile device, with 63% and 58% “very
concerned” about privacy and security, respectively. At the same time,
global respondents are worried about security and privacy at 67% and
59%, respectively. However, Canadians indicate lower use of mobile
devices for purchasing and banking:

• Only 19% of Canadians feel comfortable using their mobile phones for
financial transactions, compared to 34% of global respondents.
• 8% of Canadians have made purchases using a mobile phone through a
retailer’s site—double the amount from last year, but significantly less
than global consumers at 28%.
• 15% of Canadians have done banking through a mobile device, compared to 45% globally.


“These consumer concerns over privacy and security are pivotal to the
continued adoption of e-commerce and mobile commerce,” said Brendan
Maher, national industry leader of KPMG’s Information, Communications
& Entertainment practice. “Companies that implement robust policies
and safeguards and provide for full disclosure of these measures are
likely to reap the rewards through enhanced customer attraction and

The surge in mobile internet is being led by the world’s fastest
developing economies. In China, 77% of respondents say they have used
their mobiles for banking and 44% for retail transactions; in India, 38%
are using them to shop and 43% for financial business.

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