Almost 60% of tablet owners have banking apps on their tablets and one-third of that group logs onto those apps daily, according to a poll conducted for Toronto-based Bank of Montreal (TSX:BMO).
The poll, conducted by Pollara Strategic Insights, reveals how tablet users are integrating their mobile tools into their day-to-day routines. With 43% of Canadians owning a device, more than half, at 55%, are using mobile applications to help them stay organized. That same number enjoy the ability to shop, bank and monitor their investments while on the go.
“We know our customers value access to their finances from mobile devices,” says Cesar Rainusso, vice president and head of digital channels for BMO Financial Group. “In fact, we’ve seen adoption for these tools increase by approximately 60% in the past year alone.”
Mobile apps are also helping millennials improve the management of their finances, according to a previous BMO survey. More than three-quarters of millennial users have better control over their spending and eight in 10 users pay their bills on time more often. Nearly 85% state they are able to make better purchasing decisions while on the go.
The tablet survey results are compiled from a random sample of 1,201 Canadian adults between Dec. 5-9, 2014, while the survey regarding millennials and mobile banking was conducted between April 25- 28, 2014. The latter study looked at 1,000 Canadians who own a mobile device, with 325 of those individuals being under the age of 35.