Younger Canadians the most likely to bank on the go once they unwrap a smartphone, but boomers also catching on

TORONTO, Dec. 15, 2011 /CNW/ - A new CIBC (CM: TSX; NYSE) Poll conducted by Harris/Decima reveals one-third of Canadians now own a smartphone (33 per cent), and a quarter (25 per cent) of smartphone owners have started banking on the go with mobile banking. The rapid growth in the adoption of smartphones among Canadians will likely continue with the holidays just around the corner.

Highlights of the poll include:

• One-third (33 per cent) of Canadians now own a smartphone
• Ownership is growing across age groups - with 51 per cent of Canadians between the ages of 18-24, and 35 per cent of Canadians between 45-54 saying they own a smartphone
• Among all smartphone owners, one-quarter (25 per cent) have used mobile banking
• About 1 in 5 Canadians (21 per cent) who own a smartphone believe it will replace their computer in the next couple of years

"An increasing number of Canadians own smartphones, and they are taking advantage of the various benefits of mobile financial services such as paying bills on the go, staying on top of their account balance, and even trading stocks when they can't get to their computer," said Michael Martin, Senior Vice-President, Alternate Channels, CIBC. "In the relatively short period of time since CIBC launched the first mobile banking app in Canada in February 2010, we've seen clients adopting mobile banking at a faster rate than they did with innovations like online banking in the 1990's."

Mr. Martin noted that Canadians are finding it increasingly important to stay on top of their finances to help them reach their financial goals. "In CIBC research this year, we have continually found that Canadians are committed to managing their day to day spending and banking to help them stay on track financially. Keeping on top of your bank account can have a positive impact on your ability to save and to pay down debt, and tools like mobile banking give you the anywhere, anytime connection that makes it easier to manage your finances."

Younger Canadians are leading the country when it comes to mobile banking. For example, among 25-34 year olds who own a smartphone, 36 per cent have used mobile banking, and more than one-quarter (28 per cent) believe their smartphone will replace their personal computer sometime in the next couple of years.

"Canadians in their 20s and 30s are more likely to use mobile financial services, which is significant because Canadians in these age groups are also likely to be making important financial decisions such as buying a home or starting a long term investing plan," added Mr. Martin.

Banking on the go is also gaining popularity in other age groups.  Baby boomers are also catching on to mobile banking, with 24 per cent of Canadians between 45-54 who own a smartphone saying they have used mobile banking.

CIBC is the leader in delivering mobile innovations to clients in Canada. In February 2010, CIBC was the first bank in Canada to launch a mobile banking App, and more recently launched the CIBC Mobile Brokerage App, making CIBC the first bank in Canada to launch a mobile stock trading App that allows clients to trade stocks on their mobile device. The bank also offers the CIBC Home Advisor App, free to all Canadians with tools, advice, and neighbourhood information to assist homebuyers in making an informed decision.

KEY POLL FINDINGS

Percentage of Canadians that own a smartphone, by age:

Percentage of Canadian smartphone owners that have used mobile banking, by age:

Percentage of Canadian smartphone owners that have used mobile banking, by region:

Percentage of Canadian smartphone owners that believe their smartphone will replace their personal computer in the next couple of years, by age:

Each week, Harris/Decima interviews just over 1000 Canadians through teleVox, the company's national telephone omnibus survey. These data were gathered with a sample of 2018 total Canadians. Interviews were conducted between September 8^th and 19^th, 2011. A sample of this size has a margin of error of +/- 2.2% (+/- 4.3% for data pertaining to smartphone owners), 19 times out of 20.

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.