Welcome!

Agile Computing Authors: Elizabeth White, Liz McMillan, Yeshim Deniz, Pat Romanski, Andy Thurai

News Feed Item

BMO Poll: Heavy Dependence on Mobile Devices Among Millennials Changing Financial Behaviours

- Young mobile users spend an average of 78.4 hours monthly on devices

TORONTO, ONTARIO -- (Marketwired) -- 05/23/14 -- According to a BMO Bank of Montreal report, Millennials are spending more time on their mobile devices - ranking them as one of their most cherished personal items, and the increased dependency is paying off financially.

The findings are part of a series from BMO on Millennials - those born between 1981 and 2011. The poll, conducted by Pollara, revealed a snapshot of young mobile users, and found:

--  Two-thirds (66 per cent) of young mobile users rely heavily on their
    device, and many consider their device one of their most important
    possessions; with three quarters saying they feel lost without it (73
    per cent) 
--  Young users now spend 78.4 hours a month on a mobile device - more time
    than commuting to work (50.4 hours) or watching TV (72.8 hours) 
--  Half of young users (50 per cent) would opt to give up their computer
    over their mobile device, while 70 per cent would rather hand over their
    television. 
--  One-third (33 per cent) would rather lose their wallet over their
    device, and 46 per cent would rather lose their keys 
--  The majority of young mobile users (65 per cent) have a financial app -
    more popular than news, sports, and health/fitness apps 

"The millennial generation is leading the charge in terms of adopting new technologies and integrating them into their everyday lives, and as a result, are relying on their mobile devices more than ever before to complete day to day tasks - particularly when it comes to managing their finances," said Tatiana DaCosta, Head of Online and Mobile Banking Canada, BMO Financial Group.

Ms. DaCosta noted that financial apps are rapidly evolving to not only provide Canadians convenient access to their personal finances, but also represent an alternative and effective money management tool.

In fact, the survey revealed:

--  Six in ten young users (63 per cent) now use mobile banking on a weekly
    basis to check their account balances, and review transactions (56 per
    cent). 
--  Since they began using a financial app, nine in ten (88 per cent) are
    managing their finances more effectively and know exactly what is going
    on with their finances at all times 
--  85 per cent have better control over their spending, while three-
    quarters (74 per cent) are overdrawn on their account less often 
--  84 per cent are able to make better purchasing decisions while on the go
--  Eight in ten (82 per cent) pay their bills on time more often

BMO offers the BMO Mobile Banking App which allows customers to quickly view accounts and transaction history, transfer funds, pay bills and book branch appointments in real time, making completing everyday transactions quick and easy. For more information or to download the BMO app, please visit bmo.com/mobile.

Survey results cited in this report are from interviews with an online sample of 1,000 Canadians who own a mobile device (either a smartphone or tablet), with 325 of these being in the Millennials age group (under 35). The survey was conducted between April 25th and 28th, 2014. As a guideline, a probability sample of 1000 would yield results accurate to +/- 3.1%, 19 times out of 20, while a probability sample of 325 would yield results accurate to +/- 5.4%, 19 times out of 20.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group has total assets of $593 billion and more than 45,500 employees as at January 31, 2014.

Contacts:
Media Contacts:
Kathleen Savage, Toronto
(416) 867-3996
[email protected]

Valerie Doucet, Montreal
(514) 877-8224
[email protected]

Internet: www.bmo.com
Twitter: @BMOmedia

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.