1. Have you used a banking smart phone application or visited a bank-sponsored social media group?

How effective do you think these tools are for the consumer? For the banks?

In the past decade, the banking industry has embraced technology. Why? Each time Apple launches a device, or a new generation of an old device (e.g., iPhone or iPad), people line up. Overnight campouts were once reserved for major music concerts. But such images demonstrate a simple fact: consumers have a growing connection with technology. Here are some key statistics to back this up. In 2010:
• 70 percent of Canadians were using mobile devices • 17 percent of Canadians were already using smart phones (with a 22 percent increase projected by year-end)
• 78 percent of Canadians were using online banking services Only 10 percent of Canadian consumers were using mobile banking services in 201 o, but that number is expected to grow quickly. Many experts predict that mobile banking will eventually surpass online banking.
So how can banks take advantage of such trends?