• Thu. May 26th, 2022

Benchmarking the Emerging Features of Mobile Banking Services in Canada

  • This is a preview of Insider Intelligence’s benchmarking of emerging mobile banking features in Canada 2021, available exclusively to subscribers.
  • In addition to mobile banking coverage, Insider Intelligence publishes thousands of content including research reports, charts, and forecasts on the financial services industry. You can read more about how to become a customer here.

Canadian banks that offer the most

mobile banking

App functionality in 2021 is RBC, TD Canada and BMO, according to Insider Intelligence Canada’s first benchmarking of emerging mobile banking functionality.

Growth in smartphone penetration slows

The uptake of smartphone banking will slow.

Insider Information

Following a slight uptick in 2020, growth in the adoption of smartphone banking services by Canadian consumers will slow to a trickle, according to a forecast from Insider Intelligence. Financial institutions (FIs) can no longer rely on new smartphone owners to increase their ranks of mobile users, and they must distinguish their mobile offerings to gain the upper hand when competing for new customers.

Insider Intelligence 2021 Canada’s Emerging Mobile Banking Features Benchmarking examines the offerings of Canada’s seven largest financial institutions by asset to determine which banks best meet customer demand for advanced mobile banking features.

Product and channel managers use this report to assess mobile performance and plan their product roadmaps. It highlights which of the 42 advanced mobile banking services presents the top seven Canadian FIs by deployed assets, and uses a dedicated survey of 1,187 Canadian consumers surveyed in November and December 2020 to determine which of these features they demand the most.

Here’s what sets the top financial institutions apart in the benchmarking of emerging mobile banking functionality in Canada:

RBC offered Demond's mobile app feature set

RBC delivered the most requested mobile app feature set.

Insider Information

# 1: RBC was in the top three in three of the four feature categories survey respondents say they value the most: tied for # 1 in Account Management & Alerts and tied for # 2 in Transfers . It was also in the top four in security and control as well as customer service.

  • Goal: 57.7% of the total possible points.
  • Remarkable feature: NOMI Find and Save automatically transfers a safe amount of money to users’ savings accounts on their behalf.

Second place: TD narrowly beat the bank for third, leading the categories of transfers and customer service, tied for first in security and control and second in digital money management .

  • Goal: 55.6% of the total possible points.
  • Remarkable feature: TD Clari, a smart chatbot assistant that can perform tasks like breaking down expenses or answering customer service questions.

Third Place: BMO topped the Digital Money Management category and tied for first in the Security, Control and Alerts categories.

  • Goal: 55.3% of the total possible points.
  • Remarkable feature: CashTrack, a component of its BMO Insights personal finance management solution, predicts cash flow and recommends solutions to potential breaches.

Insider Intelligence 2021’s benchmark of emerging characteristics of mobile banking in Canada ranks the seven largest Canadian financial institutions by assets based on the strength of their mobile banking capabilities. It presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on their usefulness, rarity or newness. The characteristics were weighted based on the results of a specialized survey of 1,187 Canadian consumers who used mobile banking services.

The benchmark of emerging characteristics of mobile banking in Canada covers National Bank, BMO, CIBC, Desjardins, RBC, Scotiabank and TD.

The full report is available to Insider Intelligence customers. In addition to our benchmarking of emerging mobile banking features in Canada 2021, Insider Intelligence publishes a host of banking industry research reports, charts, forecasts and analysis. You can read more about accessing all of this content here.

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