Canada Mobile Banking Emerging Features Benchmark 2021

How the Top 7 Canadian Banks Stack Up on Offering Consumers’ Most Valued Features

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About This Report
This inaugural study, weighted based on responses to a consumer survey, ranks the seven largest Canadian financial institutions by assets according to their mobile banking capabilities. It presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on their propensity to set FIs apart.
Table of Contents

Executive Summary

This inaugural study, weighted based on responses to a consumer survey, ranks the seven largest Canadian financial institutions by assets according to their mobile banking capabilities. It presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on their propensity to set FIs apart.

Three Key Questions This Report Will Answer

  • What trends most drive the need for distinctive mobile banking apps today?
  • Which mobile banking features do Canadian consumers value most?
  • How do Canadian FIs’ mobile offerings compare based on the features consumers value most?

WHAT’S IN THIS REPORT? After an uptick in 2020, growth in smartphone banking adoption will slow to a trickle—and FIs can no longer rely on new smartphone owners to grow their ranks of mobile users. FIs will need to distinguish their mobile offerings to attract, engage, and retain customers. The Insider Intelligence 2021 Canada Mobile Banking Emerging Features Benchmark uses a dedicated survey of 1,187 Canadian consumers to identify the mobile banking features that consumers demand, highlighting features that the top seven Canadian FIs by assets deploy and the mobile functionality that consumers value most.

KEY STAT: RBC offered the most in-demand mobile feature set overall, scoring 57.7% of possible points in the study in a tight race—narrowly ahead of runner-up TD and two other close followers, BMO and CIBC.

Insider Intelligence publishes annual companion benchmarks for the US and UK.

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Introduction
  4. Leading Canadian FIs in 2021
  5. Security and Control
  1. Transfers
  2. Account Management
  3. Alerts
  4. Digital Money Management
  5. Customer Service
  1. Methodology
  2. Survey Demographics
  3. Read Next
  4. Media Gallery

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authors

Tyler Brown

Contributors

Daniel Decea
Researcher, Financial Services
Matthew Gaughan
Analyst Banking
Na Li
Reuben Loewy
Daniel Van Dyke
Julia Woolever
Alicia Young
Research Editor