Executive Summary

After a 12.1% uptick in 2020, the smartphone banking user base in Canada will see growth drop to 4.3% in 2021. Banks there will no longer be able to rely on an influx of users to fuel acquisition, which will intensify competition. Canadian financial institutions (FIs), like Desjardins, will need to focus on adding innovative mobile banking features to stand out.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

1. How do Desjardins’ customers compare with mobile banking users in Canada?
2. Do Desjardins’ advanced mobile banking capabilities align with customer demands?
3. What are the innovative mobile banking features that Desjardins could add to its app?

WHAT’S IN THIS REPORT? This spotlight report focuses on the survey results specific to Desjardins from the Insider Intelligence Canada Mobile Banking Emerging Features Benchmark Study, which ranks the seven largest FIs according to the availability of 42 mobile features in their apps. Here, we provide findings tailored to the in-demand features that Desjardins could benefit from adding to its app.

KEY STAT: Desjardins can spur customer acquisition by supporting the most in-demand mobile banking features. Among adults in Canada who had used mobile banking, 60.8% said they would research a bank’s app prior to opening an account.