Executive Summary

In 2021, the number of new smartphone banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including RBC. As the battle for new mobile users heats up, FIs’ mobile banking app features will be crucial. This report identifies which key growth opportunities RBC might focus on to gain and retain customers.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

1. How do RBC customers differ from all mobile banking users in Canada?
2. How do RBC’s advanced mobile banking capabilities stack up to customer demands?
3. What are the key features that RBC should support?

WHAT’S IN THIS REPORT? This spotlight report contains RBC-specific findings derived from Insider Intelligence’s inaugural Canada Mobile Banking Emerging Features Benchmark Study, which ranks the country’s seven largest FIs according to the availability of 42 mobile banking emerging features. It contains data on the most in-demand features among RBC customers and overall mobile banking users.

KEY STAT: Distinctive mobile features can serve as a key attraction and retention tool for RBC: 60.8% of overall respondents in Canada would research a bank’s mobile capabilities prior to opening an account, while 43.8% of RBC customers would switch banks for an enhanced experience.