Executive Summary

The prospect of slower growth in the number of smartphone banking users this year is forcing TD Canada and other Canadian financial institutions (FIs) to redouble their efforts to be competitive. After an uptick in new mobile banking users in 2020, FIs must now devote resources to enhancing their mobile apps—a key customer attraction and retention tool—and this report shines a light on the features TD could add to strengthen its mobile offering.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

1. How do TD’s customers compare with overall mobile banking users in Canada?
2. Is TD’s mobile banking offering aligned with customer demands?
3. What are the key tools that TD could add its mobile app?

WHAT’S IN THIS REPORT? This report focuses on the TD Canada-specific findings from Insider Intelligence’s inaugural Canada Mobile Banking Emerging Features Benchmark Study, which scores the seven largest FIs based on their support of 42 mobile banking emerging features. Our report highlights the in-demand features that TD could add to its mobile app to make it more competitive.

KEY STAT: Supporting in-demand mobile features could help TD Canada acquire new customers and retain its large existing base: 60.8% of overall respondents say they would research a bank’s app prior to opening an account, while 49.7% of TD customers would change banks for better tools.