In 2021, the number of new smartphone banking users in Canada will plummet to a third of the previous year’s level, which will considerably increase competition among financial institutions (FIs), including Scotiabank. As the battle for new mobile users heats up, FIs’ mobile banking app features will be crucial. This report identifies which key growth opportunities Scotiabank might focus on to gain and retain customers.
The Canada-based bank, which already has a stateside presence via BMO Harris, agreed to acquire the BNP Paribas subsidiary in a $16.3B deal. Now BMO has an opportunity for a best-of-breed mobile strategy.