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.

And they should prioritize features that were the most in-demand among respondents to Insider Intelligence’s Canada Mobile Banking Emerging Features Benchmark 2021. Here are the four most in-demand digital money management features among Canadian respondents that banks can offer to provide assistance in the mobile channel:.

But mobile banking users may not be convinced of customer service tools’ enduring value: Respondents to Insider Intelligence’s Canada Mobile Banking Emerging Features Benchmark 2021 ranked Customer Service as the least valuable among the study’s six categories. To persuade users to more strongly embrace mobile customer service tools, banks should focus on the most popular features in this category.

In markets where contactless cards were introduced early on—such as in Canada, France and the UK—the spread of these cards has impeded the growth of mobile payments. This is largely because contactless cards preceded the introduction of mobile payment platforms like Apple Pay and Samsung Pay.

Our first forecast for peer-to-peer (P2P) mobile payments users in Canada shows a still-developing market with plenty of room to grow. This year, 19.7% of the country's population (or 6.0 million people) will be P2P mobile payment users. But that significantly trails the US market, where 30.6% of the population uses P2P payments.

However, its mobile banking capabilities don’t clock in nearly so high compared with its competition, per Insider Intelligence’s 2020 US Mobile Banking Competitive Edge Study: TD comes in at No. 19 of the top 25 US banks.

Digital banking channels are enjoying supercharged momentum as a result of the coronavirus pandemic. US consumers’ banking behavior will continue to evolve through 2024, spurring banks to satisfy customer demands in both legacy and digital channels.

Canada is classified as a “high-adoption” country in our global mobile payments forecast.

This inaugural scorecard, weighted based on responses to a primary consumer survey, ranks the four largest US neobanks by user count according to their advanced mobile banking capabilities. The report presents detailed benchmarking data on the availability of 47 mobile features, selected by analysts based on the features’ propensity to help neobanks differentiate themselves from competitors. It is a companion to the 2020 US Mobile Banking Competitive Edge Report, which ranks the 25 largest US financial institutions by assets.

A peer-to-peer payment (P2P) is a transfer of funds from one individual to another using a mobile phone; includes transactions made via mobile browsers and apps developed by nonbank providers (Facebook Messenger, Google Wallet, Square Cash, Venmo, etc.) and transactions made via mobile banking websites and apps developed by banks; excludes cross-border transactions.

The same is true for roughly one-quarter of smartphone users in Canada (26.0%), Norway (25.8%) and Japan (25.3%). Emerging economies, like those in Latin America and the Middle East and Africa, will have the lowest usage rates, but there are some surprises among our slow and moderate adopters as well.