Competition Remains White Hot In The Canadian Mobile Banking Market

Peter Wannemacher

[this blog post was co-authored by Rachel Roizen]

Forrester has just published its 2015 Canadian Mobile Banking Functionality Benchmark. The report reveals important insights about the mobile offerings from the five largest retail banks in Canada: BMO, CIBC, RBC Royal Bank, Scotiabank, and TD Canada Trust. Forrester clients can find the full benchmark report here:

The Canadian mobile banking market has been highly competitive for years, ever since CIBC became the first Canadian bank to roll out robust mobile banking services more than five years ago. Our benchmark research shows that this remains true today: All of the banks have solid mobile banking functionality that meets customers’ most common needs and expectations.

But different banks excel in different areas of mobile banking. CIBC and Scotiabank received the highest overall scores, each earning an impressive 75 out of a possible 100 in our benchmark. The two banks achieve mobile banking success with strong core banking features plus enhancements in key areas: For example, CIBC offers excellent product research tools, while Scotiabank recently launched a best-in-class help service within its mobile apps (see image below).

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Which Banks Lead In Digital Sales? Find Out Here

Peter Wannemacher

[This blog post was co-authored by Rachel Roizen]

Hot off the presses: We’ve just published our 2014 US and Canadian Bank Digital Sales Benchmark reports, in which we assess the public websites of the five largest retail banks in each country — as well as their mobile sites and downloadable apps for smartphones and tablets. Our benchmark looks at a range of criteria across four categories: discover, explore, buy, and onboard (see image below).

Read the full reports by clicking on the following links:

                      

Here are some of the findings from the research:

  • Bank of America narrowly edges out the competition to take the top US spot. For the second year in a row, Bank of America earns the highest overall score among the five largest retail banks. The firm excels by simplifying the online application process (it takes just a few minutes and guides the user with clear feedback and progress indicators) while supporting digital shoppers with chat and click-to-call options. At the same time, Bank of America enables easy cross-channel shopping for digital researchers who want to move offline to apply, with branch appointment scheduling available online.
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Who Leads In Mobile Banking: Forrester Ranks 15 Banks Around The World

Peter Wannemacher

Mobile banking success is a moving target: Customers needs and expectations are changing rapidly, and eBusiness teams at banks are sprinting to get ahead of their customers’ expectations. To achieve this, firms are rolling out new features, optimizing existing services, and enhancing mobile experiences.  

To understand which firms are leading in mobile banking — and to better gauge the mobile banking landscape overall — we used our Mobile Banking Functionality Benchmark to evaluate and rank the mobile banking efforts of 15 of the largest banks in North America, Western Europe, and Australia.

Our findings across all the banks we evaluated can be found in our 2013 Global Mobile Banking Functionality Rankings. We've also published two additional reports looking at the banks we reviewed in the UK and the US: 2013 UK Mobile Banking Functionality Rankings and 2013 US Mobile Banking Functionality Rankings

Highlights of this research include these findings:

  • Chase takes the top spot overall. Chase received the highest overall score among the banks we evaluated, netting a score of 71 out of 100. The bank offers mobile banking services across a range of touchpoints ranging from smartphone apps, strong mobile websites, and two-way SMS. In addition, Chase also has strong mobile money movement features such as bill pay – including the ability to add a payee – and mobile transfer capabilities.
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