BMO Mobile App Spotlight 2021

In-Demand Features that Could Distinguish Its Offering From the Competition

Report by Michael Tattersall  |  Jul 6, 2021

Canada Mobile Banking App Spotlights 2021

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How the Top 7 Canadian Banks Could Distinguish Their Offerings with In-Demand Features

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Table of Contents
Executive Summary
Key Points
Methodology at a Glance
Distinguishing BMO’s Mobile Banking App
No. 1: Security and Control
No. 2: Transfers
No. 3: Account Management
No. 4: Alerts
No. 5: Digital Money Management
No. 6: Customer Service
Methodology
Survey Demographics
Read Next
Sources
Media Gallery
About This Report
In 2021, the number of new mobile banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including the Bank of Montreal (BMO). As the battle for new mobile users heats up, the features of FIs’ mobile banking apps will be crucial: This report identifies which key growth opportunities BMO might focus on to gain and retain customers.
Topics
Consumer Banking
Mobile Banking
Canada
Table of Contents
Executive Summary
Key Points
Methodology at a Glance
Distinguishing BMO’s Mobile Banking App
No. 1: Security and Control
No. 2: Transfers
No. 3: Account Management
No. 4: Alerts
No. 5: Digital Money Management
No. 6: Customer Service
Methodology
Survey Demographics
Read Next
Sources
Media Gallery

Executive Summary

As smartphone banking user growth decelerates in 2021, Canadian financial institutions (FIs) will need to strengthen their mobile banking offerings as they compete for a dwindling pool of new customers. This report focuses on the Bank of Montreal (BMO)’s mobile banking app, highlighting the key areas it should focus on to distinguish its offering and win customers.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. How do BMO customers differ from other mobile banking users in Canada?
  2. Do BMO’s advanced mobile banking capabilities meet customer expectations?
  3. Which key features should BMO add?

WHAT’S IN THIS REPORT? This BMO-focused report accompanies Insider Intelligence’s first Canada Mobile Banking Emerging Features Benchmark Study, which evaluates the mobile banking capabilities of the seven largest FIs by assets. It contains data on the most in-demand features among BMO customers and all mobile banking users.

KEY STAT: Enhanced mobile banking capabilities serve as an important acquisition and retention factor for BMO customers: 60.8% of overall mobile customers would research a bank’s app before opening an account, while 41.2% of BMO’s customers would switch for a better experience.

Please note: The data in this report reflects feature availability as of February 1, 2021, as previously published in the "Canada Mobile Banking Emerging Features Benchmark 2021."

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Methodology at a Glance
  4. Distinguishing BMO’s Mobile Banking App
  5. No. 1: Security and Control
  1. No. 2: Transfers
  2. No. 3: Account Management
  3. No. 4: Alerts
  4. No. 5: Digital Money Management
  5. No. 6: Customer Service
  1. Methodology
  2. Survey Demographics
  3. Read Next
  4. Sources
  5. Media Gallery

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authors

Michael Tattersall

Contributors

Na Li
Director, Primary Research
David Morris
Principal Analyst
Daniel Van Dyke
VP, Content

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