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

Download the Full Collection

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

+ 5 more
See All
Download
Report
Spreadsheet
Crosstabs
Share
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."

Here’s what’s in the full report

3files

Exportable files for easy reading, analysis and sharing.

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

Access All Charts and Data

Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry, included at no extra cost.
Gain Access to Insider Intelligence →
Log in to Insider Intelligence

authors

Michael Tattersall

Contributors

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

Related Charts & Analysis

BNPL for business could help cash-strapped SMBs
Article
BNPL for business could help cash-strapped SMBs
Iran may join growing list of countries using Russia’s Mir
Article
Iran may join growing list of countries using Russia’s Mir
Bank of New Zealand’s new SoftPOS app could help grow contactless reach
Article
Bank of New Zealand’s new SoftPOS app could help grow contactless reach
Adyen launches first in-house-designed hardware to become one-stop shop for merchants
Article
Adyen launches first in-house-designed hardware to become one-stop shop for merchants
Airbnb wants to crash parties in the US and Canada
Article
Airbnb wants to crash parties in the US and Canada
The CFPB’s reprimand of Trident Mortgage for redlining is bolstered by employee emails
Article
The CFPB’s reprimand of Trident Mortgage for redlining is bolstered by employee emails
Revolut’s rebrand of Revolut Junior uses all the right buzzwords but doesn’t create a buzz
Article
Revolut’s rebrand of Revolut Junior uses all the right buzzwords but doesn’t create a buzz
Crypto SPAC deals sputter after a tumultuous Q2
Article
Crypto SPAC deals sputter after a tumultuous Q2
Asian central bank buys into banknote disinfection
Article
Asian central bank buys into banknote disinfection
Hello Alice launches SMB card to help improve access to capital
Article
Hello Alice launches SMB card to help improve access to capital
Amex strengthens fintech ties with WebBank partnership
Article
Amex strengthens fintech ties with WebBank partnership
Payments startups secure funding despite economic worries
Article
Payments startups secure funding despite economic worries
Meta takes steps to make Reels even more like TikTok
Article
Meta takes steps to make Reels even more like TikTok
Nubank posts record revenues but widening losses lead to strategy shift
Article
Nubank posts record revenues but widening losses lead to strategy shift
Asset managers can’t lean on performance to attract customers in a downturn
Article
Asset managers can’t lean on performance to attract customers in a downturn

Latest Reports

Spotlight: Mercado Libre Forecast 2022
Report
Spotlight: Mercado Libre Forecast 2022
The B2B CMO and Leadership Balancing Act
Report
The B2B CMO and Leadership Balancing Act
Spotlight: US Bank Digital Ad Spending
Report
Spotlight: US Bank Digital Ad Spending
The Cybersecurity Risk
Report
The Cybersecurity Risk
The Asset Management Ecosystem
Report
The Asset Management Ecosystem
US Mcommerce Forecast 2022
Report
US Mcommerce Forecast 2022
Retail Media Ad Spending Forecast 2022
Report
Retail Media Ad Spending Forecast 2022
US Cash-Back Credit Card Emerging Features Benchmark 2022
Report
US Cash-Back Credit Card Emerging Features Benchmark 2022
Digital Fitness Brands 2022
Report
Digital Fitness Brands 2022
Social Determinants of Health Investments
Report
Social Determinants of Health Investments
US Retail Sustainability Perceptions Benchmark 2022
Report
US Retail Sustainability Perceptions Benchmark 2022
Demographic Report: Generational Cohorts 2022
Report
Demographic Report: Generational Cohorts 2022
Digital Pharmacies 2022
Report
Digital Pharmacies 2022
Worldwide Ecommerce Forecast Update 2022
Report
Worldwide Ecommerce Forecast Update 2022
Wealth and Asset Management Faces Turmoil
Report
Wealth and Asset Management Faces Turmoil

Popular on Insider Intelligence

A rapidly surging market for US digital retail media
Article
A rapidly surging market for US digital retail media
Flash Take: How Walmart’s Q2 Earnings Stack Up Against Our Forecasts
Article
Flash Take: How Walmart’s Q2 Earnings Stack Up Against Our Forecasts
Analyst Take: Revisiting Insider Intelligence’s 2022 retail trends amid the era of uncertainty
Article
Analyst Take: Revisiting Insider Intelligence’s 2022 retail trends amid the era of uncertainty
Flash Take: How Target’s Q2 Earnings Stack Up Against Our Forecasts
Article
Flash Take: How Target’s Q2 Earnings Stack Up Against Our Forecasts
The Cybersecurity Risk
Report
The Cybersecurity Risk
Spotlight: Mercado Libre Forecast 2022
Report
Spotlight: Mercado Libre Forecast 2022
Automaker’s ad spend cuts have agencies rethinking their business
Article
Automaker’s ad spend cuts have agencies rethinking their business
July was the worst month for ad spending in 2 years
Article
July was the worst month for ad spending in 2 years
Apple will soon bring ads to its Maps, Books, and Podcasts apps
Article
Apple will soon bring ads to its Maps, Books, and Podcasts apps
TikTok is having trouble keeping up with its own growth
Article
TikTok is having trouble keeping up with its own growth
How US brands leverage content creators
Article
How US brands leverage content creators
Walmart beats expectations in Q2 as inflation drives shoppers across income brackets to seek deals
Article
Walmart beats expectations in Q2 as inflation drives shoppers across income brackets to seek deals
Smart TV sales are recovering, but their ad dominance has dwindled
Article
Smart TV sales are recovering, but their ad dominance has dwindled
Spotlight: US Bank Digital Ad Spending
Report
Spotlight: US Bank Digital Ad Spending
Walmart+ membership needs to do more than copy Amazon to succeed
Article
Walmart+ membership needs to do more than copy Amazon to succeed

Latest Forecasts

Digital Payments Value, by Method, US
Forecasts
Digital Payments Value, by Method, US
In-Store Payments, US
Forecasts
In-Store Payments, US
Digital Payments Value, by Method, Canada
Forecasts
Digital Payments Value, by Method, Canada
Digital Coupon Users, US
Forecasts
Digital Coupon Users, US
Robotic and Autonomous Systems, US
Forecasts
Robotic and Autonomous Systems, US
Smart Home, US
Forecasts
Smart Home, US
B2B Sales, US
Forecasts
B2B Sales, US
B2B Payment Transaction Value, US
Forecasts
B2B Payment Transaction Value, US
Shopify, US
Forecasts
Shopify, US
BigCommerce, US
Forecasts
BigCommerce, US
Connected Car Drivers, US
Forecasts
Connected Car Drivers, US
Apple, US
Forecasts
Apple, US
Robo-Advisor Account Holders, US
Forecasts
Robo-Advisor Account Holders, US
Robo-Advisor Account Holders, UK
Forecasts
Robo-Advisor Account Holders, UK
Robo-Advisor Account Holders, Canada
Forecasts
Robo-Advisor Account Holders, Canada

"Behind the Numbers" Podcast

The Weekly Listen: How teens use social media, local department stores, and Airbnb's recovery
Audio
The Weekly Listen: How teens use social media, local department stores, and Airbnb's recovery
The Daily: Disney's streaming platforms get a price bump, and will Hulu become a part of the Disney+ app?
Audio
The Daily: Disney's streaming platforms get a price bump, and will Hulu become a part of the Disney+ ...
Reimagining Retail: Consumers' sustainability values and susceptibility to greenwashing
Audio
Reimagining Retail: Consumers' sustainability values and susceptibility to greenwashing
The Daily: The social determinants of health, Amazon buys One Medical, and CVS wants Signify Health
Audio
The Daily: The social determinants of health, Amazon buys One Medical, and CVS wants Signify Health
The Daily: The most interesting thing about Amazon, Facebook leaves live shopping, and the Nike Style store
Audio
The Daily: The most interesting thing about Amazon, Facebook leaves live shopping, and the Nike ...
The Weekly Listen: The newsletter boom fades, Uber's grocery expansion, and Starbucks defies inflation
Audio
The Weekly Listen: The newsletter boom fades, Uber's grocery expansion, and Starbucks defies ...
The Daily: Why Meta's revenues shrank, BeReal's impact, and Gen Z takes over social media
Audio
The Daily: Why Meta's revenues shrank, BeReal's impact, and Gen Z takes over social media
Reimagining Retail: 4 companies defining connected fitness, and interesting acquisition possibilities
Audio
Reimagining Retail: 4 companies defining connected fitness, and interesting acquisition ...
The Daily: Why Spotify is cautiously optimistic, does Netflix need games, and why folks buy smart speakers
Audio
The Daily: Why Spotify is cautiously optimistic, does Netflix need games, and why folks buy smart ...
The Daily: Questions about YouTube, programmatic ad growth, and cutting cookies gets delayed ... again
Audio
The Daily: Questions about YouTube, programmatic ad growth, and cutting cookies gets delayed ... ...
The Weekly Listen: The 'TikTok-ification' of Instagram, brands in movies, and what comes after the iPhone?
Audio
The Weekly Listen: The 'TikTok-ification' of Instagram, brands in movies, and what comes after the ...
The Daily: How bad are things at Twitter, bots' effect on ads, and are shorter social media ads best?
Audio
The Daily: How bad are things at Twitter, bots' effect on ads, and are shorter social media ads ...
Reimagining Retail: Is the retail sky falling, and how some companies will ride out this uncertainty smoothly
Audio
Reimagining Retail: Is the retail sky falling, and how some companies will ride out this uncertainty ...
The Daily: Snapchat's sales slump, how to engage Gen Z on social media, and TikTok games
Audio
The Daily: Snapchat's sales slump, how to engage Gen Z on social media, and TikTok games
The Daily: Netflix's problems, Nielsen ONE's YouTube measurement, and which streamer to say goodbye to
Audio
The Daily: Netflix's problems, Nielsen ONE's YouTube measurement, and which streamer to say goodbye ...