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.