Canada Mobile Banking Emerging Features Benchmark 2023 Part 1

Stacking Up Consumers’ Most Wanted Features—and Which Banks Offer Them

Report by Tiffani Montez  | Apr 4, 2023

Canada Mobile Banking Emerging Features Benchmark 2023

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How the Top 7 Financial Institutions Are Delivering on Features Consumers Demand Most

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Report
Crosstabs
Deck
The One-Pager
Share
Table of Contents
Executive Summary
Key Findings
Mobile Banking Can Defend Against Account Switching
Leading Canadian Banks in 2023
Consumers’ Most Valued Features in 2023
Methodology
Glossary
Survey Demographics
Media Gallery
About This Report
This third annual study ranks the seven largest Canadian banks (by domestic asset size) based on their support for 42 emerging mobile banking features, weighted by consumer demand for each feature.
Topics
Banking
Canada
Table of Contents
Executive Summary
Key Findings
Mobile Banking Can Defend Against Account Switching
Leading Canadian Banks in 2023
Consumers’ Most Valued Features in 2023
Methodology
Glossary
Survey Demographics
Media Gallery

Executive Summary

Mobile banking is an increasingly important tool in the fight to win and lock in customers, and Canadian banks can maximize it by aligning offerings with consumer demand. This third annual study reveals which of the seven largest Canadian financial institutions (FIs) by assets are leading the pack, based on our exclusive survey data and analysis of 42 emerging features in their mobile banking apps.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. How can mobile banking help Canadian FIs attract and retain customers?
  2. Which features do mobile banking users in Canada value most?
  3. How do the top seven Canadian FIs compare in their support for features that mobile banking users in Canada value most?
Leading Reasons for Switching Banks According to Mobile Banking Users in Canada, Feb 2022 & Jan 2023 (% of respondents )
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KEY STAT: A quarter of mobile banking users in Canada cited mobile banking capabilities as a main reason for switching banks—up from 16% last year. That raises the stakes for banks to meet consumer demand for emerging features.

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Table of Contents

  1. Executive Summary
  2. Key Findings
  3. Mobile Banking Can Defend Against Account Switching
  1. Leading Canadian Banks in 2023
  2. Consumers’ Most Valued Features in 2023
  3. Methodology
  1. Glossary
  2. Survey Demographics
  3. Media Gallery

Charts in This Report

Leading Reasons for Switching Banks According to Mobile Banking Users in Canada, Feb 2022 & Jan 2023 (% of respondents )Top 5 Most In-Demand Mobile Banking Features in Canada, Jan 2023
Overall Mobile App Rank and Score of the Top 7 Financial Institutions in CanadaMobile App Rank of the Top 7 Financial Institutions in Canada, by Category
Top 3 Most In-Demand Mobile Banking Features in Canada, by Category, Jan 2023Glossary
Demographic Summary of Respondents, Canada Mobile Banking Emerging Features Benchmark, Jan 2023

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Download
Report
Crosstabs
Deck
The One-Pager
Share
Table of Contents
Executive Summary
Key Findings
Mobile Banking Can Defend Against Account Switching
Leading Canadian Banks in 2023
Consumers’ Most Valued Features in 2023
Methodology
Glossary
Survey Demographics
Media Gallery
About This Report
This third annual study ranks the seven largest Canadian banks (by domestic asset size) based on their support for 42 emerging mobile banking features, weighted by consumer demand for each feature.
Topics
Banking
Canada
Table of Contents
Executive Summary
Key Findings
Mobile Banking Can Defend Against Account Switching
Leading Canadian Banks in 2023
Consumers’ Most Valued Features in 2023
Methodology
Glossary
Survey Demographics
Media Gallery
Download PDF

authors

Tiffani Montez

Contributors

Tyler Brown
Senior Analyst
Eleni Digalaki
Principal Analyst
Ona Koehler
Senior Director, Benchmarking
Na Li
Director, Primary Research