CIBC 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 CIBC’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
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 CIBC. As the battle for new mobile users heats up, FIs’ mobile banking app features will be crucial. This report identifies which key growth opportunities CIBC 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 CIBC’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
Media Gallery

Executive Summary

Slowing smartphone banking user growth this year is forcing Canadian financial institutions (FIs) to double down on enhancing their mobile offerings. This report shines a light on the features CIBC could add to strengthen its mobile banking app to win new users and better service its existing customer base.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. How do CIBC’s customers compare to mobile banking users in Canada?
  2. Is CIBC’s mobile banking offering aligned with customer demands?
  3. Which key tools could CIBC use to enhance its mobile app?

WHAT’S IN THIS REPORT? This report focuses on the CIBC-specific findings from our inaugural Canada Mobile Banking Emerging Features Benchmark Study, which scores the seven largest FIs based on their support of 42 advanced mobile banking emerging features. Our report highlights the in-demand features that CIBC could add to its mobile app to make it more competitive.

KEY STAT: CIBC can boost its customer acquisition efforts by adding the most in-demand mobile banking tools: 60.8% of adults in Canada who have used mobile banking would research an FI’s mobile capabilities ahead of opening an account.

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 CIBC’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. 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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