TD Canada Mobile App Spotlight 2021

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

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About This Report
In 2021, the number of new smartphone banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including TD Canada. 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 TD might focus on to gain and retain customers.

Executive Summary

The prospect of slower growth in the number of smartphone banking users this year is forcing TD Canada and other Canadian financial institutions (FIs) to redouble their efforts to be competitive. After an uptick in new mobile banking users in 2020, FIs must now devote resources to enhancing their mobile apps—a key customer attraction and retention tool—and this report shines a light on the features TD could add to strengthen its mobile offering.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. How do TD’s customers compare with overall mobile banking users in Canada?
  2. Is TD’s mobile banking offering aligned with customer demands?
  3. What are the key tools that TD could add its mobile app?

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

KEY STAT: Supporting in-demand mobile features could help TD Canada acquire new customers and retain its large existing base: 60.8% of overall respondents say they would research a bank’s app prior to opening an account, while 49.7% of TD customers would change banks for better tools.

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

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Methodology at a Glance
  4. Distinguishing TD Canada’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

authors

Michael Tattersall

Contributors

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