Competition Remains White Hot In The Canadian Mobile Banking Market
[this blog post was co-authored by Rachel Roizen]
Forrester has just published its 2015 Canadian Mobile Banking Functionality Benchmark. The report reveals important insights about the mobile offerings from the five largest retail banks in Canada: BMO, CIBC, RBC Royal Bank, Scotiabank, and TD Canada Trust. Forrester clients can find the full benchmark report here:
The Canadian mobile banking market has been highly competitive for years, ever since CIBC became the first Canadian bank to roll out robust mobile banking services more than five years ago. Our benchmark research shows that this remains true today: All of the banks have solid mobile banking functionality that meets customers’ most common needs and expectations.
But different banks excel in different areas of mobile banking. CIBC and Scotiabank received the highest overall scores, each earning an impressive 75 out of a possible 100 in our benchmark. The two banks achieve mobile banking success with strong core banking features plus enhancements in key areas: For example, CIBC offers excellent product research tools, while Scotiabank recently launched a best-in-class help service within its mobile apps (see image below).
There is no sign of a slowdown in the Canadian mobile banking market: All of the Big Five banks are planning upgrades, new features, and redesigns over the next year. In contrast to our findings in the US, digital teams at Canadian banks are pushing themselves and their competition toward customer-obsessed strategies and innovative mobile initiatives. Based on this research, we predict that the fierce competition among Canadian banks will continue.
Let us know what you think of our research in the comments section below. Thanks!
[above is a screenshot of Scotiabank's mobile help feature – with call-outs by Forrester]