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
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.
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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