2023 Best Mobile Banking Apps in Canada Ranked by J.D. Power

Canadian banking and credit card applications are lagging behind their U.S. counterparts in the integration of personal financial management tools, finds a series of new studies by J.D. Power. These innovative tools, described as the ‘next frontier’ for mobile apps and website development, have been slower to gain traction among Canadian banks.

The studies conducted by J.D. Power, including the 2023 Canada Banking Mobile App Satisfaction Study, 2023 Canada Online Banking Satisfaction Study, 2023 Canada Credit Card Mobile App Satisfaction Study, and 2023 Canada Online Credit Card Satisfaction Study, gauged customer satisfaction with digital offerings provided by banks and credit card providers.

“Banks and credit card providers that place themselves at the center of their customers’ financial lives, offering an all-in-one interface for their financial management, are clearly gaining the upper hand in customer satisfaction and engagement,” said Jennifer White, Senior Director of Banking and Payments Intelligence at J.D. Power, in a statement to iPhone in Canada. “The gap between the best and worst-performing apps and websites is growing as companies strive to find digital solutions that simplify their customers’ lives.”

Key findings of the 2023 studies reveal:

• Basic transactional tools such as account transfers, bill pay, mobile check deposits, and person-to-person payments, are consistently rated higher in overall satisfaction compared to more advanced financial management tools like spending analysis and budgeting.
• However, when customers actively engage with three or more personal financial management tools, such as credit score monitoring, spending analysis, and budgeting tools, overall satisfaction scores soar by 114 points (on a 1,000-point scale).
• The use of virtual assistants within banking apps can increase the usage of personal financial management tools fourfold.
• For customers classified as financially unhealthy, account alerts can boost customer satisfaction with banking mobile apps by 33 points. For financially healthy customers, the use of account alerts correlates with a 29-point increase in customer satisfaction.

In terms of banking mobile app satisfaction, CIBC and TD Canada Trust ranked highest with a score of 641, followed by BMO Bank of Montreal (638).

“We know that Canadians are increasingly managing finances on the go and we’re proud to offer our clients a suite of digital tools to help achieve their financial ambitions,” said David Attard, Senior Vice-President, Digital Banking and Enablement, CIBC, in a reaction to the study. “This recognition reflects our continued commitment to digital solutions and delivering innovative products and services across all channels for our clients.”

“We are proud to be recognized by J.D. Power for our innovative Canadian banking mobile app,” says Rizwan Khalfan, Chief Digital and Payments Officer, TD Bank Group, in a statement. “At TD, personalization is key to delivering legendary customer experiences across all our interactions. Through the use of data and AI, we are empowering our customers with insights to best meet their financial needs.”

For online banking satisfaction, BMO Bank of Montreal led the pack with a score of 628, followed by Scotiabank (614) and RBC Royal Bank (613).

“It’s a tremendous achievement and honour for BMO to be ranked the #1 online banking experience in Canada,” said Ernie Johannson, Group Head, North American Personal and Business Banking, BMO, in a statement. “We’re committed to meeting our customers where they are with human and digital experiences that help them make real financial progress.”

In the credit card mobile app satisfaction category, American Express topped the list with a score of 687, followed by Tangerine Bank (672) and Canadian Tire (651). For online credit card satisfaction, American Express and National Bank of Canada tied for first place with a score of 667, with Desjardins (652) ranking third.