When it comes to mobile banking apps, having a reliable experience is key, and according to a new ranking, one financial institution has consistently provided that service to users.
Surviscor recently released its Consumer Mobile Banking Experience Review and found that CIBC has “proven that it’s at the top of its game” with an experience score of 85%.
The report noted that the Canadian bank came in first place “delivering the best mobile banking experience among Canada’s big banks. ”
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Surviscor evaluated several elements of the customer journey, including pre-login, user, and transactional experiences, to determine its ranking. In total, 23 Canadian banking firms were included.
This isn’t the first time CIBC has won — it has placed first in Surviscor’s ranking in seven of the past eight years.
As for how other financial institutions placed, TD came in second with an experience score of 82%. Scotiabank and Tangerine tied for third place, followed by Royal Bank of Canada in fifth place.
There were some poor performers as well. Among Canada’s major institutions, the Bank of Montreal (BMO) ranked last in the ninth spot.
The worst app experience went to Servus Credit Union, with a customer experience ranking of 33%.
The Coast Capital app placed highest among credit unions, coming in sixth.
Surviscor
Glenn LaCoste, president and CEO of Surviscor Group, noted that many firms lag in their mobile app services because they do not invest in those platforms.
“The honest answer is that the firms choose not to invest in what the consumer needs instead of building robust navigational designs that deliver ease of use along with critical banking features and functionality,” he stated.
Surviscor also provided some more insights about the various apps.
Users found Scotiabank’s device security protocols “beyond frustrating,” and BMO was ranked lower among the big banks for “lack of progress” on its platform.
Overall, Surviscor’s report highlighted that many institutions are “failing to meet minimum industry standards,” believing that younger Canadians using the apps prioritize “simplicity over functionality.”
“By focusing more on marketing than on robust functionality, these institutions risk losing relevance in an increasingly competitive digital space,” it concluded.