In 2021, the number of new mobile banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including the Bank of Montreal (BMO). 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 BMO might focus on to gain and retain customers.
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
How do BMO customers differ from other mobile banking users in Canada?
Do BMO’s advanced mobile banking capabilities meet customer expectations?
Which key features should BMO add?
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."
Here’s what’s in the full report
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Table of Contents
Executive Summary
Key Points
Methodology at a Glance
Distinguishing BMO’s Mobile Banking App
No. 1: Security and Control
No. 2: Transfers
No. 3: Account Management
No. 4: Alerts
No. 5: Digital Money Management
No. 6: Customer Service
Methodology
Survey Demographics
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