Executive Summary

In Canada, the ranks of new smartphone banking users are set to nose-dive in 2021 to a third of the year prior, which will lead competition among financial institutions (FIs) to escalate. In the intense battle for new users, the features of FIs’ mobile apps will be crucial: This spotlight report highlights the key areas where Scotiabank can strengthen its mobile offering to better compete for new customers.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

1. How do the demands of Scotiabank customers align with those of mobile banking users in Canada?
2. Do Scotiabank’s advanced mobile banking capabilities meet customer needs?
3. Which key features should Scotiabank add to its product lineup?

WHAT’S IN THIS REPORT? This report features findings from the inaugural Insider Intelligence Canada Mobile Banking Emerging Features Benchmark Study, which analyzes the mobile apps of the seven largest FIs according to the availability of 42 mobile features. Here, we focus on Scotiabank’s mobile offering through the lens of customer demand data.

KEY STAT: Distinctive mobile tools will enable Scotiabank to service its existing users better, while making the FI more attractive to prospective customers. More than 60% of adults in Canada who had used mobile banking said they would research a bank’s app before signing up, and 77.7% of those who were Scotiabank customers reported that mobile is their primary banking channel.