A surprising answer to the question: Which big bank has the best mobile app?

Globe and Mail

a day ago

The basics of a good mobile banking app are seamless and speedy log-in, modern appearance and easy navigation.
According to a new J.D. Power customer satisfaction survey, the Big Five banks all deliver on these points. 'It's getting harder to tell the nation's banks and credit card company mobile apps and websites apart from one another,' the survey concludes.
Do Canadian banks have a homogeneity problem? Their earnings and stock market performance certainly differ, but there's a sameness to the customer experience once you get beyond logos and colour schemes.
App parity reflects this, but so other aspects of consumer banking. Does any bank do chequing, mortgages or investments demonstrably better than the rest?
Canadian Imperial Bank of Commerce took top spot in banking app satisfaction with a score of 641 out of 1,000, Toronto-Dominion Bank scored 631, Bank of Montreal and Royal Bank of Canada 626 and Bank of Nova Scotia 620. On credit-card apps, American Express led a larger field of competitors with a score of 692 and Tangerine was second at 669. After that, most competitors were bunched in the mid- to low-600 range.
J.D. Power says banks have spent years maximizing the functionality of their apps within the limits of their current technology. The next frontier will be adding AI-based functions, which clients are encountering more in other aspects of their lives.
I use a few alternative bank apps and haven't yet found any that crush the competition. But as we look ahead to open banking, let's not concede that all apps will be more or less the same. Open banking will allow bank clients to securely share financial data with alternative players. Let's see whether they can use it to build a better app.
A surprising finding in the J.D. Power customer satisfaction numbers is that people like multi-factor authentication when logging into a mobile app. MFA can be a hassle if you're in a hurry. For example, you may be asked for a verification code sent to by your bank via text, or to use a fingerprint reader.
Still, J.D. Power said overall customer satisfaction is 12 points higher when customers use multi-factor authentication before logging in. This shift reflects improvements banks have made in the usability of MFA, and an increased focus on security by bank customers.
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