According to a report recently released by the research firm J.D. Power, mobile is changing banking in Canada for the better.
The survey reveals that 36 percent of banking customers use mobile banking channels in 2016, up from 27 percent in 2015 and 20 percent in 2014. Furthermore, on a scale of one to 1,000, overall satisfaction with mobile banking is 836 among those that use the channel.
This is a noticeable change from 2014, when mobile banking generated a satisfaction score of 770, and were also up from the 2015 score of 804.
“Mobile is changing customer interaction models and forcing banks to transform,” said Paul McAdam, senior director of banking services at J.D. Power, in a statement.
“Banking providers understand that customer expectations of interactivity with mobile devices are different than their expectations of other touch points. The effect of mobile is evident across many aspects of the banking customer experience,” he continued.
The report goes on to explain that satisfactory mobile banking services can mitigate the severity or urgency of a customer complaint, improve perceptions of products and services, elongate contentment with smaller banking networks and reduce price sensitivity.
Overall, RBC ranks highest in customer satisfaction among the big five banks, with TD coming in a close second. Among midsize banks, Tangerine ranks highest in overall customer satisfaction with President’s Choice Financial coming in a distant second.
Interestingly, the study also revealed that 57 percent of millennial customers don’t take full advantage of the emerging digital and mobile services offered by many banks.
This news comes just days after Canadian banks, Tangerine and PC Financial, began offering support for Apple Pay on their mobile apps. The majority of Canadian banks now offer support for Apple Pay as well as their own respective banking and customer service apps
This study profiles 13 of the largest primary financial institutions throughout Canada. 13,229 surveys profiling financial institutions were analyzed for the completion of this period during the period of March 25 to April 18, 2016. The margin of error is plus or minus 2.5 points.
Related reading: Tangerine and PC Financial rollout support for Apple Pay