CIBC ranks first for banking mobile app satisfaction in Canada: report

RBC and Scotiabank came in second and third, respectively

CIBC mobile banking app

CIBC has ranked first among Canada’s major banks when it comes to mobile app satisfaction, according to J.D. Power’s latest report.

The bank received a score of 840 on a 1,000 point scale. RBC came in second place with a score of 836 and Scotiabank followed with 830. TD Bank came in fifth place with a score of 824 and BMO followed with 792.

Scotiabank ranked highest in regards to online banking satisfaction with a score of 815. CIBC came in second place with a score of 810. TD Canada rounded out the top three with a score of 806.

Scotiabank also ranked highest in credit card mobile app satisfaction, with a score of 840. PC Financial followed with a score of 838 and Tangerine Bank came in third with 837.

The report measures overall satisfaction with banking digital channels based on four factors: navigation; speed; visual appeal; and information/content.

J.D. Power found that Canadians are interacting with mobile apps and websites at a higher rate than ever before, with 68 percent of bank customers using mobile banking and 55 percent classified as digital-only.

The report notes that customers’ experience with mobile apps is generally better than their online experience. This is mainly because banks have invested heavily in mobile apps, which attract a faster-growing customer base.

Further, J.D. Power notes that “while mobile apps and websites evaluated in these studies perform well on primary tasks, many stumble when it comes to areas critical for customer engagement, such as account overview and account profile/management, illustrating the need for more advanced functionality and improved user experience.”

The results from this report are based on responses from 9,735 retail bank and credit card customers that were collected between March and April.