Tablet Banking in Canada

An Evaluation of Tablet Banking at Top Canadian Banks
by Jacob Jegher,  Stephen Greer, November 13, 2013
Vendor Reviews
North America

Abstract

In the span of only a couple of years, tablet banking has gone from being a relatively untapped and ambiguously categorized digital channel to a solid component of any bank’s suite of digital offerings. In the vast universe of digital banking, however, tablets have carved out little more than a niche.

Tablets are unique devices, yet a 2013 survey conducted by Bank Innovation found that most financial institutions are not dedicating slices of their budgets to tablets. Banks must make sure their strategic direction for digital channels is properly aligned to capture the behavioral evolution and client demand.

In the report Tablet Banking in Canada: An Evaluation of Tablet Banking at Top Canadian Banks, Celent looks at trends in tablet banking and evaluates the top financial institutions in Canada head-to-head. XCelent Awards are given for Breadth of Functionality / User Experience and Depth of Service.

Tablet sales are growing at a tremendous rate, and financial institutions can no longer sit on the sidelines. Celent does, however, expect tablet banking to be a relatively slow mover, especially since banks continue to grapple with the movement and rapid adoption of smartphones.

“Consumers are rapidly growing more accustomed to interacting with their financial institution through devices other than PCs,” says Jacob Jegher, Research Director with Celent’s Banking Group. “Celent believes that tablet banking represents a tremendous opportunity. However, banks aren’t exactly scrambling to release tablet apps.”

“Tablets are unique devices with distinct capabilities and form factors,” adds Stephen Greer, Analyst with Celent’s Banking Group and coauthor of the report. “Tablet touch screens are highly interactive, lending themselves well to rich user interfaces that feature customizable widgets, visual representations such as graphs and charts, and videos.”

This report outlines some of the trends affecting tablet development. XCelent awards are given, and then each bank’s app is profiled in depth. Appendices offer screenshots and features and functionality tables.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Tablet Banking in 2013

2

Methodology

8

XCelent Awards for Breadth of Functionality / User Experience and Depth of Service

9

In-Depth App Reviews

11

 

CIBC

11

 

ING Direct Canada

13

 

RBC

16

 

Scotiabank

17

 

TD Bank

19

Conclusion

22

Appendix 1A: Features and Functionality Tables

24

 

Transactional Functionality

24

 

Service Functionality

27

Appendix 1B: Additional Screenshots

29

 

CIBC

29

 

ING Direct Canada

40

 

RBC

50

 

Scotiabank

57

 

TD Bank

64

Leveraging Celent’s Expertise

69

 

Support for Financial Institutions

69

 

Support for Vendors

69

Related Celent Research

70

Sign in to download reports and access personalized information