Tablet Banking in Canada

An Evaluation of Tablet Banking at Top Canadian Financial Institutions
by Jacob Jegher,  Stephen Greer, November 24, 2014
Product Trends/ Reviews
North America

Abstract

Tablets are being used by an increasing number of consumers and have become critical access points. Across the digital spectrum of devices — mobile, online, and tablet — there are some clear differences in use. Banks with a dedicated digital channels strategy are starting to design around the device itself, incorporating specific features in functionality relative to the device and use case rather than port from online banking or an existing mobile app.

Tablet Banking in Canada: An Evaluation of Tablet Banking at Top Canadian Financial Institutions is the second in a series on the state of tablet applications at the top financial institutions in Canada. This report should be read as a companion piece to the Celent report published in November 2013, Tablet Banking in Canada: An Evaluation of Tablet Banking at Top Canadian Banks. Celent’s evaluation will continue to use a modified version of the ABCD Vendor View framework, taking into account Breadth of functionality and Depth of service.

Last year, Celent published a report evaluating the tablet app offerings at the top 8 financial institutions in Canada. In the previous evaluation, only five of the top eight had dedicated iOS tablet applications, while only two had Android apps. Since our last report was published, one institution has added an iOS app, while three have added android apps.

“One of the biggest differentiating factors of any institution in the years ahead will be the ability to adapt to the changes in consumer behavior,” says Jacob Jegher, research director of Celent’s Banking practice and author of the report. “Consumption trends and preferences will define a bank’s ability to attract and engage the customer.”

“Tablet apps for Canadian financial institutions still have a long way to go, and substantial opportunity exists to maximize channel engagement,” says Stephen Greer, an analyst with Celent’s Banking practice and author of the report. “The market has moved quite slowly since Celent´s last report.”

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 2014

3

Methodology

5

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

8

App Reviews Updates

10

 

CIBC

10

 

Desjardins

12

 

RBC

15

 

Scotiabank

17

 

Tangerine (formerly ING Direct Canada)

19

 

TD Bank

21

Conclusion

24

Appendix 1A: Features and Functionality Tables

25

 

Transactional Functionality

25

 

Service Functionality

28

Appendix 1B: Additional Screen Shots

30

 

CIBC

30

 

Desjardins

32

 

RBC

34

 

Scotiabank

36

 

Tangerine (formerly ING Direct Canada)

38

 

TD Bank

40

Leveraging Celent’s Expertise

44

 

Support for Financial Institutions

44

 

Support for Vendors

44

Related Celent Research

45

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