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Banking apps are disappointing Canadians: study

Woman looking at a smart phone on a bed (Getty)

A growing number of Canadians are fed up with their mobile banking apps, according to a new survey.

Marketing information firm J.D. Power found while 90 per cent of participants said they interact with their banks digitally, satisfaction with app-based banking declined by three points year-over-year.

Scotiabank’s (BNS.TO) app ranked highest with a score of 834 points out of 1,000, followed by CIBC (CM.TO) (832), Royal Bank (RY.TO) (826), TD Bank (TD.TO) (812), and Bank of Montreal (BMO.TO) (807).

“It is critical that banks and credit cards get the formula right, delivering the resources customers need, but also organizing it in a way that it is user-friendly,” Bob Neuhaus, vice president of financial services intelligence at J.D. Power, wrote in a news release on Thursday. “In fact, nearly 40 per cent of banking customers conduct all of their interactions digitally without ever setting foot in a bank branch.”

The ranks shifted when participants evaluated overall online banking satisfaction.

TD took the top spot with a score of 821 out of 1,000, followed by CIBC (813), Scotiabank (813), Royal Bank (812), and BMO (802).

The findings are based on responses from 8,409 retail bank and credit card customers nationwide. Participants were asked to consider ease of navigation, appearance, clarity of information, range of services, and availability of key information.