CIBC rises to Best in Class standing for mobile banking, and RBC is a repeat winner as Best in Class for online banking. Overall Leaders include BMO and Desjardins for mobile banking and CIBC and Scotiabank for online banking.
Javelin Strategy & Research announced the winners of its second annual Canadian Digital Banking Scorecard. Javelin’s scorecard ranks the top seven Canadian financial institutions based on an evaluation of more than 300 features across six categories.
Canadian Imperial Bank of Commerce (CIBC) attained the coveted Best in Class recognition for mobile banking, ousting 2020 winner Royal Bank of Canada (RBC) and topping the field in the categories of Account Opening, Customer Service, and Financial Fitness. Desjardins and BMO earned Overall Leader recognition by claiming top spots in the Money Movement and Financial Fitness categories.
RBC repeats as the Best in Class winner for online banking despite facing increased competition during the past year. The bank once again dominated in Money Movement—the largest driver of digital banking satisfaction among Canadian consumers—while also leaping up the ladder as a Leader in Account Opening, a category where it placed sixth in 2020. Scotiabank and CIBC again land in second and third place and are designated as Leaders in online banking.
BMO, CIBC, Desjardins, RBC, Scotiabank, and TD each received a category Leader award in at least one mobile or online banking category. Javelin’s report analyzed and evaluated capabilities in the digital categories of Money Movement, Ease of Use, Security Empowerment, Financial Fitness, Customer Service, and Account Opening.
“Javelin’s scorecard reveals noteworthy progress as banks strive to meet the demand of a modern consumer whose expectations have been shaped by innovative nonbank digital experiences,” said Mark Schwanhausser, Director of Digital Banking at Javelin Strategy & Research. “A few financial institutions have climbed the ladder thanks to wise investments. However, even the best performers in each category had notable gaps, indicating room for improvement and differentiation.”
The report assessed the financial institutions’ strengths and weaknesses in digital banking as they aim to build deeper engagement with customers and fend off encroachments by fintechs and neobanks. Javelin awards Best in Class status to the top-ranked bank in each channel across all six categories, two additional Overall Leader awards per channel, and category Leader awards to the top three banks in each category.
More information on the scorecard report and ranking can be found HERE.
About Javelin Strategy & Research
Javelin Strategy & Research, part of the Escalent family, helps its clients make informed decisions in a digital financial world. It provides strategic insights to financial institutions, including banks, credit unions, brokerages and insurers, as well as payments companies, technology providers, fintechs, and government agencies. Javelin’s independent insights result from a rigorous research process that assesses consumers, businesses, providers, and the transactions ecosystem. It conducts in-depth primary research studies to pinpoint dynamic risks and opportunities in digital banking, payments, fraud & security, lending, and wealth management. For more information, visit javelinstrategy.com. Follow us on Twitter and LinkedIn.
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