Surviscor Canadian Consumer Banking Experience Reviews - CIBC provides the best mobile banking experience for Canadians

Ranking the Best Banks and Credit Unions for Mobile Banking Experience in Canada

CIBC Reigns Supreme Again: Dominating the Canadian Mobile Banking Experience in 2024

In a world where our phones have become the go-to tool for everything, mobile banking is now a battleground where banks compete for your attention - and your loyalty. Once again, CIBC has proven that it's at the top of its game, securing the #1 spot for mobile banking in 2024. Whether you're checking your balance or transferring money on the go, CIBC consistently delivers a smooth and reliable experience, making it the reigning champion for seven of the past eight years.

But it's not just about who's on top. This year's review by Surviscor dives into 23 Canadian banking firms, including the big six banks, credit unions, and neo/branchless banks. From TD Canada Trust climbing to #2 to BMO staying at the bottom of the big banks, the competition is heating up. As more banks try to step up their mobile game, consumers are faced with a range of choices - some great, and some, well, not so much.

If you're thinking banks are constantly upgrading their apps/platforms to make your life easier, you might want to think again. This year's findings show that while a few banks are stepping up and delivering great mobile experiences, many others are just treading water. Despite all the marketing hype, most of the so-called upgrades in 2024 were just minor bug fixes, with very little real improvement for you, the customer. The gap between the best and the rest is growing, and that means you need to be more careful about which bank you trust with your mobile banking needs.


Review Headlines

CIBC is #1 Again

CIBC's mobile banking platform has ranked #1 in seven of the past eight years.

TD CANADA TRUST Jumps to #2

TD Canada Trust breaks into the top three for the first time, securing the #2 spot.

BMO BANK of MONTREAL Remains the Worst of the Big Banks

BMO Bank of Montreal continues to provide the lowest-ranked mobile banking experience among the Big Banks.

COAST CAPITAL SAVINGS Leads Credit Unions

Coast Capital Savings ranks 6th overall, the top-ranked credit union, challenging some big banks.

SERVUS CREDIT UNION Remains the Worst Credit Union

Servus Credit Union, Canada's 4th largest by assets, remains the worst-ranked credit union.

VANCITY Fails to Improve

Despite being Canada's largest credit union by assets, Vancity's mobile platform continues to underperform with no significant improvements.

TANGERINE Dominates Neo/Branchless Banks

Tangerine continues to lead the neo/branchless banks, maintaining its position among the top performers.

Most Neo/Branchless Banks Fall Outside the Top 10

Despite their appealing rates and marketing, most neo/branchless banks rank outside the top 15 for mobile banking experiences.

Despite the marketing hype about constant upgrades, 2024 was a slow year for real mobile banking improvements. Most firms only fixed bugs with little effort to enhance user experiences. Question the status quo, explore alternative relationships, and beware of marketing messages that highlight minor, often insignificant differences. Consumers should dig deeper into what truly enhances their mobile banking experience.

Glenn LaCoste, President and CEO of Surviscor Group


2024 Consumer Mobile Banking Rankings

Surviscor's annual Consumer Mobile Banking Experience review is the most comprehensive and objective analysis of its kind in North America. It goes beyond simple rankings, evaluating key elements of the customer journey - like Pre-login Experience, User Experience, and Transactional Experience - across a variety of financial institutions. This year, 23 Canadian digital banking platforms, including the big 6 banks, 7 credit unions, 6 branchless banks, and 4 other institutions, were rigorously assessed across 5 experience categories and over 300 criteria. The goal? To guide you in choosing the best digital banking services while pushing banks to raise the bar.

Mobile Platform Experience RankMobile Banking FirmExperience ScoreFull Company Review
1CIBC85 %View Company Review
2TD Canada Trust82 %View Company Review
T-3Scotiabank80 %View Company Review
T-3Tangerine80 %View Company Review
5RBC Royal Bank78 %View Company Review
6Coast Capital Savings77 %View Company Review
7National Bank of Canada75 %View Company Review
8Meridian Credit Union71 %View Company Review
9BMO Bank of Montreal70 %View Company Review
10motusbank65 %View Company Review
11Desjardins62 %View Company Review
12Simplii Financial61 %View Company Review
13Conexus Credit Union59 %View Company Review
14ATB Financial58 %View Company Review
15Alterna Savings53 %View Company Review
16Vancity52 %View Company Review
T-17EQ Bank49 %View Company Review
T-17Alterna Bank49 %View Company Review
19Blueshore Financial46 %View Company Review
20Manulife Bank of Canada45 %View Company Review
21Motive Financial42 %View Company Review
22Laurentian Bank35 %View Company Review
23Servus Credit Union33 %View Company Review

Too many firms use sponsored content or misleading marketing to influence consumers. Our reviews are independent and highlight a wide range of firms, ensuring consumers can hold their banking partners accountable.

Glenn LaCoste, President and CEO of Surviscor Group

Go to Results by Firm Type

Go to Lessons Learned

Go to The Bottom Line


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Why Surviscor Reviews Are Different

Surviscor Experience Reviews are the largest and most unbiased evaluations in North America, offering uncompromised facts about real customer experiences and digital journeys. Unlike other review firms or individuals, whose rankings are often subjective or firm-sponsored, Surviscor bases its reviews on extensive factual data, not limited or biased sample sizes commonly found online.


KEY FINDINGS

Surviscor believes in giving credit where it's due, and every review aims to highlight a wide range of firms. The goal is for all Canadian consumers to hold their banking partners accountable for their mobile banking experiences. Here's a quick summary of the key findings from the 2024 Consumer Mobile Banking Experience review:

  • CIBC repeats as top firm
  • TD CANADA TRUST improved 2 positions from 2023
  • COAST CAPITAL SAVINGS repeats as the top ranked credit union
  • MERIDIAN CREDIT UNION moves ahead of BMO BANK OF MONTREAL

  • Challenge the status quo, explore new banking options, and be cautious of marketing that often highlights minor, insignificant differences.

    Glenn LaCoste, President and CEO of Surviscor Group


  • SCOTIABANK's device security protocols that are beyond frustrating
  • BMO BANK of MONTREAL's lack of progress
  • VANCITY's failure to make relevant customer experience upgrades
  • EQ BANK's low rates are in-line with its low ranking and no improvements
  • BLUESHORE FINANCIAL's platform - No improvements
  • DESJARDINS's platform - No improvements despite messaging
  • MOTIVE FINANCIAL's platform - No improvements
  • SIMPLII FINANCIAL's platform - No improvements
  • TANGERINE's platform - No improvements

Consumer Mobile Banking Experience Rankings - By Firm Type

The Canadian mobile banking landscape offers a range of choices beyond the traditional big banks. Consumers can opt for regional credit unions, neo/branchless virtual banks, or various digital banking firms. Here's a look at the best and worst in each segment:

BIG BANKS - Mobile Rankings

Big Banks continue to provide above-average mobile banking experiences, but there are clear differences in quality. Here's how they ranked:

Industry RankingMobile Banking FirmExperience ScoreLikes & Dislikes
1CIBC85 %View Company Review
2TD Canada Trust82 %View Company Review
T-3Scotiabank80 %View Company Review
5RBC Royal Bank80 %View Company Review
7National Bank of Canada75 %View Company Review
T-8BMO Bank of Montreal70 %View Company Review

The major Canadian banks remain dominant, with four firms in the top 5 of the overall rankings. CIBC leads the pack, but TD Canada Trust, ranked 2nd, is narrowing the gap. Scotiabank and RBC Royal Bank also maintain strong positions but have yet to surpass the frontrunners.

National Bank ranks 7th, while BMO Bank of Montreal, down one spot to 9th in 2024, remains the lowest-ranked big bank.


CREDIT UNIONS - Mobile Rankings

Credit unions often receive little attention in digital banking reviews, but Surviscor recognizes their key role in Canadian financial services. Despite being misunderstood, credit unions show diverse performance in mobile banking. Here are the 2024 rankings:

Industry RankingMobile Banking FirmExperience ScoreLikes & Dislikes
6Coast Capital Savings77 %View Company Review
8Meridian Credit Union71 %View Company Review
13Conexus Credit Union59 %View Company Review
15Alterna Savings53 %View Company Review
16Vancity52 %View Company Review
19Blueshore Financial46 %View Company Review
23Servus Credit Union33 %View Company Review
Co-Operative Firm
11Desjardins62 %View Company Review

Coast Capital Savings and Meridian Credit Union (Ontario) are standout performers, consistently offering top-tier mobile banking experiences. These two should be on the radar for non-credit union consumers seeking exceptional mobile services.

Next in line are Conexus Credit Union (Saskatchewan), which launched a new product in 2023 but saw no impact, and Alterna Savings (Ontario) and Vancity (BC), both of which failed to deliver meaningful platform changes in 2024.

At the lower end, Blueshore Financial (BC) and Servus Credit Union (Alberta) continue to underperform, offering inadequate mobile banking experiences.

Big banks may shy away from comparisons with credit unions, but in the mobile banking space, two credit unions and two neo/branchless banks are on par with the industry's best.

Glenn LaCoste, President and CEO of Surviscor Group


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NEO-BRANCHLESS BANKS - Mobile Rankings

Neo banks are often associated with fintech firms offering deposit and credit services, but they can be more accurately described as branchless banks providing full or partial traditional banking services through digital platforms. Here's how the six firms ranked:

Industry RankingMobile Banking FirmExperience ScoreLikes & Dislikes
T-3Tangerine80 %View Company Review
10motusbank65 %View Company Review
12Simplii Financial61 %View Company Review
T-17EQ Bank49 %View Company Review
T-18Alterna Bank49 %View Company Review
21Motive Financial42 %View Company Review

Most of the neo/branchless banks in this review are offshoots of traditional banks, except EQ Bank. While these firms may position themselves as fintech leaders, they often offer scaled-back services aimed at drawing assets from traditional banks with the promise of low fees and competitive rates.

Tangerine, Scotiabank's branchless arm, remains a standout, ranking 3rd overall and providing the best experience among non-branch firms. It scores 15 points higher than its closest competitor, motusbank, which ranks 10th and is owned by Meridian Credit Union. Simplii Financial, owned by CIBC and ranked 12th, offers a mobile experience similar to its parent company's platform.

Despite heavy marketing, EQ Bank ties for 17th with Alterna Bank, owned by Alterna Savings. Motive Financial, owned by Canadian Western Bank and soon to be part of National Bank, ranks 21st, providing the least favorable mobile experience in this category.

Consumers should look beyond the flashy fintech labels - many so-called digital masters are simply scaled-back versions of traditional banks, offering less while promising more.

Glenn LaCoste, President and CEO of Surviscor Group


OTHER BANKS - Mobile Rankings

The Other Banks category now includes three mobile banking firms after the exit of HSBC Canada. As in previous years, these firms generally perform poorly, with no clear explanation for their underperformance. Here are the rankings:

Industry RankingMobile Banking FirmExperience ScoreLikes & Dislikes
14ATB Financial58 %View Company Review
20Manulife Bank of Canada45 %View Company Review
22Laurentian Bank35 %View Company Review

Customers of these lower-ranking firms should reconsider their relationships, as each offers subpar mobile banking experiences. ATB Financial, ranked 14th, leads this group but still leaves Albertans without a top-tier mobile experience. Manulife Bank of Canada lingers at 20th, despite its newer mobile platform, while Laurentian Bank, ranked 22nd, continues to struggle with mobile banking, partly due to its partnership with a credit union platform.


Go back to the 2024 Mobile Banking Experience Rankings


LESSONS LEARNED

Key lessons emerge when 23 mobile banking platforms undergo detailed scrutiny in 2024. Here are some of them:

Scotiabank has the Most Patient Customers Ever

It may sound harsh, but Scotiabank's customers are among the most patient in the industry. Scotiabank frequently removes features in new releases, promising to bring them back improved, leaving customers to deal with less functionality in the interim. The loser is the customer who has to pit up with less functionality until Scotiabank can figure things out but they seem to stick around waiting and anticipating the next round of inconvenience.

Two Credit Unions are Worth a Look

Big Banks rarely worry about losing business to credit unions but they should note: Coast Capital Savings offers a better mobile experience than National Bank and BMO Bank of Montreal, rivaling RBC and Scotiabank, and Meridian Credit Union offers a better mobile experience than BMO Bank of Montreal.

Open Banking Pressure Influencing Third-party Balances

An open banking system would allow you to share your financial data with third-party applications of your choice. While Canadian regulations aren't there yet, banks are feeling the pressure to prepare. The good news is the pressure has lead to an increase number of banking firms providing the ability to show your balances held at other firms on your primary firm's balance page with the ability to easily move money between the firms.

Bugs and Performance Changes are not Improvements

Are you tired of your banking firm doing nothing to improve your overall mobile banking experience? We couldn't agree more but they sure try to convince you that they are constantly doing things to improve your experience. Check your bank's app page to see if recent updates are just bug fixes or performance tweaks, with little real improvement. If all you read is week to week, or month to month, that your firm is increasing performance and fixing bugs, it really means that they are doing nothing to improve your experience.

Rewards Areas Taking Up Prime Mobile Navigation Real Estate

Digital platforms now trend towards three to four navigation areas located at the bottom of the screen, with one reserved for a More or Menu option for additional choices.. One would agree that account information, history and money movements should take centre stage in a small area of choice but now the trend is to place transactional and money movements in one general choice and leave a key option for customers to view their credit card, or account-based, rewards balances and information.

Digital Card Management on the Rise

The most notable improvement this year is the expansion of debit and credit card management features and functionality. Progressive firms have had minimal functionality for many years but now digital banking customers have the ability to order and activate new cards and in some cases, block or suspend the usage of the cards.

The Tale of Two Mobile Platforms - Or More

All digital-based firms have what they would call customer experience (CX) experts. Those so-called experts consistently have us shake our heads during testing because the decisions made around taking desktop information and transitioning it into a mobile platform with the use of additional platforms only leads to poor CX. We perform a lot of user testing and review dozens of digital platforms over and over so when we have to ask ourselves questions about where we are, why is there now an additional menu, did I leave the application, why does this look different and finally do I need to login again?, then we know the so-called CX experts have failed miserably. And in some cases, the maze grows as the original application will open up not one, but two or three other areas as you get caught in the CX maze. If you see this type of stuff, we recommend you run.

Why do so many firms still lag in offering complete banking services on mobile devices? The honest answer is that the firms choose not to invest in what the consumer needs instead of building robust navigational designs that delivery ease of use along with critical banking features and functionality.

Glenn LaCoste, President and CEO of Surviscor Group


Go back to the 2024 Mobile Banking Experience Rankings

Go back to What Makes Surviscor Different


THE BOTTOM LINE

The Canadian mobile banking landscape, featuring competition among Big Banks, Credit Unions, and Neo/Branchless banks, shows significant investment in digital strategies. However, despite promises of user-friendly and innovative platforms, most institutions fail to meet minimum industry standards. Many firms mistakenly believe younger Canadians prioritize simplicity over functionality, leading to a less is more approach. This mindset limits mobile banking's potential, undermines consumer choice, and restricts features - ultimately alienating a tech-savvy user base that expects comprehensive, seamless services without sacrificing quality. By focusing more on marketing than on robust functionality, these institutions risk losing relevance in an increasingly competitive digital space.


The Surviscor DISCLAIMER

Surviscor takes the ultimate pride in recognizing, and calling out, any firm for both good, and poor, experiences. Canadians work hard for their money and having a compatible consumer banking financial partner is necessary and Canadian consumers should be holding all firms, big and small, to the highest standards of customer experience and cost of services. The consumer holds the cards, not the consumer banking firm, and there are the posted rates, promotional rates, and even special rates usually meant for new customers or new products. #FindTheRightFirm


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Explore other Surviscor Rankings

This review is only one of many Surviscor yearly digital experience reviews for Online Self-Directed Brokerage and Consumer Banking firms. Take a look at your current firms, firms you always thought about using, and maybe you'll even find a new firm to consider.