Toronto-Dominion Bank (TD) is exceeding its Big Five bank counterparts when it comes to mobile banking applications, according to a recent report by San Francisco-based App Annie.
The study from the app market data and insights firm reveals that more and more Canadians are connecting with their banks via mobile apps, thereby creating greater ongoing interaction.
In 2017, for example, Canadians are spending more than 10 minutes a month on mobile banking apps whereas users were spending less than 10 minutes in both 2016 and 2015.
"Undoubtedly, mobile apps are a disruptive force in banking, but they also present a significant opportunity for established banks with a large retail or branch presence," says Bertrand Schmitt, CEO and co-founder of App Annie, in a statement. "Thanks to mobile, users are more engaged with their banks and feel more empowered when it comes to their finances than ever before."
App Annie's study measured the top five Canadian retail banks under the following five criteria:
1. Monthly active users: This measurement determines the size of an app's user base.
2. Downloads: The number of times a new user downloads the app.
3. Average sessions per user: The length of an average session is used to detect user engagement in areas such as ease of use, functionality and features that encourage users to return.
4. Open rate: The percentage of users who opened an already installed app within the past month.
5. Average review score: The self-reported user satisfaction score, which can help identify surface issues such as bugs and crashes.
TD received top marks across all five categories. Following TD in the rankings were Royal Bank of Canada, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and Bank of Montreal.
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