Q3 results from Scotiabank, BMO beat analyst expectations

Toronto-based Canadian Imperial Bank of Commerce’s (CIBC) online money management tools helped the bank nab the top spot in Cambridge, Mass.-based Forrester Research Inc.’s annual Canadian online banking functionality benchmark.

CIBC earned a score of 79 of 100 points, which gave it a slight edge over Royal Bank of Canada (RBC), which received a score of 78. Bank of Montreal (BMO) and Bank of Nova Scotia tied for third place with a score of 73 while Toronto-Dominion Bank’s TD Canada Trust earned a score of 61. (All firms are based in Toronto.)

“We believe this recognition from Forrester is another indication of how CIBC is consistently creating new and innovative ways to put the client first,” says Aayaz Pira, senior vice president of digital, retail and business banking with CIBC, in a statement. “Online banking continues to be an integral part of our client’s banking experience and is part of our focus on delivering banking that fits the lives of our clients.”

Tools such as a “financial health check” feature that provides clients with actionable steps to improve their financial situation, a “net worth tracker” and a savings goal tool helped the bank retain the top spot for the third year in a row.

However, all of the Big Five banks made their mark in different categories. The ease with which clients can move money and manage their online accounts contributed to RBC taking the second spot. BMO stood out for its self-service features, including giving clients the ability to use its website to book appointments with branch staff. Most of the Big Five banks, including TD, were given high scores for their e-delivery of bills and statements. And Scotiabank received the highest score for its alerts system, which allows clients to choose the types of alerts they receive and provides alerts that inform the client of an account balance or when a bill has been paid.

However, in the area of alerts, there’s room for all of the banks to improve, according to the report, which called these particular features “adequate rather than world-class.”

Evidence suggests that further improvement of this particular feature could lead to more business with a client, the report states: “Forrester’s research has shown that bank alerts help strengthen relationships, create cross-sell opportunities, and raise customer satisfaction.”

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