Consumer Payment Card News

CIBC & Tangerine Credit Card Mobile Apps Rated Best

CIBC & Tangerine

CIBC & Tangerine ranked first and second, respectively, as providing the highest overall satisfaction among Canada credit card mobile apps. In the same study, Desjardins ranked highest in overall satisfaction for Canada online credit cards, followed by RBC Royal Bank.

J.D. Power conducted four Canadian surveys to track overall customer satisfaction with banking and credit card providers’ digital offerings. Power notes nine out of ten retail bank customers in Canada had at least one digital interaction with their banks in the past three months and 70% of credit card customers says interacting with online and mobile apps has become a critical component to overall customer experience.

CardData reports as of March 31, there are 132 million Visa and Mastercards issued in Canada. Over the past twelve months Canadians made US$430 billion in purchases on both card brands.

CardTrak recently published a list of nine most popular credit cards in Canada.

Canadian App Rankings

Scotiabank ranked highest in overall satisfaction among Canada banking mobile apps, with CIBC ranking second, followed by RBC Royal Bank. TD Canada Trust ranked highest in overall satisfaction for Canada online banking, followed by CIBC and Scotiabank, both tying for second place.

The rankings for best overall satisfaction among Canada credit card mobile apps: CIBC #1; Tangerine #2; and American Express #3. Desjardins ranks highest in overall satisfaction for Canada online credit cards, followed by RBC Royal Bank and TD Canada Trust (822) ranks third.

J.D. Power found Canadians indicate strong levels of understanding of features and offer high marks for mobile app appearance. The higher overall satisfaction scores for credit card mobile apps are attributable to a more tailored visual user experience that limits content to pertinent information and key functionality.

Canadian Banking Apps

Banking mobile apps have the highest percentage of customers accessing the app 12 or more times a month. Higher usage of eight or more times a month on either online or mobile platform substantially increases overall satisfaction. Overall, 77% of bank mobile app users say their bank’s mobile app is either “somewhat important” or “very important” channel in preventing them from switching to a different bank.

The J.D. Power overview for bankers notes the bulk of spending and design activity in the banking and credit card online and mobile app space has been focused on creating rich feature sets and improving usability. As the technologies evolve, the focus needs to shift to personalization, creating a curated user experience that delivers both convenience and streamlined usability.

Canadian Credit Card Apps

Vice President Bob Neuhaus of J.D. Power says nearly 40% of banking customers conduct all of their interactions digitally without ever setting foot in a bank branch. As more banking and credit card customers interact more frequently with their providers’ digital channels, these digital experiences will become a fundamental part of the overall brand. 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.

Robert McKinley, Senior Analyst of CardTrak, CardData and CardFlash, suggests the K.I.S.S. design principle is best applied to mobile banking and credit card apps wherein simplicity trumps complexity. He notes a recent client report prepared by RAM Research examining new credit card mobile apps reveal customers want to do just two things quickly: make a payment and check available credit. Monitoring every transaction, via text, is a highly rated PayPal service. Therefore, credit card websites are quickly moving towards “Keep It Simple, Stupid.”

The four J.D. Power studies: – Canada Banking Mobile App Satisfaction; Canada Online Banking Satisfaction; Canada Credit Card Mobile App Satisfaction; and Canada Online Credit Card Satisfaction.