A study revealed that Canadians spend around 11 minutes on their mobile banking apps each month
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When it comes to retail banking apps in the Americas, it would seem like those of Canadian and Brazilian banks are the most used by customers.
A study by San Francisco-based firm App Annie revealed that there are a growing number of Brazilians and Canadians spending more time using their banking apps instead of visiting a branch for their banking needs.
Overall, Brazil led the pack, with an average Android phone user spending 25 minutes per month using a banking app. Canadian mobile banking apps recorded the second highest average monthly time per user at 11 minutes.
It is interesting to note that Canadian banking apps left those in the US in the dust. US customers spent only less than five minutes monthly on their banking apps, a rate which has been on a downtrend since 2015. According to the study, this is due to the rise of fintech apps which threaten the country's retail banking sector.
Amongst all the Canadian banks, TD achieved the top spot in all key areas including the monthly active users, the number of app downloads, and the average sessions per user.
"We're thrilled to be ranked so highly on metrics that directly reflect what's driving value for our customers. It's great validation - and feedback - as we continue to focus on building experiences that enable our customers to bank when, where and how they want," TD executive vice president and digital and payments officer Rizwan Khalfan said.
App Annie Co-founder and CEO Bertrand Schmitt commented that whilst mobile apps are a disruptive force in banking, they still introduce an opportunity for established banks with a large retail presence.
"Thanks to mobile, users are more engaged with their banks and feel more empowered when it comes to their finances than ever before. Traditional retail banks must be prepared to take charge with comprehensive app strategies and the data to back them up," he said.
For more of Wealth Professional's latest industry news, click here.
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A study by San Francisco-based firm App Annie revealed that there are a growing number of Brazilians and Canadians spending more time using their banking apps instead of visiting a branch for their banking needs.
Overall, Brazil led the pack, with an average Android phone user spending 25 minutes per month using a banking app. Canadian mobile banking apps recorded the second highest average monthly time per user at 11 minutes.
It is interesting to note that Canadian banking apps left those in the US in the dust. US customers spent only less than five minutes monthly on their banking apps, a rate which has been on a downtrend since 2015. According to the study, this is due to the rise of fintech apps which threaten the country's retail banking sector.
Amongst all the Canadian banks, TD achieved the top spot in all key areas including the monthly active users, the number of app downloads, and the average sessions per user.
"We're thrilled to be ranked so highly on metrics that directly reflect what's driving value for our customers. It's great validation - and feedback - as we continue to focus on building experiences that enable our customers to bank when, where and how they want," TD executive vice president and digital and payments officer Rizwan Khalfan said.
App Annie Co-founder and CEO Bertrand Schmitt commented that whilst mobile apps are a disruptive force in banking, they still introduce an opportunity for established banks with a large retail presence.
"Thanks to mobile, users are more engaged with their banks and feel more empowered when it comes to their finances than ever before. Traditional retail banks must be prepared to take charge with comprehensive app strategies and the data to back them up," he said.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Will Canada’s Big Six astound again on earnings week?
Can technology break beyond investment management?
