Mobile banking in demand

J.D. Power ranks Canada’s banks and finds customers want more mobile banking options.



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  • Overall, Canadians are increasingly satisfied with their banks yet more Big 5 and mid-sized bank customers perceive their bank as being increasingly profit driven and less customer focused in 2013 compared to 2012, according to J.D. Power’s latest survey. Another qualm Canadians have with their banks is unmet mobile technology expectations. Providing a mobile banking option is critical in migrating routine transactions, especially deposits, out of the branch, helping to reduce bank costs while providing convenience for customers, J.D. Power said. In terms of J.D. Power’s individual bank rankings, TD Canada Trust once again came out on top in the big bank category scoring 781 on the 1,000-point scale while ING Direct Canada took top honours in the mid-sized category with 839 points.
  • RBC may be looking to improve its below average score on the J.D. Power tally sheet by boosting its mobile capabilities. The bank said Thursday it plans to roll out its RBC Secure Cloud for mobile payments by year end. The  bank says it’s the first cloud-based mobile payments service in Canada and that it assumes the security burden when Interac, Visa and  MasterCard payments using the service since sensitive client data remains with the bank, as opposed to keeping it on the phone, as is the case with other models. The data is transmitted via NFC technology, encrypted and decoded locally on the client’s mobile device at point of sale through partnerships with mobile service providers. The “open wallet” architecture also means means the service will have the ability to support non-RBC payment methods and inter-bank access to payment information in future.  “We have designed a mobile payment solution that offers a better client experience and increased security than has been previously available, while meeting industry standards,” said Linda Mantia, executive vice-president, Cards and Payment Solutions, RBC. “The result is a solution that offers benefits and options to everyone in the payment ecosystem.”
  • Meanwhile, BMO is offering advice to newlyweds neglecting their finances. Nearly two-thirds of married Canadians wish they had spent more time discussing money with their partner before getting hitched, according to the bank. Specifically, 28% would have talked about establishing emergency funds for unexpected expenses, 25% said identifying personal short and long-term financial goals, 24% said how to manage everyday household finances and 19% wish they’d chatted about creating and updating a will. Takeaways? BMO says be honest, compromise, create a budget and plan ahead. Good advice for anyone really, not just newlyweds.

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