The 2023 Canadian Online and Mobile Banking Scorecard from Javelin Strategy & Research underscores the opportunities for each of the seven largest retail financial institutions to differentiate and build digital experiences that can attract, satisfy, and retain consumers in a saturated market and compete with neobanks and financial apps eager for young, new-to-banking Canadians and new-to-Canada immigrants.

Toronto-based Canadian Imperial Bank of Commerce exhibited the most comprehensive use of digital channels, earning Best in Class—the top overall honor—in both mobile and online banking in Javelin’s scorecard. However, there are clear and viable pathways for any Canadian FI to take the lead. CIBC’s overall scores failed to eclipse 50% in either channel, leaving much of Javelin’s 350-plus digital banking features and functionality on the table.

The market’s underwhelming performance should serve not only as a wake-up call for digital upgrades but also as proof that the market it is ripe for digital differentiation. There is a vast opportunity for small but meaningful changes to improve the Canadian digital banking experience:

• Rethink transaction ledgers as opportunities for engagement and client interaction.
• Experiment with education and gamification to help navigate the touchy and complex topic of security.
• Capture “share of mind” with digital experiences that position the FI as a financial coach and the first place consumers turn when they have a financial need.
• Stand out from the competition with money movement experiences that go beyond basic functionality by incorporating more conveniences and features that simplify such laborious tasks.
• Take full advantage of digital customer service assets like virtual assistants, digital appointment schedulers, and branch/ABM finders by tackling new use cases and applications.
• Curate the digital account-opening experience by helping customers select the right products and providing consistent support options throughout the application.

Key questions discussed in this report:

• What strategic goals should digital banking strategists prioritize?
• Which features will help an FI stand out from the pack?
• How are leading FIs forging the way in online banking?