Tablet Banking in Canada
An Evaluation of Tablet Banking at Top Canadian Banks
In the span of only a couple of years, tablet banking has gone from being a relatively untapped and ambiguously categorized digital channel to a solid component of any bank’s suite of digital offerings. In the vast universe of digital banking, however, tablets have carved out little more than a niche.
Tablets are unique devices, yet a 2013 survey conducted by Bank Innovation found that most financial institutions are not dedicating slices of their budgets to tablets. Banks must make sure their strategic direction for digital channels is properly aligned to capture the behavioral evolution and client demand.
In the report Tablet Banking in Canada: An Evaluation of Tablet Banking at Top Canadian Banks, Celent looks at trends in tablet banking and evaluates the top financial institutions in Canada head-to-head. XCelent Awards are given for Breadth of Functionality / User Experience and Depth of Service.
Tablet sales are growing at a tremendous rate, and financial institutions can no longer sit on the sidelines. Celent does, however, expect tablet banking to be a relatively slow mover, especially since banks continue to grapple with the movement and rapid adoption of smartphones.
“Consumers are rapidly growing more accustomed to interacting with their financial institution through devices other than PCs,” says Jacob Jegher, Research Director with Celent’s Banking Group. “Celent believes that tablet banking represents a tremendous opportunity. However, banks aren’t exactly scrambling to release tablet apps.”
“Tablets are unique devices with distinct capabilities and form factors,” adds Stephen Greer, Analyst with Celent’s Banking Group and coauthor of the report. “Tablet touch screens are highly interactive, lending themselves well to rich user interfaces that feature customizable widgets, visual representations such as graphs and charts, and videos.”
This report outlines some of the trends affecting tablet development. XCelent awards are given, and then each bank’s app is profiled in depth. Appendices offer screenshots and features and functionality tables.