Today marks the launch of a brand new series here at BankNerd.ca; this new series will put mobile banking apps against each other to determine which bank offers the best mobile banking app on the market.
To start these matches off, I felt that the two most recent mobile banking apps from the Big 6 would be appropriate. The mobile banking apps that will be facing off today are RBC’s Mobile Banking App and BMO’s Mobile Banking App.
I have prepared a comparison of what these two mobile banking apps have to offer:
|Functionality||BMO Mobile Banking App||RBC Mobile Banking App|
|View Account Balances|
|View Account Details*|
|View Transaction History and Payment History|
|Interac Email Transfers|
|Locate Branches & ATMs|
|Blackberry Mobile Banking app|
|iPhone Mobile Banking app|
|Android Mobile Banking app|
|Mobile Banking Browser|
*For accounts such as credit lines, credit cards, mortgages, and loans
|Appearance||BMO Mobile Banking App||RBC Mobile Banking App|
|Easy to Use|
|Colors and Design|
As you can see, both of these mobile banking apps offer similar features, but BMO’s mobile banking app is lacking in certain departments causing them to fall short compared to RBC’s mobile banking app.
What is BMO’s mobile banking app lacking?
One of the most commonly used features of a mobile banking app is the ability to pay bills. What usually happens is that on your online banking account you would create a list of payees, and from your mobile banking app you will be able to pay those payees. It can be anything from a credit card, down to a bill payment.
As you can see in the chart above, BMO failed to include that feature in their mobile banking app. At least, BMO’s mobile banking app does allow you to transfer funds between accounts, which includes your credit cards. So on a technicality you can pay a bill, but only your credit card bill. Do not get me wrong, most of the time I will be using my mobile banking app to check my account balance or send Interac email money transfers.
This brings to my next point, BMO’s mobile app does not allow you to send Interac email money transfers! In my opinion, this is a key feature for anyone, especially students. It makes life so much easier knowing if a friend covers your cost on something, you can just pull out your smartphone and go on your mobile banking app to send the money to them. The worst part of not having this feature is the fact that there are plenty of BMO chequing accounts that offer a number of free Interac email money transfers a month.
The last feature that BMO’s mobile banking app is lacking in comparison is the fact that it does not offer a fully integrated Blackberry mobile banking app. RBC took it upon themselves to deliver a mobile banking app that covered most of the market, and they did so well. The app runs smoothly and even offers an integrated locator function that makes use of Blackberry maps.
What could both these mobile applications do to improve?
In my opinion, all you really need from a mobile banking app is to view your accounts, view transactions, pay bills, transfer money and send Interac email money transfers, however that is only on a features perspective.
I feel that both these banks need to get going on releasing a fully integrated Android mobile banking app. It is about time one is released, and it would definitely please a lot of their clients.
With what has been said, it is clear that the winner in this match is none other than RBC. They not only offer all of the features a mobile banking app should have, but they even went as far as to offer a fully integrated Blackberry mobile banking app.