Last week I launched a brand new series on BankNerd – the series that was launched was none other than the mobile banking app matches.
The first match of the series put two of the latest mobile banking apps against one another. The Bank of Montreal (BMO) faced off with the Royal Bank of Canada (RBC), the outcome being that RBC’s mobile banking app the victor.
I have prepared a comparison of what these two mobile banking apps have to offer:
|Functionality||CIBC Mobile Banking App||TD 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|
|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 the same features with the only exception being the platforms that they run on. TD’s mobile banking app has been launched for both Android’s and Blackberry’s with fully integrated apps. CIBC mobile banking app on the other hand is simply a shortcut to launch their mobile banking browser.
How do these mobile banking apps differ?
Aside from having fully integrated mobile banking apps on all of the major platforms, CIBC is lacking in certain aspects.
As you can see below, both apps allow you to view all accounts on once screen, however CIBC totals each account.
In my opinion, I do find that CIBC does take it a step further by showing the total balance for the accounts in the same category, and in all honesty do not see why TD does not have the same feature on their mobile banking app.
Now both mobile banking apps allows you to store more than one card number on your phone, however I find that TD’s mobile banking app shows it a lot nicer. As you can see below, CIBC lets you click a button to use a different card number, while TD allows you to scroll through your stored card numbers in a drop down menu.
TD’s way of going about this looks a lot better to me than CIBC’s; personally I find it a lot more appealing and the fact that I can always enter a new card number below without having to go to another menu is great.
In terms of performance, I find that both of these mobile banking apps work well. I have heard from some people that the TD mobile banking app runs a bit slow in between screen, however from my own personal use I do not find that at all. CIBC’s performance on their mobile banking app is great as well, and again, I have heard that it is a tad slow when switching between screens.
Personally, after testing out both applications, I have found TD’s to run a bit smoother, however I am sure there are people who feel otherwise.
A feature that CIBC’s mobile banking app offers that TD’s doesn’t is the ability to add Interac email transfer recipients straight from the mobile banking application. This is a great feature, and should be a common feature on all mobile banking apps, however it is not.
What could both these mobile banking apps do to improve?
Interac email money transfers are important to any mobile banking app, however there is one feature that TD can improve on is the ability to add any recipients to your email money transfer list from your mobile banking app. You need to do via the online banking website for the respective bank. I find it frustrating because it does eliminate the idea that you can send money to anyone at anytime whenever you want. Realistically, you can only send money to the people you have on your email money transfer list at the time.
CIBC can improve what platforms their mobile application works on, and by that I mean fully integrated applications. Personally, I do not find mobile browser launchers to be an app considering you are going on the web to use it.
With what has been said, in my opinion I have found that the winner of this match is none other than TD. They not only offer all of the features that CIBC has, but do so on other platforms, which in my opinion is necessary for any mobile banking app to do.
**Update: Article Information has been corrected**