For the past few weeks we have been running a brand new series on BankNerd, which is none other than the mobile banking app matches.
The first two matches were great, in the first match we saw the Bank of Montreal (BMO) face-off against the Royal Bank of Canada (RBC) and in the second match we saw Canadian Imperial Bank of Commerce (CIBC) go up against Toronto-Dominion Bank (TD).
I have prepared a comparison of what these two mobile banking apps have to offer:
|Functionality||IND Direct Canada Mobile Banking App||Scotiabank 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||IND Direct Canada Mobile Banking App||Scotiabank Mobile Banking App|
|Easy to Use|
|Colors and Design|
As you can see, these two mobile banking apps offer the same features, with the exception that ING Direct offers mobile banking app on all platforms, including Blackberry’s, while not offering Interac Email Transfers.
How do these mobile banking apps differ?
Despite having every major smartphone platform covered (including Windows Phone 7), ING falls short on their Interac Email Transfers. That is not to say that they do not have an email transfer service. They do, however it is not affiliated with Interac.
The difference between these two services is the fact that one is quicker than the other, however this difference will soon be nonexistent.
A spokesperson from ING Direct explained that ING is working on making Interac Money Transfers a feature of their THRiVE chequing account, and they plan on launching it later this year.
Scotiabank was among the first banks to launch a mobile banking app, and the fact that they do not have an integrated Blackberry mobile banking app is unacceptable (in my opinion). On the bright side, they do have a recently launched an Android mobile banking app, and the response has been positive.
Scotiabank has a great feature on their mobile banking apps called “Account Swipe-through”. With this particular feature, you are able to literally swipe through your accounts one after another, instead of having to select which account you want to see. Another great feature Scotiabank has to offer is the ability to send money transfers via Western Union. In fact, this is a unique option that no other bank offers.
ING offers several features that Scotiabank does not, which includes a mortgage calculator features, allowing you to see how much you can afford. Another feature ING offers is allowing clients to buy and sell Streetwise Funds (mutual funds).
Recently, ING introduced a new feature called “Orange Snapshot”. This feature allows clients to keep track of your spending anywhere. It gives you instant access to your Account balances, history, pending transactions and ING Direct Rates. With Orange Snapshot, clients can quickly and securely access their account information in a read-only manner. After registering for Orange Snapshot (this is done straight from their mobile app), you can keep track of you finances at any given time of the day.
What could both these mobile banking apps do to improve?
Honestly, for ING Direct I think the main feature they need to get as of now is Interac Email Transfers, and I have been informed that it will be happening. I hope that when it does happen, clients can add recipients to your email money transfer list from the mobile banking app.
For Scotiabank, they definitely need to get on a fully integrated Blackberry app; ING not only has a Blackberry app, but also a Blackberry Playbook app, in which they were the first in the world to launch.
With what has been said, in my opinion ING Direct is the winner of this match. They offer everything you need from a mobile banking app. The feature they do not offer at the moment (Interac Email Transfers) will be launched by the end of the year. Scotiabank put up a good fight, but they still fell short; their mobile banking app is good, but not as good as ING’s.