Mobile Banking Match 5: ING Direct Canada vs Toronto Dominion Bank
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 three matches were great, in the first match we saw the Bank of Montreal (BMO) face-off against the Royal Bank of Canada (RBC, in the second match we saw Canadian Imperial Bank of Commerce (CIBC) go up against Toronto-Dominion Bank (TD), in the third match we saw ING Direct Canada went up against Scotiabank and last week we saw RBC go up against TD
Today’s match is going to be great, especially since we are in the final round. The contenders are none other than ING Direct Canada and Toronto-Dominion Bank
I have prepared a comparison of what these two mobile banking apps have to offer:
| Functionality | IND Direct Canada Mobile Banking App | TD Mobile Banking App |
|---|---|---|
| View Account Balances |  | |
| View Account Details* | | |
| View Transaction History and Payment History | | |
| Pay Bills | | |
| 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 | TD Mobile Banking App |
|---|---|---|
| Easy to Use | | |
| Descriptived | | |
| Colors and Design | | |
As you can see, both of these mobile banking apps offer a lot of the same features, with only one difference. The difference is of course is that ING does not offer Interac Email Transfers on their apps. Other than that, the features are the same, including what platforms you can find these mobile banking apps on.
How do these mobile banking apps differ?
As I mentioned above, the difference between these two mobile banking apps is the fact that ING does not offer Interac Email transfers. They do have email transfers, which are free, but when you send out an email transfer to someone at a different bank it takes a while for the funds to be received. However, as I stated in a previous mobile banking match, ING is planning on offering Interac e-transfers in the future. I recently spoke with an ING representative and was told that they launched Interac e-transfers to employees October 16th to test it out. It is going live to all clients on October 23rd. I am sure a lot of people will be happy to hear this. Now the problem is whether it will be on their mobile banking app at the time of the launch. I for one am hoping they do launch an update to allow people to send Interac e-transfers.
Outside of the features I have listed in the table above, both ING and TD offer several features that the other might not have.
TD for example offers clients the ability to monitor their investments by checking account balances, list orders, holdings and activity. This is all done through their TD Waterhouse side of the mobile banking app. You are able to log in through your WebBroker Connect ID. With that said, you are also able to view and manage watch lists and get real-time quotes for stocks, ETF and mutual funds.
On the other hand, ING does allow clients to buy and sell Streetwise Funds (mutual funds) from the mobile banking app.
ING offers several features that TD does not have, which includes a mortgage calculator feature, allowing you to see how much you can afford.
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 on Oct 23rd. I hope that when it does happen, clients can add recipients to your email money transfer list from the mobile banking app.
What I am hoping that TD will have in the future is the ability to add recipients from the mobile banking app itself. Hopefully ING will already have that feature on their mobile banking app when it is launched.
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. In a few days their mobile banking app (in my opinion) will be complete. Although they may not Interac e-transfers right now, they offer a lot of unique features that make them the victor of the mobile banking matches.
**UPDATE: ING now offers Interac e-Transfers**
Clay
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Keith Penny
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Comments (17 )
Sensei,
It is bizarre, that neither of these two finalists have actual mobile app, they are both wrapping a website in a WebView. Both apps are super slow, which is evident on the appstore/Android Market reviews and are very ugly. Just the login page takes at least 10 seconds to load on my iPhone.
If you follow the same logic you used in your review for the CIBC Android app, both of these apps should be disqualified, since neither of them is a real app!
[Reply]
Sensei Reply:
October 21st, 2011 at 10:47 am
Honestly, I have been hearing that these mobile apps are in fact a wrapping of a website (like you mentioned), however I am in no way a app developer, just a consumer. You mentioned it takes at least 10 seconds for the login page to load; to be honest, I only found it taking 3 seconds + when I had a lot of apps running in the background.
Personally, I classify a mobile banking app as something that is launched as an application on the; that being said a browser launcher does not count.
[Reply]
Hi Sensei,
I understand, but there is very little difference between a browser and an app wrapping a website. They are all slow, ugly and don’t integrate well with phone functions. As a consumer why would I care if it’s a bookmark launcher or if I download it from the AppStore? I care that it is a real app that is fast and integrates well with my phone.
As for performance, you need to test it in real world scenario, on 3G with not so optimal signal. Using WIFI to test is not correct because if you are at home, you can simply bank on your computer. You need mobile apps on the go when you don’t have access to a computer. Just launch the TD bank app on your iPhone with 3G and click on my accounts right away. It is impossible to get the login page in 3 seconds.
In any case, CIBC’s Android app is exactly like TD’s Android app, a wrapper app to cibc.mobi, yet you classified TD as having an Android app while CIBC doesn’t. This is not fair.
The only banks that have real apps are RBC, Scotia, and CIBC (iPhone only). BMO (iPhone only). The rest are not apps, just websites.
[Reply]
Ing app now has Interac money transfers!!!!!
[Reply]
Sensei Reply:
October 24th, 2011 at 12:51 pm
We launched the news first last week
. I have updated the article stating that Interac e-Transfers are now available.
[Reply]
Tristan Reply:
October 24th, 2011 at 2:02 pm
Wow you update ING stuff pretty quickly…. you don’t seem to offer other banks the same courtesy.
[Reply]
Sensei Reply:
October 25th, 2011 at 1:01 pm
It may only seem that way, but I do try to update any information as quickly as possible. Personally I do feel I keep up with most banks; sometimes I might drop the ball on it but for the most part I feel I am good. Just today I wrote an article about the launch of TD’s and Expedia’s new travel booking website.
@Tristan
I don’t know if you’ve noticed but this site is dedicated to announcing new bank features every day. The problem is the other banks suck. Any new feature they have is usually designed to screw their clients.
[Reply]
Sensei Reply:
October 25th, 2011 at 1:11 pm
Thank you for the kind words. Although, I would not go as far as to say that other banks suck. I would just say that they are not for everyone
[Reply]
Hi Sensei,
No problem. I really enjoy the site and your Twitter Feed. Keep up the great work!
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Great new feature of the ING app on the iPhone:
You can now turn the phone sideways from the opening screen and it will display your orange key and the ability to text or email it to a friend. hey also now have a “Magic Cube” feature with is basically quick links to important information and services. Just keeps getting better and better.
[Reply]
Samir Reply:
October 27th, 2011 at 12:15 pm
Shawn,
ING on the iPhone is not an app, just a bookmark to their website put on the AppStore to fool people. And it looks like many have been fooled.
It should be obvious from the quality of what you download if you are getting an app or a website. Apps are fast and integrate well with your phone. I can run what ING has on a cheap feature phone, you don’t need an iPhone for that.
[Reply]
Tristan Reply:
October 27th, 2011 at 5:00 pm
Hahhahaha…. You should really sign you name “Shawn – Happy ING employee”
[Reply]
Bank Guru Reply:
October 28th, 2011 at 5:27 pm
or for some people “Hi, I am a Scotia employee…”
[Reply]
I was just looking at the Apple App store ratings, and saw something interesting. The ING app that you rated #1 is actually the worst rated banking app! ING 2.5/5, TD 3.0/5, RBC 4.0/5, Scotiabank 4.0/5, BMO 3.5/5, and CIBC 4.0/5.
What this goes to show is that even ING’s customers don’t think it’s a good app, and points to something being wrong with your methodology (or lack of one).
While it appears much of your points are based on a subjective opinion, which matters, you really need revisit what really matters in these reviews.
Comparing just the # of features is not a good strategy… it’s like saying a KIA with sunroof & power-doors is a better car than a Mercedes/BMW without a sunroof JUST BECAUSE IT HAS A SUNROOF.
In the future I’d suggest a couple things so that everyone gets a fair review.
Use the app for multiple days. Get login credentials and perform transactions. Get a sense for how the apps feel and work. Read reviews and see what kind of problems customers are having. See what customers love. Get a better understanding for Apple’s human interface guidelines. Do some research on usability (or get someone to help you if they’re a professional in that field).
Thanks.
[Reply]
Bank Guru Reply:
November 23rd, 2011 at 5:20 pm
Hi Adam,
Fantastic and detailed response. Love seeing comments like that, even if they are negative ones. Makes us feel happy that we inspire commentators to comment on our post.
Had a hard time liking your comment. One moment you say something nice about us then something negative. Then I looked at the next comment and noticed Tristan was a Scotia employee. I thought to myself, ‘what are the chances of a second employee from Scotia going against ING?’
Turns out Adam (is that your real name?), you are another Scotia employee. The only difference is you are a Scotia McLeod employee. Thanks for stopping by
We might revisit the ‘battle’ as two of the major banks of updated the mobile app since we launched it.
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Adam Reply:
November 23rd, 2011 at 9:37 pm
1. not sure why you think i’m a bank employee, but you’re wrong.
2. look forward to future reviews, don’t get me wrong, they’re a great idea as long as they’re fair. I understand that feedback, especially if negative, is not fun to receive, but I tried to be constructive and give you advice.
You’ve got me email if you have questions.
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