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|
|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|
|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**