Tangerine shows who’s boss in digital

What makes a bank brand digitally excellent? A new Ipsos study reveals who is doing what right.

Tangerine

There’s not a soul on the planet who doesn’t dread lengthy lines at the bank. (If they say they don’t, they’re lying.) There’s more demand than ever for financial brands to mitigate the chore of coming into a bank altogether. And in response, financial institutions are helping out by improving their digital offerings, from site navigation to e-mail transfers to smartphone cheque deposits.

But one bank is doing digital best. And that’s Tangerine, according to a new Ipsos Reid study, commissioned by Google Canada, which ranks the bank highest in “Digital Excellence.” It determined this by asking 1,500 Canadians to evaluate and rate eight major financial institutions on 21 attributes that define six dimensions — that being tools, appearance, navigation, information, relevant transactions and security. The online respondents not only rated the banks’ websites (both general and secure), but also their mobile apps.

From there, Ipsos found the brands’ “Digital Excellence Index Score,” and placed them in sequential order, from the most digitally-savvy to the least, which you can see below. (Note: scores above 100 indicate a brand’s rating is higher than the average).

1. Tangerine, 134
2. TD, 112
3. RBC, 104
4. Scotiabank, 103
5. BMO, 97
6. CIBC, 91
7. President’s Choice Financial, 89
8. Amex, 67

Of all the rated attributes, those that related to a brand’s tools and appearance were given the most importance by participants. “The banks that succeed offer a variety of tools that are unique and innovative, with an appealing aesthetic across all platforms,” stated the report, called Digital Excellence in Financial Services.

And while Tangerine scored high on appearance for both its general and secure website, the study noted that the bank could stand to improve its mobile app appearance and tools.

All of the financial institutions’ highest-rated performance was tools. The second best attribute for Amex was navigation, as it was for President’s Choice Financial and CIBC, while BMO’s was information, and Scotiabank, RBC and TD’s was appearance.

Ipsos Tangerine Ipsos TD Ipsos RBC Ipsos Scotibank Ipsos BMO Ipsos CIBC Ipsos President's Ipsos AMEX