TD mobile banking app earns top spot in new report from Silicon Valley-based App Annie
TORONTO, Sept. 14, 2017 /CNW/ - A new report on retail banking apps released today by San Francisco-based firm App Annie, indicates an increasing number of Canadians are spending more time using mobile banking apps for their branch banking needs.
Among Canadian retail banking apps, TD earned the top spot across a number of key metrics including:
- Monthly active users
- Number of app downloads, which measures the rate of user acquisition
- Average sessions per user, an indicator of engagement that takes into account ease of use and functionality
App Annie's metrics are specific to the mobile app industry. They leverage diverse data sets from app stores, publishers, advertisers and end users and apply advanced statistical modeling and machine learning to develop detailed app-level metrics for companies to maximize the impact of apps on their business.
"Mobile continues to be our top channel for customer transactions, so we are very pleased that our commitment to delivering best-in-class mobile banking services is recognized," says Rizwan Khalfan, Executive Vice President and Chief Digital and Payments Officer at TD. "We're thrilled to be ranked so highly on metrics that directly reflect what's driving value for our customers. It's great validation - and feedback - as we continue to focus on building experiences that enable our customers to bank when, where and how they want."
"Undoubtedly, mobile apps are a disruptive force in banking, but they also present a significant opportunity for established banks with a large retail or branch presence," said Bertrand Schmitt, CEO and Co-Founder, App Annie. "Thanks to mobile, users are more engaged with their banks and feel more empowered when it comes to their finances than ever before. Traditional retail banks must be prepared to take charge with comprehensive app strategies and the data to back them up."
Interestingly, Canada continues to exceed the US in time spent per user in the top 5 retail banking apps since 2015.
TD demonstrates its ongoing commitment to providing Canadians with modern and innovative banking services by growing TD's mobile banking app features and offerings, including the TD My Spend App that features instant notifications, spending insights and category tracking to give users greater insights into their spending.
About App Annie
App Annie delivers the most trusted app market data and insights for your business to succeed in the global app economy. Over 900,000 registered members rely on App Annie to better understand the app market, their businesses and the opportunities around them. The company is headquartered in San Francisco with 450 employees across 15 global offices. App Annie has received $157 million in financing, including from investors such as Sequoia Capital, Institutional Venture Partners, IDG Capital Partners, e.ventures, Greenspring Associates, and Greycroft Partners.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 11.5 million active online and mobile customers. TD had CDN$1.2 trillion in assets on July 31, 2017. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
