Toronto 
Canadian banks are rebounding in customer satisfaction, finds latest J.D. Power 2024 Canada Retail Banking Satisfaction Study.
The survey, which measures various aspects of customer satisfaction, shows that the nation’s largest banks, often referred to as the Big 5, have increased their satisfaction score by 8 points, achieving an average score of 611 out of 1,000. Mid-size banks also saw a boost, with a 7-point increase in their ratings.
In terms of performance, RBC Royal Bank leads the Big 5, followed by TD Bank and BMO.
Big Five Banks in Order of Customer Satisfaction:
- RBC Bank
- TD Bank
- BMO
- CIBC
- Scotiabank
Among mid-size banks, Tangerine Bank holds the top position for the 13th consecutive year. ATB Financial and Simplii Financial followed in second and third positions.
Mid-Size Banks in Order of Customer Satisfaction:
- Tangerine Bank
- ATB Financial
- Simplii Financial
- National Bank of Canada
- Desjardins
Per the news release, the study measures satisfaction across seven factors (in order of importance):
- Trust
- People
- Account offerings
- Allowing customers to bank how and when they want
- Saving time and money
- Digital channels
- Resolving problems or complaints.
The study highlights that trust is the most crucial factor driving customer satisfaction. However, issues such as unexpected fees, errors blamed on customers, and negative media portrayals of banking practices remain significant concerns that could drive customers to other banks.
Only a small percentage of these customers experience all the recommended best practices in branches, indicating an area where banks could further improve service delivery.
J.D. Power finds that despite the rise in digital banking, almost half of the surveyed customers still use both digital and branch services.
The study, based on feedback from 14,460 retail banking customers, was conducted in two phases and provides a comprehensive view of the current state of customer satisfaction within Canadian retail banking.
