Category: Financial ServicesCanada

Advanced Wealth Management Apps and Websites Continue to Score Points with Customers in Canada, But Lag U.S. on AI Adoption, JD Power Finds

2025-11-24

jillian.breska

TORONTO: 25 Nov. 2025 — Sleek design, intuitive investing tools and a streamlined cross-channel experience have become the hallmarks of great wealth management apps and websites for investors in Canada. According to the JD Power 2025 Canada Wealth Management Digital Experience Study,^SM released today, both advised and do-it-yourself (DIY) wealth management websites and apps have more advanced features than ever to help investors get better visibility into their portfolios. When compared with the apps and websites of U.S. wealth management firms, however, the digital offerings of wealth firms in Canada are decidedly less focused on Artificial Intelligence (AI)-powered virtual assistants[1]. 

“Fintech players have really set the pace for digital among wealth management firms in Canada, and established brands have taken note by making significant improvements to their digital apps and websites,” said Mike Foy, managing director and head of wealth intelligence at 
JD Power. “One area where we are seeing decidedly slower adoption among legacy wealth management brands in Canada, however, is in the use of virtual assistants. While many of the top-performing firms in Canada and the U.S. have embraced AI-powered tools, the overall adoption rate in Canada is considerably slower—despite widespread interest among clients.”

Following are key findings of the 2025 study:

• Top-performing brands score points on visual appeal, investing tools: The top-performing brands in the study set themselves apart by offering sleek, intuitive designs, easy navigation and information-rich content that is consistent across different digital channels.
• Virtual assistants drive customer satisfaction: The average overall satisfaction among advised wealth management app users who use their firm’s virtual assistant is 696 points (on a 1,000-point scale), which is 54 points higher than among those users whose firm’s app does not offer a virtual assistant. In the DIY segment, overall satisfaction scores are 29 points higher, on average, when investors use virtual assistants than when no such service is offered.
• Advanced queries still require human intervention: Even the most sophisticated wealth management virtual assistants are effective for routine or reactive tasks, but do not proactively make suggestions or anticipate user needs. More advanced requests typically require escalation to a human agent or advisor. 

“As a general rule, the more investing tools, charting capabilities and security safeguards wealth management firms offer on their apps and websites, the more deeply investors engage with those channels,” said Jon Sundberg, senior director of digital solutions at JD Power. “The wild card, however, as firms adopt more sophisticated investing tools across different platforms is that they need to deliver a consistent, cohesive user experience in each channel. Firms that manage the balance of powerful tools and streamlined integration are the ones that really set themselves apart in this study.”

Study Rankings

TD ranks highest in overall customer satisfaction with the advised wealth management digital experience with a score of 689. CIBC (685) ranks second and BMO (674) ranks third.

Wealthsimple ranks highest in overall customer satisfaction with the DIY wealth management digital experience for a second consecutive year, with a score of 709. CIBC Investor’s Edge (665) ranks second and RBC Direct Investing (659) ranks third.

The Canada Wealth Management Digital Experience Study was redesigned for 2025, thus overall satisfaction scores are not comparable with previous-year studies. The study evaluates customer satisfaction with the wealth management digital experience, inclusive of both apps and websites, based on four factors (in alphabetical order): design, information, system performance and tools/capabilities. This year’s study is based on responses from 4,686 advised and DIY investors and was fielded from June through August 2025.

For more information about the Canada Wealth Management Digital Experience Study, visit https://www.jdpower.com/business/jd-power-ca-wealth-management-digital-experience-study-award-information. 

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

Media Relations Contacts
Gal Wilder, NATIONAL PR; 416-602-4092; [email protected] 
Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected] 

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹JD Power 2025 U.S. Wealth Management Digital Experience Study^SM

 

Customer Satisfaction Gap Widens Between Big 5 and Midsize Banks in Canada, JD Power Finds

2025-10-14

jillian.breska

TORONTO: 16 Oct. 2025 — After a surge in customer satisfaction with both Canada’s large (Big 5) and midsize banks a year ago, a new JD Power study released today reveals a decline among the Big 5 and a widening satisfaction gap between the two segments. According to the JD Power 2025 Canada Retail Banking Satisfaction Study,^SM  customer satisfaction with the Big 5 banks declined 7 points (on a 1,000-point scale) to 604, while satisfaction with mid-size banks rose 5 points to 649. The satisfaction gap between the two segments was evident across all key factors measured in the study.  

“While satisfaction with Big 5 banks is trending downward, they still hold the lion’s share of the consumer market and earn their primacy through elements such as branch convenience, clarity of communications and frequency of advice that resonates with clients,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “However, in many other aspects, midsize banks are outperforming the Big 5 and this has a direct effect on satisfaction. Most notably, the difference revolves around high-impact banking experiences related to ease of use and personalization.” 

More customers of midsize banks said it was easy to review recent transactions (55% vs. 43%), easy to deposit cheques (50% vs. 40%) and receive information from the bank that is tailored to their needs (78% vs. 65%).

Following are some key findings of the 2025 study:

• Improving problem resolution: The most notable improvement demonstrated by Canadian banks this year is problem resolution. Both Big 5 and midsize banks are doing a better job of reducing friction and addressing customer complaints. Satisfaction with problem resolution has improved 19 points among midsize banks and 13 points among Big 5 banks.
• New account experience struggles: While banks have shown improvement in problem resolution, new account opening satisfaction has declined, with challenges in providing a seamless and smooth experience. New account opening satisfaction declined among customers of both Big 5 banks (-17 points) and mid-size banks (-7), with notable drops in the knowledge and helpfulness of the representative and the clarity of product information provided.
• Attrition rises slightly: Customer loyalty shows signs of softening in this year’s study. The percentage of customers who switched their primary banking relationship in the past 12 months rose to 7%, up from 6% during the previous three years. The leading reasons for switching remain consistent: poor service experience; excessive or high fees; and promotional offers from competing institutions.

Study Rankings

RBC ranks highest in customer satisfaction among the Big 5 banks for a second consecutive year, with a score of 611. CIBC (607) ranks second and BMO (606) ranks third.

Tangerine Bank ranks highest among midsize banks for a 14^th consecutive year, with a score of 683. 

The Canada Retail Banking Satisfaction Study, now in its 20^th year, measures customer satisfaction with Canada’s large and midsize banks. The scores reflect satisfaction among retail banking customers who consider one of the 10 banks to be their primary bank and have a chequing account with the bank. 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; and resolving problems or complaints.

The study is based on responses from 14,399 retail banking customers of Canada’s large and midsize retail banks regarding their experiences with the financial institutions. The study was fielded in two waves in January-February 2025 and in July-August 2025.

For more information about the Canada Retail Banking Satisfaction Study, visit https://www.jdpower.com/business/retail-banking-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

Media Relations Contacts
Gal Wilder, NATIONAL PR 416-602-4092; [email protected]
Joe LaMuraglia, JD Power; 714-621-6224; [email protected]

 

Economic Headwinds Erode Small Business Satisfaction with Banks in Canada, JD Power Finds

2025-10-21

jillian.breska

TORONTO: 23 Oct. 2025 — As the number of financially unhealthy Canadian small businesses rises—now at 60%—satisfaction among small businesses with their primary bank declines for a second consecutive year. The JD Power 2025 Canada Small Business Banking Satisfaction Study,^SM released today, shows that overall satisfaction among small businesses declined 3 points (on a 1,000-point scale) to 652.

Inflation remains the top economic concern for small businesses, mentioned by 54% of respondents but down from 61% in 2024. Tariffs appeared on the list for the first time and is noted as a challenge by 40% of respondents. Supply chain constraints were noted by 34% of respondents, down from 36% a year ago.

“There is a strong relationship between a business’s financial health and its satisfaction with its bank,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “Financially healthy small businesses have higher satisfaction—a gap of 126 points—than those that are financially vulnerable or constrained by cash or capital. The financial needs of small businesses are unique, and this reflects the critical role proactive communication, services that support small business financial health and bank relationship managers play in assisting small businesses. Satisfaction levels rise when banks deliver advice and services that help businesses meet their spending and saving goals, manage their budget and debt and make better financial decisions.”

Following are some key findings of the 2025 study:

• E-Commerce small businesses more satisfied: Regardless of financial health, e-commerce businesses have significantly higher satisfaction with their primary financial institution than those operating in other industry sectors (698 vs. 624, respectively). Interestingly, 44% of e-commerce businesses said they experienced a problem with their bank compared with 40% for other types of businesses, but 31% of e-commerce businesses were able to resolve issues the same day compared with 25% among other businesses.
• Importance of financial advice: Nearly three-fourths (71%) of e-commerce businesses confirmed receiving financial advice or guidance from their bank during the past year, while only 53% of other businesses received a similar service from their bank. Nevertheless, an overwhelming majority (93%) of all small businesses confirmed the advice received influenced their business habits.
• Proactiveness goes a long way: Among the top key performance indicators (KPIs) that have the greatest effect on satisfaction are receiving proactive communication from the bank; the bank explained its fee structure; and not experiencing a problem with the bank. Small businesses value receiving proactive guidance from their banks, particularly on how banks can help businesses save time or money and avoid problems.

Study Ranking

RBC ranks highest in small business banking customer satisfaction, with a score of 663. BMO (653) ranks second.

The Canada Small Business Banking Satisfaction Study, now in its seventh year after having been published from 2012 to 2014, measures satisfaction across seven factors (in order of importance): level of trust; account offerings; allowing me to bank how and when I want; people; helping save time or money; digital channels; and resolving problems or complaints. The 2025 study includes responses from 2,469 small business owners of—or financial decision-makers at—small businesses that use business banking services. The study was fielded from June through August 2025.

For more information about the Canada Small Business Banking Satisfaction Study, visit https://www.jdpower.com/business/canada-small-business-banking-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

Media Relations Contacts
Gal Wilder, NATIONAL PR; 416-602-4092; [email protected]
Joe LaMuraglia, JD Power; 714-621-6224; [email protected]

 

Debt Burden, Merchant Surcharges and Declining Financial Outlook Temper Credit Card Customer Satisfaction in Canada, JD Power Finds

2025-09-09

jillian.breska

TORONTO: 10 Sept. 2025 — Persistently high incidence of revolving debt and deteriorating financial health¹ have started to affect the way credit cardholders in Canada use their cards. According to the JD Power 2025 Canada Credit Card Satisfaction Study,^SM released today, 58% of credit card customers are now categorized as financially unhealthy—up from 57% in 2024—and 36% of customers are carrying revolving debt—flat from a year ago. These, and other consumer headwinds, such as merchant surcharges, have conspired to put a strain on customer satisfaction and reduce overall credit card spending.

“The macroeconomic situation in Canada is increasingly unpredictable and credit card customer behaviour is starting to shift in meaningful ways, notably with less overall spending and a higher likelihood of switching to debit card or cash purchases when merchants apply credit card surcharges,” said John Cabell, managing director of payments intelligence at JD Power. “While overall customer satisfaction with credit cards has risen slightly, customer behaviour—particularly among those with higher debt burdens—is starting to show the effects of a more anxious economy. Premium cards, however, seem to be a consumer bright spot, similar to what we are seeing in the U.S. market.”

Following are some key findings of the 2025 study:

• Satisfaction varies with debt levels: Overall satisfaction among all credit card customers is 564 (on a 1,000-point scale), which is up 3 points from 2024. The average overall satisfaction score among customers who carry no revolving debt and have the most optimistic personal financial outlook is 579. That compares to a score of 540 among customers with a current balance between $1,000 and $5,000 and 518 among those with a balance of $10,000 or more.      Interestingly, among cardholders who feel near delinquency satisfaction is 593, driven by their apparent appreciation for their credit card as a lifeline.
• Monthly spend declines: The average monthly credit card spend for cardholders in Canada in 2025 is $1,336. That is down from $1,342 in 2024 and $1,618 in 2023—a 17% decline in two years. Cardholders report that their debit and cash spending have also declined since 2023.
• Merchant surcharges drive behavioural shift: More than half (53%) of cardholders say merchants charge a higher price when a credit card is used. Satisfaction scores among this group are 42 points lower than for cardholders who have not received a surcharge. In the majority (88%) of instances when a surcharge occurs, customers opt for an alternate payment method. This is reflected in a shift in reported spending to a greater reliance on cash and debit cards when merchants charge extra for credit card use.
• Premium high annual fee cards show immunity to financial stress: Satisfaction in the high annual fee card segment (fee $100 or more) improves by 17 points year over year. Cardholders rate overall card satisfaction 28 points higher than low fee cards (under $100) and 45 points higher than no fee cards. Customers with annual income of $100,000 or more are the primary drivers of this segment’s strong performance.
• High hopes for AI to enhance card security: Customer awareness of credit card issuers’ use of artificial intelligence (AI) remains relatively low, yet customers are optimistic about its potential benefits. Just 8% of cardholders say they completely understand how their issuer uses AI, and only 7% feel their issuer has clearly communicated its application. More than one-third (36%) of customers cite improved fraud prevention and data security as the biggest potential benefits of AI, while 21% say they would most like AI to help them avoid service charges.

Study Rankings

American Express ranks highest in customer satisfaction among credit card issuers, with a score of 628. Tangerine Bank (626) ranks second and PC Financial (608) ranks third.

Canadian Tire Triangle World Elite Mastercard ranks highest among credit cards with no annual fee for a second consecutive year, with a score of 654. Tangerine World Mastercard (641) ranks second and PC World Elite Mastercard (622) ranks third.

American Express Cobalt Card ranks highest among credit cards with an annual fee for a second consecutive year, with a score of 698. PC Insiders World Elite Mastercard (652) ranks second and Desjardins Cash Back World Elite Mastercard (636) ranks third.

The Canada Credit Card Satisfaction Study measures cardholder satisfaction with their primary credit card issuer and performance in seven factors (in alphabetical order): account management; benefits; customer service; new account; rewards earning; rewards redeeming; and terms. The 2025 study was fielded from May through July 2025 and includes responses from 11,825 cardholders who used a major credit card in the past three months.

For more information about the Canada Credit Card Satisfaction Study, visit https://canada.jdpower.com/financial-services/canada-credit-card-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

Media Relations Contacts
Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]
Gal Wilder, NATIONAL PR 416-602-4092; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

 

Bank and Credit Card Apps in Canada Grow Increasingly Homogenized, JD Power Finds

2025-06-02

jillian.breska

TORONTO: 5 June 2025 — It’s getting harder to tell the nation’s banks and credit card company mobile apps and websites apart from one another. According to a series of recent studies of bank and credit card mobile app and online users, released today by JD Power, the digital channels of Canada’s banks and credit card providers deliver remarkably similar user experiences, with the gap between best-performing and lowest-performing apps and websites shrinking to the lowest levels to date. The result is a predictable and consistent, but unmemorable digital experience from one brand to the next.

The studies—JD Power 2025 Canada Banking Mobile App Satisfaction Study;^SM 2025 Canada Online Banking Satisfaction Study;^SM 2025 Canada Credit Card Mobile App Satisfaction Study;^SM and 2025 Canada Online Credit Card Satisfaction Study^SM—track overall customer satisfaction with banking and credit card providers’ digital offerings.

“Banks and credit card companies have reached an inflection point in their digital transformation journeys,” said Sean Gelles, senior director of banking and payments intelligence at JD Power. “They’ve spent years refining their apps and websites to deliver maximum functionality within the limits of their existing tech platforms. However, the world is evolving rapidly. As customers become more familiar with technologies like generative artificial intelligence and other advanced tools in their daily lives, financial institutions will need to raise the bar to keep pace with rising expectations.”

Following are some key findings of the 2025 studies:

• Overall satisfaction solid: When it comes to the foundational basics of the digital customer experience, such as seamless and speedy log-in, modern appearance and easy navigation, the majority of bank and credit card mobile apps and websites deliver a positive, if somewhat homogenous, customer experience. Overall satisfaction with Canada banking apps is 629 (on a 1,000-point scale), which is flat from 2024. Overall satisfaction with banking websites is up 17 points from 2024; overall satisfaction with credit card apps is up 22 points from 2024; and overall satisfaction with credit card websites is up 8 points from 2024.
• Multifactor authentication finds its groove: Once considered a cumbersome hindrance to the log-in process, multifactor authentication has now become a key driver of customer satisfaction. Among banking app users, overall customer satisfaction is 12 points higher when customers use multifactor authentication prior to logging in. This is likely the result of increased focus on security among customers and improvements in the authentication process, which have made it easier to log in using multifactor authentication.
• An opening for AI: Virtual assistant utilization remains flat in the 2025 studies. While virtual assistants are increasingly adopted by banks, many have fallen short of customer expectations due to limited conversational capabilities and narrow functionality. Although some banks and credit card companies are beginning to integrate artificial intelligence (AI) and generative technologies, these assistants remain far less advanced than some state-of-the-art models with which customers are becoming increasingly accustomed.

“From a purely functional standpoint, bank and credit card mobile apps and websites are performing with exceptional speed, reliability and predictability,” said Jon Sundberg, director of digital solutions at JD Power. “This creates a satisfying overall user experience, but the bar is being raised for what constitutes a great digital interaction. As technology grows increasingly sophisticated and consumer-facing applications become better able to anticipate customer needs and deliver truly personalized, memorable experiences, satisfaction will increase. How well banks and credit card companies manage the transition to more AI-enabled solutions will really define the next phase of the digital customer experience.”

Study Rankings

CIBC ranks highest in banking mobile app satisfaction, with a score of 641. TD (631) ranks second.

CIBC ranks highest in online banking satisfaction with a score of 650. BMO (645) ranks second and RBC (632) ranks third.

American Express ranks highest in credit card mobile app satisfaction for a third consecutive year, with a score of 692. Tangerine Bank (669) ranks second and TD (640) ranks third.

Tangerine Bank ranks highest in online credit card satisfaction with a score of 655. PC Financial (642) ranks second and American Express (641) ranks third.

The Canada Banking Mobile App Satisfaction Study; Canada Online Banking Satisfaction Study; Canada Credit Card Mobile App Satisfaction Study; and Canada Online Credit Card Satisfaction measure overall satisfaction with banking and credit card digital channels based on four factors: navigation; speed; visual appeal; and information/content. The studies are based on responses from 9,857 retail bank and credit card customers and were fielded from January through March 2025.

To learn more about these studies, visit https://www.jdpower.com/business/resource/us-banking-and-us-credit-card-mobile-app-satisfaction-studies.

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Gal Wilder, NATIONAL PR; 416-602-4092; [email protected] 
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

Customers in Canada Increasingly Turning to Retail Banks for Advice, JD Power Finds

2025-06-24

jillian.breska

TORONTO: 26 June 2025 — The financial health of bank customers in Canada—who are pressured by inflation, the rising cost of living and growing personal debt—has been worsening during the past few years. Currently, more than 44% of bank customers are considered financially vulnerable,¹ a jump from 36% five years ago. According to the JD Power 2025 Canada Retail Banking Advice Satisfaction Study,^SM released today, customers are increasingly turning to their banks for advice to help navigate daily financial challenges, with 71% expressing concern about the cost of living and 36% saying they’re struggling to manage housing costs such as mortgage and utilities.

“The eroding financial health of customers and their fear that economic conditions may worsen are driving customers—especially younger ones with growing deposits—to seek financial advice from their retail bank at an accelerated pace,” said Jennifer White, senior director for banking and payments intelligence at JD Power. “This combination presents a golden opportunity for retail banks to rise to the challenge and offer services and advice that go beyond the transactional. Customers are shifting their focus from longer-term goals such as investment and retirement planning to more immediate concerns like paying bills, reducing debt and sticking to a budget. Banks that are attuned to their customers’ pain points and can provide relevant and frequent financial advice will be positioned to benefit from a loyal customer base.”

Below are additional key findings of the 2025 study

• Apetite for bank advice is growing: More than one-fourth (26%) of bank customers say they are “very interested” in receiving bank advice or guidance, up from 19% in 2021. Interest in bank advice is particularly strong among immigrants who have lived in Canada less than two years (47%), as well as among affluent customers (32%) and young mass affluent customers (31%).
• Shift in advice focus: While investment- and retirement-related advice continue to be the most sought-after topics, the study reveals a shift in customer priorities since 2021. Interest in advice addressing immediate needs such as ways to pay bills on time has increased 4 percentage points and borrowing/credit-related guidance has increased 2 percentage points. In contrast, demand for investment- and retirement-focused advice has declined 7 percentage points and 4 percentage points, respectively.   
• Rising satisfaction with advice: Banks seem prepared to meet demand as customer satisfaction with the financial advice they are getting from their bank has improved from 2024. Overall satisfaction is 579 (on a 1,000-point scale), 13 points higher than a year ago. Key drivers of this improvement include the frequency, quality and relevancy of the advice, as well as the level of concern financial institutions show for their customers’ needs.
• Advice recall stalls: Although 49% of customers say their bank has done a good job of making their interactions memorable, the trend has plateaued this year. This signals a need to find more effective engagement strategies. The study shows that strong marketing communications that affirm and reassure customers that the bank is there for them when needed (on demand) is the preferred approach.

Study Ranking

RBC ranks highest in customer satisfaction for a fifth consecutive year, with a score of 595. CIBC (590) ranks second and Scotiabank (580) ranks third.

The Canada Retail Banking Advice Satisfaction Study includes responses of retail bank customers in Canada who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months. It measures customer satisfaction with retail bank advice/guidance based on performance in five core dimensions on a poor-to-perfect rating scale. Individual dimensions measured are (in order of importance): clarity of advice; concern for customer needs; relevancy; quality; and frequency of advice. This year’s study, which includes responses of 2,582 retail bank customers, was fielded from January through March 2025.

In addition to bank financial advice ratings, the study also provides financial health support index benchmarking data that evaluates the proficiency of banks and credit card issuers in delivering financial health support to customers and includes such services as helping customers make better financial decisions or helping them meet savings, creditworthiness or budgeting goals.

Top-performing banks in the banking financial health support index are (in alphabetical order): CIBC and RBC. Top-performing credit card providers in the credit card financial support index are (in alphabetical order): Desjardins, RBC, Scotiabank and TD.

For more information about the Canada Retail Banking Advice Satisfaction Study, visit
https://www.jdpower.com/business/financial-health-and-advice-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Gal Wilder, NATIONAL; 416-602-4092; [email protected]
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

 

Overall Satisfaction Declines among Small Business Banking Customers in Canada, JD Power Finds

2024-10-22

jillian.breska

TORONTO: 24 Oct. 2024 — Squeezed by high interest rates on credit and business loans, coupled with increased costs of materials and labour, satisfaction among small businesses in Canada with their primary banks has decreased this year, according to the JD Power 2024 Canada Small Business Banking Satisfaction Study,SM released today. Overall satisfaction has declined 21 points year over year to 655 from 676 (on a 1,000-point scale).

According to the study, satisfaction among small businesses with any amount of debt has declined 33 points, whereas satisfaction has increased 10 points year over year among businesses that have no debt. Debt types also affect satisfaction, with the biggest problem areas being term loans; commercial real estate financing; and Canada Small Business Financing Loan (CSBFL).

“The effect of the Bank of Canada’s recent rate reductions has not yet translated into noticeable relief for small businesses,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “Six in 10 small business customers cite inflationary pressure as a key factor weighing on their financial health. This challenging macroeconomic environment also is accompanied by less-than-stellar service delivery from the banks, as evidenced by respondents’ declining satisfaction in areas such as problem resolution, new account opening, automated phone services, and assisted online services such as email, web forms and in-app messaging. To mitigate the negative customer stance derived from the high borrowing costs and inflation and realize strong satisfaction gains as both subside, banks need to improve their service delivery and communications.”

On a positive note, small business customers indicate strong access to credit availability from their banks. While business customers are dissatisfied with borrowing costs, they appreciate having access to credit and the support of their banks during challenging times. A notable 87% of small business customers say they have excellent or good access to credit, and of those that applied for credit during the past 12 months, 86% were approved.

Study Ranking

CIBC ranks highest in small business banking customer satisfaction for a second consecutive year, with a score of 659. BMO (658) ranks second and RBC Royal Bank (656) and TD Bank (656) each rank third in a tie.

The Canada Small Business Banking Satisfaction Study now in its sixth year after having been published from 2012 to 2014, measures satisfaction across seven factors (in order of importance): people; account offerings; allowing me to bank how and when I want; helping me save time or money; level of trust; digital channels; and resolving problems or complaints. The 2024 study includes responses from 2,436 small business owners of—or financial decision-makers at—small businesses that use business banking services. The study was fielded from June through August 2024.

For more information about the Canada Small Business Banking Satisfaction Study, visit https://www.jdpower.com/business/financial-services/canada-small-business-banking-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Gal Wilder, NATIONAL PR; 416-602-4092; [email protected]
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

Fees Become a Top Focus for Do-It-Yourself Investors in Canada, JD Power Finds

2024-05-08

jillian.breska

TORONTO: 9 May 2024 — Strong capital markets performance and reduced trading fees are driving increased satisfaction among do-it-yourself (DIY) investors in Canada. According to the JD Power 2024 Canada Self-Directed Investor Satisfaction Study,^SM released today, overall satisfaction with self-directed brokerages rises to 631 (on a 1,000-point scale), a significant 33 points higher than in 2023.

The lift in overall satisfaction this year is mainly driven by the younger investors, especially Gen Y¹ and to some extent Gen Z, whose scores increase an average of 71 and 24 points, respectively. While scores among Gen X also rise 21 points year over year, this generational group still has the lowest scores on average.

“The ranking draws a very distinct line among the firms that are perceived as having low fees or no fees as having significantly higher satisfaction,” says Craig Martin, executive managing director and head of wealth and lending intelligence at JD Power. “In 2024, low fees became the top reason given by new self-directed clients for selecting a firm, followed by personal recommendations. This has replaced the top answer in prior years: previous experience/relationship with the firm. This represents a potential threat to firms in which existing relationships with the organization are the main draw for new clients and could have broader implications about where clients choose to seek wealth management services.”

Following are additional key findings of the 2024 study:

• Unclear fees harm trust: Getting clients to understand brokerage fees remains a necessary element, with the proportion of investors saying they completely understand the fee structure declining to 52% from 59% in 2023. Trust dimension scores are 89 points lower (on a 1,000-point scale) when clients indicate they don’t completely understand fees.
• Younger investors continue to opt for fintechs: Pure DIY brokerages continue to attract the younger demographics with 66% of these firms’ clients being Gen Y or younger, while the Big 5’s client mix is the exact opposite: 66% are Gen X or older. This represents a growing risk for the Big Banks as the Gen Y and younger segment represents an increasing proportion of DIY investors.
• Testing the waters: Nearly one-fourth (24%) of self-directed investors confirmed that they have another brokerage account with a different firm. Two-thirds (67%) of these investors indicated that their other self-directed account performed about the same or better than their primary DIY account. Those who said their secondary account performed better are nearly twice as likely to say they will decrease the amount invested with their current firm in the coming year.

Study Ranking

Wealthsimple ranks highest among self-directed investor firms with a score of 718. Desjardins Online Brokerage (Disnat) (714) ranks second and Questrade (661) ranks third.

The Canada Self-Directed Investor Satisfaction Study, now in its 16^th year, evaluates key satisfaction drivers and firm performance among true do-it-yourself investors (those who do not interact with financial advisors). The study measures satisfaction in seven factors (in order of importance): trust; digital channels; ability to manage wealth how and when I want; products and services; value for fees; people; and problem resolution. 

The study is based on responses from 2,416 investors who make all their investment decisions without guidance from a financial advisor. The study was fielded from October 2023 through January 2024.

For more information about the Canada Self-Directed Investor Satisfaction Study, visit https://www.jdpower.com/business/wealth-management-platform.

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modelling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts:

Gal Wilder, NATIONAL PR 416-602-4092; [email protected]
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹JD Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2006). Millennials (1982-1994) are a subset of Gen Y.

 

Fees, Fraud and Declining Branch and Online Experiences Erode Satisfaction with Banks in Canada, JD Power Finds

2023-10-17

jillian.breska

TORONTO: 19 Oct. 2023 — Higher interest rates, inflationary pressure and mounting debt continue to weigh on the wallets of bank customers in Canada, with 28% of them feeling worse off financially than they were a year ago.¹ This financial reality, coupled with unexpected or unexplained banking fees and unsatisfactory customer experiences, have significantly driven down overall satisfaction with banks, according to the JD Power 2023 Canada Retail Banking Satisfaction Study,^SM released today. Overall, customer satisfaction among Canada’s largest banks (Big 5) has declined 10 points (on a 1,000-point scale) year over year to 603 and has declined 7 points to 637 among mid-size banks.

According to the study, more customers have been paying banking fees during the past year mainly for account maintenance/minimum balance (18%); overdraft or insufficient funds (14%); and ABM fees (12%). However, nearly 80% of these customers say the banks can do a better job at communicating how to avoid those fees. Additionally, the study finds a strong correlation between higher satisfaction and fees-related communications, indicating it is not necessarily the fees that are upsetting customers, but the surprise when they show up on an account statement.

“Customers are under increasing economic stress and express a declining feeling that banks are addressing their concerns and financial challenges,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “Customers want banks to communicate how to avoid paying fees; provide advice on how to build savings and reduce debt; and resolve problems efficiently—especially when it comes to tackling fraud on a chequing account. The financial institutions that rank highest are those that effectively communicated about fees, fraud and savings; that provided tools and information about budgeting and debt reduction; and addressed security and fraud problems in a timely manner.”

In 2023, fraud/unauthorized account activity has increased to 14% of the total problem volume experienced by customers, an increase of 3 percentage points from 2022. Customer satisfaction with how the banks handled fraud-related problem resolution has declined sharply year over year—by 32 points—a trend that has continued since 2021.   

Following are some key findings of the 2023 study:

• Financial health continues to decline: Half (50%) of Canada’s banking customers are considered financially vulnerable or stressed, an increase from 44% a year ago. These customers decreasingly feel their banks’ account offerings meet their needs, which contributes to the overall decline in satisfaction.
• Service channels under pressure: Customers’ satisfaction with their bank’s branch service, online banking and mobile app have declined. Satisfaction with the ease of navigating bank websites and mobile apps also has declined. With branch service, customer wait times have increased and satisfaction has declined for the bank’s concern for customer needs and for courtesy of staff.
• Not brand ambassadors: While customers broadly express that they have no plans to switch from their current bank and are likely to reuse the same financial institution for a new account or product, these customers say they are not likely to act as a brand ambassador or recommend their bank to family or friends, as evidenced by a 3-point decline (on a scale of -100 to 100) in Net Promoter Score^®.²
• How banks can better assist their customers: The top three areas that customers expect greater support from their bank are alerts about suspicious account activity (56%); information on how to reduce fees (50%); and advice on ways to save money and earn more interest (35%).

Study Rankings

BMO Bank of Montreal ranks highest in satisfaction among Big 5 Banks with a score of 612. RBC Royal Bank (610) ranks second and CIBC (604) ranks third.

Tangerine Bank ranks highest among midsize banks for a 12^th consecutive year, with a score of 684. Simplii Financial (650) ranks second and ATB Financial (638) ranks third. 

The Canada Retail Banking Satisfaction Study, now in its 18^th year, measures customer satisfaction with Canada’s large and mid-size banks. The scores reflect satisfaction among the entire retail banking customer pool of these banks, representing a broader group of customers than solely the branch-dependent and digital-centric segments. 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; and resolving problems or complaints.

The study is based on responses from 13,960 retail banking customers of Canada’s large and mid-size retail banks regarding their experiences with the financial institutions. The study was fielded in two waves from January through February 2023 and from July through August 2023.

For more information about the Canada Retail Banking Satisfaction Study, visit https://www.jdpower.com/business/retail-banking-study-1.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Gal Wilder, NATIONAL PR; 416-602-4092; [email protected]
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

²Net Promoter,® Net Promoter System,® Net Promoter Score,® NPS,® and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.

 

Financial Insecurity Begins to Affect Credit Card Customers in Canada, JD Power Finds

2023-09-13

jillian.breska

TORONTO: 14 Sept. 2023 — With Canada credit cardholders’ average balance now totaling $2,121¹ and a majority (52%) of them classified as financially unhealthy,² financial stress has become a critical component of the credit card customer experience. According to the JD Power 2023 Canada Credit Card Satisfaction Study,^SM released today, slightly more than one-third (34%) of credit cardholders currently carry revolving debt and, as the overall financial health of cardholders deteriorates, customer satisfaction with rewards programs and other perks designed to build loyalty are suffering.

“While cardholders in Canada are not carrying as much revolving debt as their counterparts in the United States, they are in a similarly difficult situation when it comes to financial health, and that presents some big challenges and opportunities for card issuers,” said John Cabell, managing director of payments intelligence at JD Power. “With the majority of cardholders in Canada struggling financially, it’s become more important than ever for issuers to promote tools and resources to help customers manage their finances and get the most from their cards when it comes to rewards and benefits.”

Following are some key findings of the 2023 study:

• Revolving debt and cardholder financial health in the spotlight: More than one-third (34%) of all cardholders are maintaining revolving debt on their credit cards, and more than half (52%) are classified as financially unhealthy. Among cardholders classified as financially unhealthy, the percentage of those maintaining revolving debt jumps to 52%. In comparison, 51% of U.S. credit card customers overall are carrying revolving debt, which increases to 69% among financially unhealthy U.S. cardholders.³
• Card value suffering: Driven in part by cardholder debt and financial uncertainty, the perception of card value—including satisfaction with benefits, rewards earning and terms—is the lowest ranked among all aspects of the credit card experience measured in the study. This finding highlights the product feature and communication challenges that issuers face to attract and retain cardholders.
• Opportunity to help customers improve financial health: Card features that help customers monitor their credit scores and manage payments and spending are the most-commonly used but are not the most frequently offered. Just 11% of cardholders agree that their card helps them control their spending.
• Higher annual fees correlate with higher levels of customer satisfaction: Cardholders who say their annual fee is $100 or more have the highest levels of overall satisfaction and satisfaction with card value and ease of use—higher than among those who have cards with a lower annual fee or no annual fee. However, cardholders who pay no annual fee have higher overall satisfaction with their card product than those who pay an annual fee less than $100.
• Widespread variation among airline miles cards: Overall customer satisfaction is 566 (on a 1,000-point scale) for cards offering points and airline miles, which is slightly higher than for cards offering cashback rewards (563). Among the major Canada airline-related co-branded credit card products, WestJet cardholders have the highest overall satisfaction, especially in the areas of card benefits and rewards redemption. Air Canada cardholders have slightly lower overall satisfaction than WestJet cardholders, but higher satisfaction for earning rewards. By contrast, Air Miles cardholders have the lowest product feature satisfaction but the highest level of agreement that their credit card’s air partner has a good reputation.

Study Rankings

American Express ranks highest in customer satisfaction among credit card issuers, with a score of 620. Tangerine Bank (610) ranks second and PC Financial (606) ranks third.

Desjardins Bonus Visa ranks highest in customer satisfaction among credit cards with no annual fee, with a score of 641. Tangerine Money-Back Credit Card (617) ranks second and PC World Elite Mastercard (612) ranks third.

Desjardins Cash Back World Elite Mastercard ranks highest in customer satisfaction among credit cards with an annual fee, with a score of 655. Scotia Momentum Visa Infinite Card (591) ranks second and TD Cash Back Visa Infinite Card (580) ranks third.

The Canada Credit Card Satisfaction Study was redesigned for 2023. It measures cardholder satisfaction with their primary credit card issuer and performance in seven factors critical to the customer experience (in alphabetical order): account management; benefits; customer service; new account; rewards earning; rewards redeeming; and terms. The study was fielded in June-July 2023 and includes responses from 10,466 cardholders who used a major credit card in the past three months.

For more information about the Canada Credit Card Satisfaction Study, visit https://canada.jdpower.com/financial-services/canada-credit-card-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Gal Wilder, NATIONAL Public Relations, Toronto; 647-259-3261, [email protected]
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹Equifax, “Increased Cost of Living and Mounting Debt Cause Major Concerns for Canadians,” November 1, 2022 https://www.consumer.equifax.ca/about-equifax/press-releases/-/blogs/increased-cost-of-living-and-mounting-debt-cause-major-concerns-for-canadians/
²JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.
³JD Power 2023 U.S. Credit Card Satisfaction Study^SM