J.D. Power Study Ranks Canadian Banking Services and Apps
Consumers want to manage their everyday tasks on-the-go, including keeping track of financials and having access to banking information.
Earlier today J.D. Power released studies outlining how more and more Canadians are using mobile banking solutions as they become dissatisfied with personal banking services. Canadian retail banks are realizing this trend and increasing their mobile offerings to great success, the studies find.
The J.D. Power 2017 Canadian Retail Banking Satisfaction Study is now in its twelfth edition, and this year it came out in conjunction with the Canadian Banking App Satisfaction Study. The studies measure customer satisfaction in two areas: the big five banks and the midsize banks. From there, satisfaction is measured in seven areas ranked in order of importance: product; self-service; personal service; facilities; communication; financial advisor; and problem resolution.
“Success in retail banking today requires a multi-channel approach,” J.D. Power financial services consultant Bob Neuhaus said in a release. “Banks need to maintain focus on the traditional foundations of the banking experience, while still working to satisfy the increasing demand for digital channel interactions.”
Mobile access to banks is now a massive part of the industry as customer usage of banking apps has nearly doubled over the past three years to 43%. Connected to this growth, customer satisfaction regarding mobile banking has also improved.
Still though, banks need to look beyond only growing mobile access to truly appease customers. The studies state that satisfaction among Canadian consumers has dropped in 2017 for most channels, including website, branches and call centers.
Even basic customer service has shown to improve relations, from having someone greet you at a branch door to a teller addressing you by name. These common pleasantries are only experienced by 60% and 47% of bank customers respectively.
In terms of overall bank ratings, RBC Royal Bank ranks highest in overall customer satisfaction among the big five. Trailing close behind is TD Canada Trust. Among Midsize banks, Tangerine scored the highest with President’s Choice Financial coming second. Finally, in terms of banking apps, RBC Royal Bank took first prize again with Scotiabank following.
The studies polled over 13,000 consumers who use a primary financial institution for personal banking.
