Canada’s most customer-friendly lenders revealed

Canada’s retail banks have been improving their customer focus according to the results of a satisfaction survey.

The latest poll from JD Power found that overall customer satisfaction increased for the big five and midsize banks. Even though there have been increased fees by some of the lenders, communication with customers was better.

Among the big banks, RBC took the crown away from last year’s top-rated TD which slipped into second place. BMO, CIBC and Scotiabank complete the top 5 although CIBC and Scotia are below the average score for the five.

For midsize banks, Scotia-owned Tangerine came top and was followed by President’s Choice Financial; both are above the average for the sector. National Bank, ATB Financial, Laurentian and HSBC Canada all rank below the average for the group.

The report shows the increasing value that customers place on mobile banking with 34 per cent of respondents using mobile banking channels and overall satisfaction for those who use and are satisfied with mobile channels is 10 per cent higher than those who do not use mobile channels.
 

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