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July 27, 2021

Satisfaction levels with Canadian banks much higher: report

Since the economic crisis, banks around the globe have experienced huge challenges with their customer relationships. But Canada's banks have been largely immune from the controversy.

In its annual banking customer survey, Ernst & Young asked more than 20,500 participants aroundthe world to share their levels of satisfaction. Canadian banks fare quite well, it seems.

In fact, overall customer satisfaction with banks in Canada has jumped sharply, according to the most recent J.D. Power and Associates Rankings.

Overall satisfaction with primary financial institutions averages 756 on a 1,000-point scale in 2011 — up 26 points from 730 in 2010 and continuing a three-year improvement trend.

That’s the good news, I suppose. Despite these gains, satisfaction with fees and problem solving has declined significantly across all three segments in 2011, compared with 2010.

Confusion about fee structures, a higher rate of unresolved complaints and a decrease in the proportion of first-contact problem resolution contribute remain as significant issues in these areas.

In other words, the lines are a bit shorter in some branches.

TD Canada Trust ranks highest in overall customer satisfaction among Big Five banks for a sixth consecutive year, achieving a score of 780, J.D. Power reports. CIBC is bringing up the rear at 721.

Among mid-size banks, President’s Choice Financial ranks highest for a fifth consecutive year, with a score of 786. With an average score of 765, HSBC lags sharply here, coming in at 710.

Big Five Banks

  Customer Satisfaction Index Ranking (Based on a 1,000-point scale) Power Circle Ratings For Consumers
TD Canada Trust 780 5
RBC Royal Bank 751 3
Big Five Segment Average 750 3
BMO Bank of Montreal 741 3
Scotiabank 729 2
CIBC 721 2

Midsize Bank Segment

  Customer Satisfaction Index Ranking (Based on a 1,000-point scale)   Power Circle Ratings For Consumers
President's Choice Financial 786 5
Laurentian Bank of Canada 770 3
Midsize Bank Average 765 3
Manulife Bank 757 3
National Bank of Canada 747 2
Alterna Bank 735 2
ATB (formerly Alberta Treasury Branch) 734 2
HSBC Bank Canada 710 2

Are you among this increasingly satisfied group? Do you feel that your experience is representative or are you just a bit lucky?

By Gordon Powers, MSN Money

* Follow Gordon on Twitter here.



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...