Mid-sized banks see higher customer satisfaction than Big Five: J.D. Power survey

TORONTO – A survey from J.D. Power shows customer satisfaction is higher at mid-sized banks than the Big Five as Canadians are focused especially on fees.
The survey shows the average ranking among mid-sized banks like Tangerine, ATB Financial and Simplii Financial came in at 644 out of a possible 1,000 points, while satisfaction was an average of 611 among the Big Five banks.
J.D. Power says the results show a small uptick in satisfaction after years of decline and stagnation, as customer outlook on their personal finances and the economy also improve.
The consumer insights company says the top three actions that damage trust include unexpected fees at 54 per cent, blaming the customer for an error at 32 per cent and bad banking practices reported in the media at 27 per cent, while high fees are the top reason people might switch banks.
The survey shows Scotiabank’s online-based Tangerine Bank had the highest ranking among mid-sized banks for the 13th consecutive year with a score of 684. RBC ranked highest among the Big Five with a score of 623.
The results are based on responses from 14,460 retail banking customers received at the start and midway through 2024.
This report by The Canadian Press was first published Oct. 17, 2024.
Companies in this story: (TSX:RBC, TSX:BNS)