According to a recent survey on Canadian banks, consumers are feeling the effects of inflation, increasing interest rates, and economic uncertainty, and many would prefer more advise from their banks on how to cope with these difficulties.
“Various banks have different strengths, and no single bank is best for all customers.” Some are more digitally oriented than others, so it really depends on the consumer,” Jim Miller, executive managing director of banking and payments intelligence at J.D. Power, told CTV News Toronto.
The banks were rated on a 1,000-point scale in the J.D. Power 2022 Canada Retail Banking Satisfaction Survey. RBC took first place with 629 points, followed by CIBC (615 points), Bank of Montreal (610 points), TD Canada Trust (606) points, and Scotiabank (599 points).
According to the poll, 50% of bank clients stated they “feel financially well” early this year, between January and March, but that percentage decreased to 38% later in the year, between July and August.
At a time when Canadians are worried about a recession, only 32% of consumers indicated their bank helps them in difficult times.
“Canadian banks have not kept pace with changing economic conditions, nor with increasing consumer requirements and expectations, at least when it comes to communication,” Miller said.
Many people also expressed a need for guidance on how to control inflation, save for a recession, and pay off debt.
While banks continue to generate billions of dollars each year, some consumers have expressed a desire for better customer service and have expressed worries about long wait times while phoning the bank.
When clients made contact, however, 87% stated the bank’s phone operator offered them with simple interactions.
“It’s a bit more difficult to get a hold of a person on the phone,” Miller said, “but when you do, they typically do a wonderful job in handling the customer’s concerns.”
Tangerine, a digital internet bank with no physical branches, received top ratings in the survey’s midsize bank category.
“It’s not for everyone, but if you don’t need a branch, they have amazing rates, great goods, and extremely outstanding service,” Miller said.
Banks provide a variety of goods and services, so if you’re dissatisfied with your current one, it may be time to shop around and see what other banks have to offer.