A collection of recent studies from J.D. Power concludes Canadians aren’t satisfied with the digital experiences their banks and credit card companies provide.
Increased financial stress on consumers and a “lack of personalization” from digital avenues have decreased customer satisfaction year-over-year.
The outlet found financial health is a significant issue for Canadians; 29 percent of Canadian credit card users say they are “financially vulnerable,” and 11 percent say they’re “overextended.”
J.D. Power further found that 65 percent of banking customers have a personal relationship with their financial institution. But this figure falls to 50 percent when talking about customers who feel the same personalization through digital channels.
The figures illustrate financial institutions are failing to offer digital experiences personalized to customer needs.
The one positive the studies revealed is that spending and budgeting tools are features customers are satisfied with. However, utilization sits at 32 percent.
“Customer expectations for a truly standout digital experience have grown considerably during the past few years, and Canadian banks and credit card issuers are not keeping pace,” Jennifer White, senior consultant for banking and payment intelligence at J.D. Power, said.
“With the exception of a few outliers, most bank and credit card mobile apps and websites that J.D. Power evaluated have lost ground year over year. It is evident that malaise is being driven not only by increased customer demand for support, but also by financial stress and a lack of personalization.”
J.D. Power based the results on 8,267 responses from retail bank and credit card customers across the country. Responses were collected between February and April 2022.
Regarding specific banks, RBC Royal Bank took first with mobile app satisfaction. TD Canada Trust was second and Scotiabank third.
Tangerine bank has the highest credit card mobile app satisfaction, followed by RBC and Scotiabank.
For online banking satisfaction, CIBC ranked first, Scotiabank second, and RBC third. CIBC is also first when examining online credit card satisfaction. Tangerine Bank ranks second, and RBC Royal Bank is third.
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Source: J.D. Power