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Canadian Banks and Credit Card Issuers Not Separating from Pack Despite Continued Investment in Digital Capabilities, J.D. Power FindsBank and credit card customers in Canada are interacting with mobile apps and websites at a higher rate than ever before, with a record 68% of retail bank customers using mobile banking and 55% now classified as digital-only. However, according to a series of recent J.D. Power studies, released today, banks and credit card issuers are not sufficiently differentiating the digital experiences they are delivering. The studies-J.D. Power 2021 Canada Banking Mobile App Satisfaction Study,SM 2021 Canada Online Banking Satisfaction Study,SM 2021 Canada Credit Card Mobile App Satisfaction StudySM and 2021 Canada Online Credit Card Satisfaction StudySM-track overall customer satisfaction with banking and credit card providers' digital offerings. "A bank that decides to forge a stronger innovation path will reap the benefits," said Jennifer White, senior consultant for banking and payment intelligence at J.D. Power. "Canadian banks that invest heavily in sophisticated digital tools and use savvy marketing to encourage adoption could redefine the banking experience for many customers. As the marketplace continues to transform to a heavy reliance on digital, banks and card issuers need to encourage adoption at deeper levels to build engagement, differentiate from the pack and earn higher levels of customer satisfaction." Following are some key findings of the 2021 studies:
CIBC ranks highest in banking mobile app satisfaction, with a score of 840 (on a 1,000-point scale). RBC Royal Bank (836) ranks second and Scotiabank (830) ranks third. Scotiabank ranks highest in online banking satisfaction, with a score of 815. CIBC (810) ranks second and TD Canada Trust (806) ranks third. Scotiabank ranks highest in credit card mobile app satisfaction, with a score of 840. PC Financial (838) ranks second and Tangerine Bank (837) ranks third. American Express (News - Alert) ranks highest in online credit card satisfaction, with a score of 828. Scotiabank (824) ranks second, while PC Financial (819) and Tangerine Bank (819) rank third in a tie. See the rank charts for each study at http://www.jdpower.com/pr-id/2021062. The 2021 Canada Banking Mobile App Satisfaction, Canada Online Banking Satisfaction, Canada Credit Card Mobile App Satisfaction and Canada Online Credit Card Satisfaction studies measure overall satisfaction with banking and credit card digital channels based on four factors: navigation; speed; visual appeal; and information/content. The studies are based on responses from 9,735 retail bank and credit card customers nationwide and were fielded in March-April 2021. To learn more about these studies, visit https://canada.jdpower.com/business/resource/canadian-banking-mobile-app-satisfaction-study.
About J.D. Power
J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info
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