(Toronto) A report by JD Power indicates that rising inflation and interest rates are eroding Canadians’ financial health and satisfaction with the country’s banks.
Posted at 11:24 am
The study measures customer satisfaction in relation to seven factors.
The lowest satisfaction scores related to solving problems or complaints and those related to helping customers save time or money – something that has become a top priority for them.
The study found a noticeable decrease in satisfaction with the second wave of the study, conducted in July and August, compared to the first wave, conducted from January to March. Between these two periods, the proportion of customers classified as “financially healthy” also fell from 50% to 38%.
According to the report, Royal Bank ranked first among the Big Five banks for the third consecutive year. CIBC was second and Bank of Montreal third. TD Bank and Scotiabank ranked fourth and fifth, respectively.
Among mid-sized financial institutions, Tangerine received the highest score, followed by ATB Financial and Simplii Financial. National Bank of Canada ranked fourth, followed by Mouvement Desjardins and finally HSBC Bank Canada.
Companies in this story: (TSX:RY, TSX:CM, TSX:BMO, TSX:BNS)
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