Canadian banks’ significant investment into technology is paying off in shifting more of us to leverage digital channels, with 47% of retail banks customers now categorized as “digital-centric.” In fact, 32% of customers who use retail banking are digital-only customers who opt to do their banking solely online or with a mobile device, according to the J.D. Power 2018 Canadian Retail Banking Satisfaction Study released yesterday. Among key findings of the 2018 study, RBC Royal Bank ranks highest in overall customer satisfaction for a third consecutive year among Big 5 Banks, TD Canada Trust ranks second, followed by BMO Bank of Montreal. Among Midsize Banks, Tangerine (owned by Scotia) ranks highest in overall customer satisfaction for a seventh consecutive year, ATB Financial and Simplii (part of CIBC) rank second and third, respectively.
Note: Leading the way on digital transformation: Among the Big 5 Banks, RBC Royal Bank leads the digital charge with 49% of its customers in the digital-centric segment, while TD Canada Trust stands on the other end of the spectrum with only 36% digital-centric customers. Among Midsize Banks, Tangerine (93%) and Simplii (84%) boast the largest portion of digital-centric customers.
Also note: Millennials (over 3/4) embrace mobile banking more than anyone: The adoption of mobile banking is on the rise, with Millennials leading the charge. “In comparison to their U.S. counterparts, customers in Canada are more self-service-oriented.
(Source: jdpower.com; Image: yahoofinance.com)