Customer satisfaction with banks up slightly from last year: J.D. Power survey
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 26/06/2025 (414 days ago), so information in it may no longer be current.
Consumers appear to be slightly more satisfied with the financial advice and guidance they received from their banks compared with last year, a new J.D. Power survey shows.
The findings showed overall customer satisfaction with their bank improved slightly by 13 points to 579 on a 1,000-point scale.
The report, published Thursday, cited several improvements including the frequency, quality and relevance of the advice which helped boost the satisfaction score.
RBC ranked the highest in customer satisfaction for a fifth consecutive year, scoring 595 points. CIBC ranked second with 590 points, followed by Scotiabank with a score of 580 points.
TD ranked last out of the Big Five banks with a score of 563.
The survey said more Canadians turned to their bank for help in navigating day-to-day financial hardships amid growing economic pressures.
“The eroding financial health of customers and their fear that economic conditions may worsen are driving customers — especially younger ones with growing deposits — to seek financial advice from their retail bank at an accelerated pace,” said Jennifer White, senior director for banking and payments intelligence at J.D. Power, in a release.
She said customers are also shifting focus from longer-term goals such as investment and retirement planning to more immediate needs such as paying bills, reducing debt and sticking to a budget.
Among those who turned to their bank for advice, 71 per cent were concerned about the high cost of living while 36 per cent were struggling to manage housing costs such as mortgage payments and electricity bills.
Forty-four per cent of bank customers are considered financially vulnerable, significantly up from 36 per cent five years ago, the study, which surveyed 2,582 retail bank customers between January and March of this year, showed.
This report by The Canadian Press was first published June 26, 2025.
Companies in this story: (TSX: BNS, TSX: RY, TSX: CM, TSX: TD)