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Customer Satisfaction in Financial Services - Canada - November 2015

"Customer satisfaction is a key determinant of success in the retail financial services market. Overall satisfaction is related to satisfaction with attributes that are relevant to each product category. In this report we drill down into the attributes that drive customer satisfaction in the main product categories in financial services such as general banking, investments and lending. The report also explores choice of financial institutions, tenure and general attitudes related to satisfaction and customer experience."
- Sanjay Sharma, Senior Financial Services Analyst

This report discusses the following key topics:

  • Big five banks dominate outside Quebec
  • Overall satisfaction generally high but interest rates and fees are the negative drivers
  • Leaders in satisfaction: PC Financial performs strongest in general banking and Desjardins across most categories 
  • Trends in customer experience: Older consumers visiting branches less due to online banking while a third of all consumers have recommended their financial institution

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Table of contents

  1. Overview

      • Definition
        • Regional classifications
          • Income
          • Executive Summary

            • The issues
              • Big five banks dominate outside Quebec
                • Figure 1: Choice of FI, by product category, September 2015
              • Overall satisfaction generally high but interest rates and fees are the negative drivers
                • Leaders in satisfaction: PC Financial performs strongest in general banking and Desjardins across most categories
                  • Trends in customer experience: Older consumers visiting branches less due to online banking while a third of all consumers have recommended their financial institution
                    • Figure 2: Attitudes about customer experience with financial institutions, September 2015
                  • The opportunities
                    • Customer acquisition strategies in a concentrated marketplace
                      • Increasing the focus on under-satisfied segments such as LGBTs and Chinese Canadians
                        • Harnessing the power of recommendations and reviews
                          • Figure 3: Agreement with statement on recommendation (% who agree), by customers of financial institution, September 2015
                        • Leveraging social media to deepen customer connections
                          • What it means
                          • The Market – What You Need to Know

                            • Aging population likely to positively impact customer satisfaction
                              • Increasing diversity poses a challenge to financial services companies
                                • Softening of the Canadian economy could be a risk to highly leveraged consumers
                                  • Financial institutions need to work harder to bridge the trust deficit among the LGBT community
                                  • Market Factors

                                    • Canada’s population is expected to age in the coming years
                                      • Figure 4: Population aged 65 years and over in Canada, historical and projected (% of total), 1971-2061
                                      • Figure 5: Projected trends in the age structure of the Canada population, 2014-19
                                    • The population is growing and ethnically diverse
                                      • Recent economic activities have negatively impacted consumer sentiment
                                        • Growth of the LGBT community
                                        • Key Players – What You Need to Know

                                            • Innovation Labs
                                              • Social media customer engagement with Canadian banks
                                                • Experiential marketing and US financial institutions
                                                • What’s New?

                                                    • RBC to offer voice recognition
                                                      • Scotiabank and CIBC launch innovation labs
                                                        • Customer service on social media platforms
                                                          • Fidelity lets customers view their investment portfolio in 3D
                                                            • Figure 6: #Fidelity Labs: StockCity for Oculus Rift, September 2015
                                                          • Experiential marketing and US banks
                                                            • Acknowledgement of current customers
                                                              • BMO – #HelpGiven “Arash’s Day Off”
                                                                • Figure 7: # HelpGiven Arash’s Day Off, September 2015
                                                              • Scotiabank – #My1500
                                                                • Figure 8: #My1500 Marriage Proposal, September 2015
                                                              • RBC – #HappySending
                                                                • Figure 9: Tales of #HappySending – Princess and the Pea, September 2015
                                                            • The Consumer – What You Need to Know

                                                              • Big five banks dominate general banking but less so in regards to lending and investments
                                                                • PC Financial customers most satisfied overall with their main general bank while TD scores highest among the big five
                                                                  • British Columbians and LGBTs are relatively less satisfied with their main lending provider while higher income earners are more satisfied with their main investment company
                                                                    • Harnessing the power of recommendations and reviews
                                                                    • Choice of Financial Institutions

                                                                      • Big five banks dominate general banking but less so in regards to lending and investments
                                                                        • Figure 10: Choice of FI, by product category, September 2015
                                                                      • Brand reputation and its influence on consumer choice
                                                                        • Different competitive landscape in Quebec
                                                                          • Figure 11: Choice of main FI in Quebec, September 2015
                                                                        • Around half of general banking customers have been with their FI for 15 or more years
                                                                          • Figure 12: Tenure with financial institution, September 2015
                                                                        • Young males are more likely to contemplate switching
                                                                          • Figure 13: Agreement with statements regarding choosing and switching, September 2015
                                                                      • Satisfaction with General Banking Provider

                                                                        • Overall satisfaction is high
                                                                          • Figure 14: Satisfaction with main general banking provider, September 2015
                                                                        • Older consumers are very dissatisfied with interest rates on deposits
                                                                          • Figure 15: Significant differences by attribute (%satisfied), 18-34s vs over 55s, September 2015
                                                                        • PC Financial customers most satisfied with their main bank
                                                                          • Figure 16: Overall satisfaction with general banking provider, by FI, September 2015
                                                                        • TD scores highest among the big five banks
                                                                          • Figure 17: Satisfaction rank (general banking), by attribute, September 2015
                                                                        • Key driver analysis
                                                                          • Methodology
                                                                            • Problem resolution and customer service are among attributes that FIs need to promote in order to drive satisfaction
                                                                              • Figure 18: Key drivers of overall satisfaction with general banking institution, September 2015
                                                                            • Payment options including money transfer are much more relevant drivers for satisfaction among BMO and RBC customers
                                                                              • Figure 19: Overall satisfaction with primary general banking institution – Key driver output, September 2015
                                                                          • Satisfaction with Lending Provider

                                                                            • Interest rates and speed of approval/closing register lower satisfaction rates
                                                                              • Figure 20: Satisfaction with main lending provider (% satisfied), by attribute, September 2015
                                                                            • British Columbians are relatively less satisfied with their main lending provider
                                                                              • LGBTs are less satisfied with their main lending company
                                                                                • Figure 21: Satisfaction with lending provider attributes (% satisfied), LGBTs vs overall population, September 2015
                                                                              • Desjardins ranks highest in overall satisfaction
                                                                                • Figure 22: Overall satisfaction with lending provider (% satisfied), by FI, September 2015
                                                                              • Big Five Banks’ scores are fairly similar
                                                                                • Figure 23: Satisfaction rank by attribute with main lending provider, September 2015
                                                                              • Key driver analysis
                                                                                • Methodology
                                                                                  • Speed of loan closing is a less important driver of satisfaction for CIBC customers
                                                                                    • Figure 24: Overall satisfaction with lending institution – Key driver output, September 2015
                                                                                • Satisfaction with Main Investment Company

                                                                                  • Higher income earners are more satisfied with their main investment company
                                                                                    • Figure 25: Satisfaction with main investment provider (% satisfied), by attribute, September 2015
                                                                                  • Chinese Canadians are less satisfied
                                                                                    • Figure 26: Satisfaction with investment providers (% satisfied), Chinese Canadians vs overall population, September 2015
                                                                                  • Scotiabank and Desjardins have the most satisfied investment customers
                                                                                    • Figure 27: Satisfaction with investment provider (% satisfied), by FI, September 2015
                                                                                  • Scotiabank scores highly on account information, communication and Desjardins on quality of financial advice and fees
                                                                                    • Figure 28: Satisfaction rank by attribute with main investment provider, September 2015
                                                                                  • Key driver analysis
                                                                                    • Methodology
                                                                                      • Choice of savings/investment products for instance are much more relevant drivers for satisfaction among TD consumers
                                                                                        • Figure 29: Overall satisfaction with investment institution – Key driver output, September 2015
                                                                                    • Opinions Regarding Customer Experiences

                                                                                      • Older consumers visiting branches less due to online banking
                                                                                        • Figure 30: Agreement with statements about customer experience (% who agree), September 2015
                                                                                      • Consolidation of products with one institution is most attractive to the youngest and oldest age segments
                                                                                        • Older females most trustful of financial advisors
                                                                                          • PC Financial and TD customers most likely to recommend their bank
                                                                                            • Figure 31: Agreement with statement on recommendation (% who agree), by customers of financial institution, September 2015
                                                                                          • Credit unions in danger of ceding their core value proposition
                                                                                          • Attitudes Regarding Recommendations and Reviews

                                                                                            • Around a third have recommended their financial institution
                                                                                              • Figure 32: Agreement with statements regarding recommendations (% agree), September 2015
                                                                                            • Satisfied customers are more likely to help spread the word
                                                                                              • Leveraging social media to deepen customer connections
                                                                                              • Appendix – Data Sources and Abbreviations

                                                                                                • Data sources
                                                                                                  • Consumer survey data
                                                                                                    • Consumer qualitative research
                                                                                                      • Abbreviations and terms
                                                                                                      • Appendix – Key Driver Analysis – Satisfaction with Main General Banking Provider

                                                                                                          • Interpretation of results
                                                                                                            • Figure 33: Overall satisfaction general banking institution- key driver output, September 2015
                                                                                                            • Figure 34: Satisfaction with general banking attributes, by primary financial institution, September 2015
                                                                                                            • Figure 35: Key drivers of overall satisfaction with TD, September 2015
                                                                                                            • Figure 36: Key drivers of overall satisfaction with RBC, September 2015
                                                                                                            • Figure 37: Key drivers of overall satisfaction with CIBC, September 2015
                                                                                                            • Figure 38: Key drivers of overall satisfaction with BMO, September 2015
                                                                                                            • Figure 39: Key drivers of overall satisfaction with Scotiabank, September 2015
                                                                                                            • Figure 40: Key drivers of overall satisfaction with Desjardins, September 2015
                                                                                                        • Appendix – Key Driver Analysis – Satisfaction with Main Lending Provider

                                                                                                            • Interpretation of results
                                                                                                              • Figure 41: Overall satisfaction with lending institution - key driver output, September 2015
                                                                                                              • Figure 42: Satisfaction with attributes, by primary lending institution, September 2015
                                                                                                          • Appendix – Key Driver Analysis – Satisfaction with Main Investments Provider

                                                                                                              • Interpretation of results
                                                                                                                • Figure 43: Overall satisfaction with investment product attributes by financial institution – key driver output, September 2015
                                                                                                                • Figure 44: Satisfaction with investment product attributes, by primary financial institution, September 2015

                                                                                                            Companies Covered

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                                                                                                            Customer Satisfaction in Financial Services - Canada - November 2015

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