Despite an increasing number of customers interacting with their banks and credit card providers via mobile apps and websites in Canada—and continuous investments in enhancing the user experience of these digital channels—customer satisfaction with these tools is not improving. According to a series of recent studies on bank and credit card mobile app and online users, released today by J.D. Power, complacency has begun to set in among Canadian bank and credit card customers when it comes to using digital channels. Satisfaction with banking apps and websites remains stagnant, while satisfaction with credit card apps and websites is declining, with few customers utilizing advanced features like virtual assistants, alerts, and budgeting tools.
“While customers are routinely accessing digital channels for tasks such as making payments, checking balances, or tracking transactions, the use of more advanced features is lagging. As a result, customer satisfaction is stagnating,” said Jennifer White, senior director of banking and payments intelligence at J.D. Power.
Key Findings of the 2024 Studies:
- Digital Customer Satisfaction Stagnates: Overall satisfaction with banking apps and websites remains unchanged year over year, with minimal variability between the top- and bottom-ranked banks. Among credit card providers, overall satisfaction with credit card apps has dropped by 12 points (on a 1,000-point scale), and satisfaction with credit card websites has decreased by 4 points. The range of scores in the credit card sector is significantly wider than in banking, reflecting intense competition among credit card providers in the digital space.
- Variability in Digital Offerings: While industry averages show aggregate customer complacency and a narrowing of overall satisfaction ratings, high-performing banks and card issuers are improving customer satisfaction by distinguishing themselves in specific areas of the experience. The overall results are based on notably different year-over-year bank experiences, highlighting the need for all banks to increase customer engagement with their digital tools.
- Limited Use of Virtual Assistants: The overall use of virtual assistants remains relatively low among banking customers, although it is trending upward among Gen Y and Gen Z members. The primary uses of virtual assistants are still routine tasks, such as checking account balances and looking up transactions. More advanced features, like receiving personalized financial advice or locking/unlocking cards, continue to have low utilization rates.
- Personal Financial Management Tools Not Gaining Traction: Despite having a substantial effect on customer satisfaction among bank and credit card customers in the United States, the adoption and satisfaction rates of personal financial management tools, such as credit score monitoring, spending analysis categorization, and budgeting tools, remain stubbornly low in Canada.
Study Rankings:
- Banking Mobile App Satisfaction: RBC Royal Bank ranks highest with a score of 644, followed by CIBC with 634.
- Online Banking Satisfaction: RBC Royal Bank ranks highest with a score of 619, followed by CIBC (616) and Scotiabank (615).
- Credit Card Mobile App Satisfaction: American Express ranks highest for the second consecutive year with a score of 657, followed by Tangerine Bank (638) and TD Canada Trust (613).
- Online Credit Card Satisfaction: National Bank of Canada ranks highest for the second consecutive year with a score of 668, followed by Tangerine Bank (647) and CIBC (631).
For the full ranking charts of each study, visit J.D. Power.
The Canada Banking Mobile App Satisfaction Study, Canada Online Banking Satisfaction Study, Canada Credit Card Mobile App Satisfaction Study, and Canada Online Credit Card Satisfaction Study 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 9,173 retail bank and credit card customers, fielded in February-March 2024.
To learn more about these studies, visit J.D. Power.
