RBC ranks first in the JD Power 2024 Canada Banking mobile app satisfaction study and 2024 Canada online banking satisfaction study image credit shutterstock

Despite more customers than ever interacting with their banks and credit card providers via mobile apps and websites in Canada, customer satisfaction with those tools is not improving. According JD Power, a sense of complacency has started to emerge among bank and credit card customers in Canada when it comes to using digital channels. Customer satisfaction with banking apps and websites is flat. Moreover, satisfaction with credit card apps and websites is declining. JD Power claims that few customers are making use of more advanced features like virtual assistants, alerts and budgeting tools.

JD Power’s Canada reports encompass mobile banking satisfaction, online banking, credit card mobile apps and online credit card accounts. They track overall customer satisfaction with banking and credit card providers’ digital offerings.

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“Across both bank and credit card digital offerings, we’re seeing a situation in which customers have been slow to adopt the newer tools and resources that were meant to improve their digital experience,” said Jennifer White, senior director of banking and payments intelligence at J.D. Power.

“While customers are routinely accessing digital channels for routine tasks, like making payments, checking balances or tracking transactions, use of more advanced features is lagging. As a result, customer satisfaction is stagnating.”

JD Power Canada: banking and credit card 2024 studies key takeaways

  • Digital customer satisfaction languishes. Overall customer satisfaction with banking apps and websites is flat year over year. There is little variability between top- and bottom-ranked banks. Among credit card providers, overall satisfaction with credit card apps is down 12 points (on a 1,000-point scale). Overall satisfaction with credit card websites is down 4 points. The range of scores in the credit card space is significantly wider than in banking. This reflects intense competition among credit card providers in the digital space.
  • Not all banks digital offerings perform equally. While the 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. Not all banks perform similarly year over year. The aggregate results are based on notably different year-over-year bank experiences. For all banks, however, it is critical that more customers engage with their digital tools.
  • Virtual assistants sparsely used outside of Gen Y and Gen Z. While overall use of virtual assistants is still relatively low for banking customers, it has been trending up among members of Gen Y and Gen Z. The primary uses of virtual assistants are still routine tasks. These include checking account balances and looking up transactions. More advanced features, such as receiving personalised financial advice or locking/unlocking cards still have low levels of utilisation.
  • Personal financial management tools not gaining traction. While use of personal financial management tools, such as credit score monitoring, spending analysis categorisation and budgeting tools, have a substantial effect on customer satisfaction among bank and credit card customers in the US, overall satisfaction and adoption rates of these tools in Canada remains stubbornly low.

JD Power study rankings: RBC ranks top for mobile banking and online banking

Royal Bank of Canada ranks highest in banking mobile app satisfaction, with a score of 644. CIBC (634) ranks second.

We are incredibly proud to receive recognition in these two important studies. It’s a testament to our focus on creating industry-leading digital experiences for our clients,” said Peter Tilton, chief digital officer, Personal & Commercial Banking at RBC.

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“As the financial services sector continues to evolve rapidly, we remain committed to empowering our clients with innovative, easy-to-use tools that allow them to manage their money confidently and securely.”

RBC ranks highest in online banking satisfaction with a score of 619. CIBC (616) ranks second and Scotiabank (615) ranks third.

American Express ranks highest in credit card mobile app satisfaction for a second consecutive year, with a score of 657. Tangerine Bank (638) ranks second and TD Canada Trust (613) ranks third.

National Bank of Canada ranks highest in online credit card satisfaction for a second consecutive year, with a score of 668. Tangerine Bank (647) ranks second and CIBC (631) ranks third.