Satisfaction with Canada’s largest banks has grown significantly among their business clients. This increase is attributed mainly to customer experience improvements in digital channels such as online banking and mobile apps. It has been cited that courtesy, promptness, attention to client’s needs and efficient problem resolution have all seen improvement in the eyes of customers. That is according to the recently released J.D. Power 2023 Canada Small Business Banking Satisfaction Study. Small business owners’ satisfaction with their primary financial institution is based on a 1,000-point scale and increased 23 points this year to 676.
Paul McAdam, senior director of banking and payments intelligence at J.D. Power, said: “Canadian banks are effectively catering to the needs of small businesses in day-to-day servicing, in interactions with the business’ assigned relationship manager and in high-value activities like new account opening. As small businesses become more confident about the future, it also presents an opportunity for the banks to deepen business relationships beyond transactional-level services by providing targeted financial advice during both in-person and digital interactions.”
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CIBC ranks highest for customer satisfaction
CIBC ranks highest in small business banking customer satisfaction with a score of 692 (on a 1,000 point scale). BMO Bank of Montreal was a close second with a score of 691 and Scotiabank ranked third with 684. The 2023 Canada Small Business Banking Satisfaction Study measures satisfaction across seven factors. These are, in order of importance: people; account offerings; allowing me to bank how and when I want; helping me save time or money; level of trust; digital channels; and resolving problems or complaints.
In addition to an increase in overall satisfaction, the study also finds that small businesses are showing an increase in deposit balances, more manageable debt and fewer businesses being classified as financially vulnerable. With the improved financial state of the country’s small businesses, more are saying they can pay all their bills on time, have a strong credit rating; and have improved access to affordable funding and timely credit to meet their business needs.
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