National Bank and Scotiabank tops in
random sampling of public opinion taken by the Forum Poll™ among 1521 Canadians
18 years of age and older, one fifth claimed TD Canada Trust as their primary
bank (19%), along with just fewer who claim RBC is their main bank (17%).
Following these two are CIBC and Caisse Populaire Désjardians (13% each) and
Scotiabank (11%). BMO claims just under a tenth of the market (9%) while the
National Bank is the least used of the 7 major financial institutions in terms
of consumer use (4%). One tenth uses some other financial institution (13%).
is especially present in Ontario (26%) while RBC (22%) and Scotiabank (26%)
have higher market presence in Atlantic Canada. CIBC is common in Ontario (18%)
and the Caisse is, of course, primarily a Quebec institution (48%). Residents
of the Prairies are especially likely to use other banks (18%) or credit unions
(14%), while BC residents are especially likely to use Vancity (6%).
Banks trusted more than health care
system, less than other institutions
a ranking of trust in Canadian institutions, universities lead, with an average
score of 6.4 out of 10, and more than a tenth who give them a score of 10
(13%). The Canadian military is similarly well-rated for trust, at an average
score of 6.3 and one fifth who give it a 10 (20%). The RCMP ranks in the middle
of this group (6.0 and 17%), while Canadian banks (5.8, 14%) and the health
care system (5.7, 9%) trail on this measure.
National Bank, Scotiabank tops in
well more than half of those who bank at the National Bank (64%) or Scotiabank
(59%) say they are satisfied with the service they receive. Just more than half
say this of TD (55%) or CIBC (52%), which lie at the average for all banks
(52%), but other institutions fall below one half on this measure (BMO - 49%,
RBC - 46%, Caisse - 39%). On specific attributes of customer service, National
Bank is very highly rated for personalized service (58% very satisfied),
responsiveness at solving problems (58%) and valuing the respondent as a customer
(50%). Scotiabank does well on having the right products and services (48%),
valuing the respondent's custom (48%) and, by far above other banks, having the
best rates and fees (37%). The Caisse trails on all customer satisfaction
measures, as well as trailing overall.
Overwhelming agreement Canadian banks
more stable than US banks
8-in-10 agree Canadian banks are more stable than their US counterparts (82%),
and more than half use the strongest descriptor ("agree strongly" -
53%). Strong agreement is especially characteristic of the oldest (60%), the
wealthiest (64%), customers of BMO (66%), Conservative supporters (62%) and those
in Ontario (62%), but not in Quebec (40%).
Two thirds agree Canadian banks try to
thirds of Canadians think their banks go out of their way to make customers
happy (64%), but just one sixth agree strongly (17%). Strong agreement is
characteristic of Gen Y (35 to 44 - 21%), the least wealthy (26%), customers of
the National Bank (27%) and, to a lesser extent, Scotiabank (23%) and in the
prairies (22%), where credit unions are more common.
Majority agree banks act with national
interest in mind
than half agree that Canadian banks act with the best interests of the country
(58%), although few espouse the strongest view ("agree strongly" -
15%). Strong agreement is common to the least wealthy (21%), customers of the
Caisse (22%) and RBC (20%) and in Quebec (19%).
Customers think TD, Scotiabank best;
of TD Canada Trust or Scotiabank are the most likely to think their bank is
better at customer service than other banks (56% each), although when strong
agreement is examined, TD leads (34%) Scotiabank (30%). In a very
counterintuitive finding, customers of the National Bank, which scores highest
overall and for specific customer service attributes, is least likely to be
seen by its customers as offering better customer service than other banks (11%
Majority think Canadian banks
than half say Canadian banks are appropriately regulated (53%), while one
quarter finds them under-regulated (24%) and less than half this proportion
thinks them over-regulated (9%). A belief Canadian banks need more regulation
is common to males (28%), customers of CIBC (29%) and residents of Alberta
(29%) and BC (30%).
“While TD is the leading bank in consumer usage in the
country, and, probably as a result, scores the highest overall, when we look at
specific attributes of service, the National Bank is the clear winner, along
with Scotiabank. Yet National Bank customers are especially unlikely to think
their bank excels when compared to others. Either their expectations are very
high, or they have less experience with other Canadian banks," said Forum Research President, Dr.
Ph.D. is the president and founder of Forum Research. He can be reached at email@example.com or at (416)