Email and mobile apps have driven a 25% increase in the number of Canadian retail bank customers seeking advice via digital means. And they are more satisfied with the service, according to J.D. Power's 2020 Canada Retail Banking Advice Satisfaction study
Younger customers are most likely to receive digital advice — 35% of GenZers do so.
And overall satisfaction has increase 10 points to 783 on a 1,000-point scale. This covers email, mobile apps and websites.
Digital now delivers 21% of new account openings, their volume having risen by 3%, whereas branch-based openings have decreased by seven percentage points. However, 65% of new account openings still take place in branches.
“Advice and guidance delivered via digital channels are resonating with bank customers, fostering stronger engagement and higher levels of customer satisfaction with bank brands that get their digital formulas right,” states Paul McAdam, senior director of banking intelligence at J.D. Power.
Here are the bank satisfaction levels on the 1,000-point scale:
BMO Bank of Montreal
RBC Royal Bank
TD Canada Trust