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Thursday, October 30, 2014
2012 - Online Brokerage - Customer Email Responsiveness (CER) Review

TD Waterhouse is the top customer service firm in the Canadian online brokerage industry in 2012. TD Waterhouse won for the third straight year in the competitive online brokerage industry segment with a CER score of 85% and an average response time slightly above 2 hours. Surviscor reviews the majority of Canadian Online Discount Brokerage firms.

View the 2012 Online Banking Results

Surviscor's Customer Email Responsiveness (CER) Program determines an online firm’s ability to efficiently respond to customer, or potential customer emails, that are presented to the firms via public email boxes or public customer contact forms.

RankFirmScore
1TD Waterhouse85%
2Credential Direct83%
3Qtrade Investor81%
4Disnat74%
5BMO InvestorLine72%
6Scotia iTRADE67%
7Interactive Brokers48%
8National Bank Direct Brokerage41%
9Virtual Brokers39%
10CIBC Investor's Edge37%
11HSBC InvestDirect35%
12optionsXpress Canada (now Virtual Brokers)30%
13Laurentian Bank Direct Brokerage17%
14RBC Direct Investing15%
15Jitney Trade9%
16Questrade7%

Surviscor's Response Standards have been developed based upon the total response times. The Surviscor Response Standards are:

  1. Platinum - Less than 4 hours
  2. Gold - 4 to 8 hours
  3. Silver - 8 to 12 hours
  4. Bronze - 12 to 16 hours

Five firms attained the Platinum Response Standard (TD Waterhouse, Disnat, Credential Direct, Scotia iTRADE and BMO InvestorLine) while an additional six firms attained at least one of the remaining Response Standards. The firms who did not meet any of the Surviscor Response Standards were Virtual Brokers, RBC Direct Investing, Laurentian Bank Discount Brokerage, Questrade ansd Jitney Trade.

THE PROCESS

The CER Program delivers the emails, or contact form requests, to all firms within minutes of each other. Surviscor captures the following information for each email record:

  1. All text wording transmitted between 'mystery shopper' and industry firm
  2. Date and Time of the email transmission - Consistent for all firms
  3. Date and Time of the actual response to the question
  4. Accuracy of the actual response
  5. Date and Time of a firm's Auto-Response - If used
  6. Did the firm meet its Response Guideline - The stated guarantee of time to respond

Next Analysis: 2013 Year In Review - January 2014

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