Canada's BEST and WORST Online Consumer Banking Experiences
RBC Royal Bank continues to provide the Best Online Consumer Banking Experience for Canadians
The Canadian landscape is flooded with traditional brick and mortar bank branches and credit unions which are complimented by discounted neo/virtual non-branch bank offerings. Throw in the emergence of retail shopping banking services and emerging FinTech financial service offerings based around payment facilities and a Canadian consumer banking customer is faced with many potential suitors. The 2022 results indicate that the Canadian big banks continue to hold their credit union, neo banks and other banking peer participants to task as for the 5th straight year, RBC Royal Bank provides the best Canadian Online Consumer Banking experience while the other big banks jockey-around the top of the rankings.
Canadian consumer banking relationships have typically been viewed by consumers as long-term, with you for life relationships. The newer consumer generations are moving away - or at least considering doing so - from parent-influenced firms and seeking their own partners. That's where the new challenge begins. Banks, Credit Unions, Neo Banks - serve the basic consumer banking needs but Canadians should demand better experiences as there are a lot of options to consider.
This is Surviscor's 14th year analyzing online banking experiences and our advice to Canadians remains the same. Question your status-quo, explore alternative relationships and beware the marketing messages that typically are based on such minor differentiators.
Glenn LaCoste, President and CEO of Surviscor GroupGo to Review Breakdown
Go to Why the Surviscor Reviews are Different
Go to The Storylines
Go to Results by Firm Type
Go to Full Rankings
Review Insights
2022 was a busy development year as a handful of firms introduced new online-based consumer banking platforms and a few others made some changes. The genesis of most of the changes were either secondary thoughts to either compliment a recent mobile-based platform release or to consolidate both platforms into one common look and feel amongst all consumer banking customers' device of choice. Whether it was a new or improved platform, the firms hopefully felt that the changes would enhance its online-based consumer banking experience and journeys. The reality is that changes do not always equate to improvements. The good news is that ALTERNA SAVINGS and BMO BANK of MONTREAL managed to increase their industry experience ranking. The bad news is that SCOTIABANK and ATB FINANCIAL managed to lose ground.
Banking in a Box - The new LESS is MORE
The internet loves plug and play opportunities. Fintechs love the fact they can build one banking system and get multiple firms to jump on board. The problem for consumers is the lack of brand identity at each firm. The solutions have been very popular, and some would say the easy way out for firms who have dragged their heels for years. The solutions have taken off mainly due to one large and influential consulting firm - who will not be named - that has several ties to Europe. Our issue with these solutions is that they do not provide the same level of features and functionality excellence that Canadians have come accustomed to and lack design breadth. What Canadians are learning fast, LESS is MORE is the industry's development and marketing messages as the design constraints have led to a similar look amongst newer releases.
The Pure Neo Banks Fail to Make an Impact
The definition of neo banks tends to be more associated with the new so-called fintech firms that offer deposit and credit services, but the pure definition really means branchless firms with either full or partial traditional banking services but offered through digital platforms. In many cases, the goal is to take assets away from the traditional firms and cross-sell larger items down the road using low fees and competitive deposit rates as the hook. With exception of the two 10th placed firms, Tangerine and motusbank, who are both discounted arms of larger firms, the majority of the neo banks' online banking platforms fail to impress.
Blind Loyalty May Be Driving Credit Union Members
The sad reality is that many Canadians do not understand what a credit union is or even, what they offer, including digital banking services. The truth is for those Canadians who place their trust in credit unions, their loyalty is undeniable. The issue remains that regardless of a credit union member's platform of choice, desktop/browser-based, mobile based, or typically a combination of the two, there are numerous poor digital experience examples that should test the perceived loyalty. MERIDIAN CREDIT UNION and COAST CAPITAL SAVINGS are exceptions to the rule as they both rank just outside of the big banks.
Balance Alert Notifications Are Not Enough
As was mentioned in the 2022 Surviscor Canadian Mobile-based Consumer Banking review, despite many firms marketing its newest digital functionality designed for you the consumer, the fact is the Canadian regulators have mandated banking firms to digitally inform customers when account balances are nearing concerning levels. These notifications are done through Alerting capabilities that have been present at more progressive firms for many years and are crucial account management tools. The reality is that low balance alerts only scratch the surface of the capabilities a consumer should demand.
Click here for more information on the regulation.
How Surviscor Evaluates the Firms
The 2022 Surviscor Canadian Online Consumer Banking Experience Review audited 25 Canadian digital banking firms including the big 6 banks, 7 credit unions, 7 neo (branchless) banks, 1 co-operative, and 4 other popular firms that identify as banks or a co-operative movement. In each case, the review explores a typical desktop or browser-based (non-phone) consumer banking experience, including both the pre-login and secure login areas. The audit took place in September and October 2022 and evaluated each firm over 5 experience categories, including 22 sub-categories, using over 400 individual usage criteria, and based on 3400-plus objective questions per firm.
ONLINE EXPERIENCE BREAKDOWN
| Category | Sub-Categories | # of Criteria | # of Questions |
|---|---|---|---|
| INITIAL EXPERIENCE | Onboarding Experience, Service Availability, Usability Experience, Public Resources | 141 | 1084 |
| USER EXPERIENCE | User Protection, Customization Experience, Navigational Design, Product Availability | 61 | 541 |
| ACCOUNT EXPERIENCE | Applications & Forms, Relationship Services, Account Information, Account Management, Account Documentation | 92 | 727 |
| TRANSACTIONAL EXPERIENCE | Bill Payments, Funds Transfers, Interac Transfers, Investing, Other Transactions | 41 | 455 |
| RELATIONSHIP RESOURCES | Account Services, Account Notifications, Tools & Calculators, Educational Resources | 78 | 633 |
Click here for a more in-depth explanation of each category and sub-category.
Why Surviscor Reviews Are Different
The Surviscor Canadian Online Consumer Banking Experience review is the largest and most unbiased evaluation in North America, known for its uncompromised facts and truth about true retail banking customer experiences and online journey. The differentiation between Surviscor reviews and all other review and ranking firms and individuals who claim to cover the Canadian banking industry is that Surviscor is the only ranking firm that includes both credit unions and neo banks in its public-facing reviews and evaluates all of them alongside the big banks which typically garner all the attention. The reviews are based on facts, and a lot of them, not on subjective, and often firm-sponsored or limited sample size results that are unfortunately all over the internet.
The Surviscor Canadian Online Consumer Banking Experience review was officially introduced in 2008 and explores a typical desktop-based online consumer banking experience, including both the pre-login and login areas, that evaluates the online consumer banking journey through each individual banking consumer's process and typical banking experience.
The Storylines
We have all heard of the saying 'no two things are created equal' and the 2022 edition of the annual Surviscor Canadian Online Consumer Banking rankings demonstrates the validity of the saying. At first glance, a bill payment is a bill payment. The truth is, there are many differences and Canadians should take notice. Not every bill payment or Interac money movement experience is the same. The best firms consider each consumer banking process from end to end and maximize the overall experience with supporting features to enhance the functionality and payment journey. The sad reality is that a good portion of Canadian firms provide very basic functionality which downgrades the overall online banking usage experiences.
Scotiabank Fall Four Spots in Rankings
The review jumped the gun on SCOTIABANK's upcoming online-based platform release. Our initial grade is a generous D. At first glance, the platform's new design appears to have a similar main navigational structure, but users will quickly notice the removal of functionality. That seems to be the SCOTIABANK pattern over the past two re-designs. Remove functionality, one would think to simplify the design, then re-introduce over time, perhaps as customers complain. Whatever the reasoning, we are not a fan of the process or the strategy if it is indeed a strategy. How does one give up its bread and butter of providing more than its peers and take away so much from its customers?
BMO Bank of Montreal Slides Into Top 3
BMO BANK of MONTREAL introduced its long-awaited new online-based platform in 2022 and we give the new look a B- grade. The rating represents BMO's ability to change the look and feel while maintaining most core functionality. Our disappointment is in what appears to be a banking in a box - easier road development approach, something that has been very popular with Canadian firms. Let's hope this is simply an initial phase for BMO and that more supporting features will return.
Alterna Savings Makes Biggest Non-Bank Splash
ALTERNA SAVINGS, an Ontario-based credit union, was the biggest mover in the 2022 rankings, moving up three positions into a tie for 13th. The move was based on the heels of a new platform launch, another banking in a box platform based on the same core system chosen at COAST CAPITAL SAVINGS a few years back. As the move helped the look and feel of a distressed older platform, there is still much work to be done to provide the member base with an enhanced online experience and journey. Let's see what the future brings.
ATB Financial's Newest Version Fails to Make an Impact
It is always great to hear that banking firms are going to introduce new digital platforms; however, when the long-awaited release does not significantly move the experience meter, the result is disappointing. Most of today's re-designs are based on existing platforms being used at other firms and they tend to freshen up the look, but they lack breadth. ATB FINANCIAL, an Alberta-government firm, followed-up its recent Mobile platform re-design disappointment with an online-based version that led to a fall in the ranking.
Online Consumer Banking Experience Rankings - By Firm Types
The Canadian Online consumer banking landscape offers Canadian consumers an abundance of choice outside of the popular, and traditional, big banks. Consumers can choose from regional-based credit unions or co-operatives, neo or branchless virtual banks, or a variety of other firms registered to provide digital-based consumer banking. Whatever your preference, here's a look at the best and worst firms in each segment:
BIG BANKS - RANKINGS
| Industry Ranking | Banking Firm | Experience Score | Firm Likes & Dislikes |
|---|---|---|---|
| 1 | RBC ROYAL BANK | 98 % | Full Analysis |
| 2 | CIBC | 90 % | Full Analysis |
| 3 | BMO BANK OF MONTREAL | 85 % | Full Analysis |
| 4 | TD CANADA TRUST | 84 % | Full Analysis |
| 6 | SCOTIABANK | 79 % | Full Analysis |
| 7 | NATIONAL BANK OF CANADA | 78 % | Full Analysis |
The big six banks reviewed managed to land in six of the top seven overall rankings, demonstrating the dominance they have when it comes to online-based consumer banking digital experiences. RBC ROYAL BANK continues its dominance with a near perfect peer-based score and CIBC, the 2022 Best Firm for Mobile-based Consumer Banking Experience, once again strongly secured in the #2 ranking. BMO BANK OF MONTREAL moved into the #3 ranking despite a not so impressive new platform taking advantage of SCOTIABANK's newest online platform which once again, will leave customers with less functionality like its re-launched mobile platform did years ago. At what point will SCOTIABANK customers say enough is enough.
Canadians expect the big banks, especially the traditional Big 5, to have robust digital-based platforms. What doesn't make sense, and is a clear sign of development laziness, is why the newest online-based platforms opt for less functionality to improve design.
Glenn LaCoste, President and CEO of Surviscor GroupCREDIT UNIONS and CO-OPERATIVES - RANKINGS
| Industry Ranking | Banking Firm | Experience Score | Firm Likes & Dislikes |
|---|---|---|---|
| 5 | DESJARDINS (Quebec-based CO-OPERATIVE) | 83 % | Full Analysis |
| 8 | MERIDIAN CREDIT UNION | 75 % | Full Analysis |
| 9 | COAST CAPITAL SAVINGS | 74 % | Full Analysis |
| 12 | CONEXUS CREDIT UNION | 67 % | Full Analysis |
| T-13 | ALTERNA SAVINGS | 66 % | Full Analysis |
| 17 | BLUESHORE FINANCIAL | 60 % | Full Analysis |
| 18 | VANCITY | 58 % | Full Analysis |
| T-19 | SERVUS CREDIT UNION | 55 % | Full Analysis |
The Canadian credit union system continue to operate with a split personality when it comes to digital platforms. On the positive side, MERIDIAN CREDIT UNION and COAST CAPITAL SAVINGS manage to crack the top 10 and sit closely behind the best worst big bank. ALTERNA SAVINGS introduced a new online-based platform and managed to move up the rankings but still missing the mark to compete with the top credit unions. The bottom many of the firms appear to be in disarray and customers should take note.
Unfortunately, Canadian credit union customers are faced with Jekyll and Hyde desktop-based Online consumer banking experiences. There are a handful of firms who truly compete while most tend to offer basic solutions at best.
Glenn LaCoste, President and CEO of Surviscor GroupNEO-VIRTUAL BANKS-RANKINGS
| Industry Ranking | Banking Firm | Experience Score | Firm Likes & Dislikes |
|---|---|---|---|
| T-10 | MOTUSBANK | 71 % | Full Analysis |
| T-10 | TANGERINE | 71 % | Full Analysis |
| 15 | SIMPLII FINANCIAL | 65 % | Full Analysis |
| T-19 | MOTIVE FINANCIAL | 55 % | Full Analysis |
| 21 | ALTERNA BANK | 51 % | Full Analysis |
| 22 | PC FINANCIAL | 47 % | Full Analysis |
| 23 | EQ BANK | 45 % | Full Analysis |
The most recent NEO Bank firms attempt to attract the new digitally savvy customers who apparently are looking for simple and easy designs. The issue is simple and easy tends to be associated with less digital-based features and functionality which goes against what the newer generation of customers will be willing to accept once they grow to understand the platforms' shortcomings and lack of product breadth.
It is crucial to understand that not having branches does not mean that a firm is a fintech digital expert or that it is heavily invested in servicing a customer in a more efficient manner. Less face-to-face contact leads to less responsibility. Less responsibility leads to longer-term frustration as reality sets in. The Neo Banks' differentiators tend to be minimal at best, and sometimes superficial in nature.
Glenn LaCoste, President and CEO of Surviscor GroupOTHER BANKS-RANKINGS
| Industry Ranking | Banking Firm | Experience Score | Firm Likes & Dislikes |
|---|---|---|---|
| T-13 | ATB FINANCIAL | 66 % | Full Analysis |
| 16 | HSBC CANADA | 63 % | Full Analysis |
| 24 | LAURENTIAN BANK of CANADA | 38 % | Full Analysis |
| 25 | MANULIFE BANK of CANADA | 37 % | Full Analysis |
ATB FINANCIAL, an Alberta-based government-owned financial institution, is the leader amongst the Other Banks, but fell one ranking spot in 2022 with its newest less is more online platform attempt. Recent rumours of HSBC selling its Canadian operation is of interest to this review as the digital platforms consistently fall well back of the more popular firms which indicates a lack of commitment.
Most of the Other Banks serve a direct purpose, and loyal connection, for many Canadians regardless of the merits of the digital platforms. The most head-scratching result is HSBC CANADA as one would think that its world-wide stature and Canadian account base would equate to a top-ten offering.
Glenn LaCoste, President and CEO of Surviscor Group
COMPLETE RESULTS - All Firms under Review
| Mobile Experience Rank | Banking Firm | Experience Score | View Company Review |
|---|---|---|---|
| 1 | RBC ROYAL BANK | 98 % | Full Analysis |
| 2 | CIBC | 90 % | Full Analysis |
| 3 | BMO BANK OF MONTREAL | 85 % | Full Analysis |
| 4 | TD CANADA TRUST | 84 % | Full Analysis |
| 5 | DESJARDINS (Quebec-based CO-OPERATIVE) | 83 % | Full Analysis |
| 6 | SCOTIABANK | 79 % | Full Analysis |
| 7 | NATIONAL BANK OF CANADA | 78 % | Full Analysis |
| 8 | MERIDIAN CREDIT UNION | 75 % | Full Analysis |
| 9 | COAST CAPITAL SAVINGS | 74 % | Full Analysis |
| T-10 | TANGERINE | 71 % | Full Analysis |
| T-10 | MOTUSBANK | 71 % | Full Analysis |
| 12 | CONEXUS CREDIT UNION | 67 % | Full Analysis |
| T-13 | ALTERNA SAVINGS | 66 % | Full Analysis |
| T-13 | ATB FINANCIAL | 66 % | Full Analysis |
| 15 | SIMPLII FINANCIAL | 65 % | Full Analysis |
| 16 | HSBC CANADA | 63 % | Full Analysis |
| 17 | BLUESHORE FINANCIAL | 60 % | Full Analysis |
| 18 | VANCITY | 58 % | Full Analysis |
| T-19 | SERVUS CREDIT UNION | 55 % | Full Analysis |
| T-19 | MOTIVE FINANCIAL | 55 % | Full Analysis |
| 21 | ALTERNA BANK | 51 % | Full Analysis |
| 22 | PC FINANCIAL | 47 % | Full Analysis |
| 23 | EQ BANK | 45 % | Full Analysis |
| 24 | LAURENTIAN BANK of CANADA | 38 % | Full Analysis |
| 25 | MANULIFE BANK of CANADA | 37 % | Full Analysis |
The Afterthought
Keep in mind that the depth of the Surviscor reviews means an environment of tough marking and firms being required to earn rankings not be given them by ghost writers or false marketing messages. In addition to being tough, Surviscor will also give credit where credit is due, and you can trust that the money Canadians work hard to make is being considered by identifying the premier digital banking partners who deserve consideration. The hope is that all Canadians hold each bank and credit union accountable to the highest standards of customer experience.
Learn More about Other Canadian Consumer Banking Experience Rankings
Mobile-based Consumer Banking Experience Rankings: 2022 Canada's Best Mobile-based Consumer Banking Experiences
Rates and Fees Experience Rankings: 2022 Canada's Best and Worst Consumer Banking Rates and Fees Experiences
Service Experience Rankings: 2022 Canada's Best and Worst Consumer Banking Service Level Experiences
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