Ranking the Best Banks and Credit Unions for Online Desktop-based Banking Experience in Canada

RBC Royal Bank Leads the Pack in Desktop-Based Consumer Online Banking

Digital banking has become an essential part of our daily lives, but not all platforms deliver the seamless experiences consumers deserve. While many financial institutions offer similar accounts, products, and services, the quality of their digital experiences - particularly on desktop platforms - varies greatly. Surviscor's annual Consumer Online Desktop Banking Experience Review sheds light on these differences, evaluating 24 Canadian platforms across five key categories and over 300 criteria. From big banks to credit unions and branchless neo banks, this comprehensive analysis reveals which institutions are leading the charge and which are falling behind.

The findings are clear: despite advancements in technology, too many Canadian consumers still face subpar digital banking experiences. The big banks dominate desktop banking, with RBC Royal Bank continuing its reign at the top, while standout credit unions like Meridian and Coast Capital Savings set the bar for their category. However, many neo banks and smaller institutions struggle to deliver competitive platforms, with firms like EQ Bank and Laurentian Bank ranking at the bottom. This year's review highlights both the successes and shortcomings, urging consumers to hold their banking partners accountable and demand better.

Review Headlines

RBC ROYAL BANK: Still the Best Desktop Banking Platform

For over a decade, RBC Royal Bank has set the standard for desktop banking, with few competitors coming close to its performance.

MERIDIAN CREDIT UNION: Leading Amongst Credit Unions

While the competition with Coast Capital Savings is tight, Meridian Credit Union continues to secure the top spot for credit union desktop platforms.

BIG BANKS: Still Dominating Desktop

The big banks maintain their stronghold on desktop banking, claiming six of the top seven rankings.

CREDIT UNIONS: Average at Best

Beyond standout performers like Meridian and Coast Capital Savings, most credit unions deliver mediocre desktop banking experiences for their members.

NEO/BRANCHLESS BANKS: No Dominant Platform

Tangerine and motusbank tie for the 10th spot in desktop rankings but fail to break into the top tier, showing room for improvement amongst these firms.

EQ BANK: Good Rates, Poor Platforms

Despite its popularity for low fees and high rates, EQ Bank delivers a disappointing online desktop banking experience.

LAURENTIAN BANK and MANULIFE BANK: Consistently Underperforming

Year after year, Laurentian Bank and Manulife Bank remain at the bottom of the rankings, continuing a frustrating trend.

2024 Consumer Desktop Banking Rankings

Surviscor's annual Consumer Online Desktop Banking Experience review is North America's most thorough and unbiased analysis of digital banking. It's more than just rankings - it dives deep into key aspects of the customer journey, like the Pre-login Experience, User Experience, and Transactional Experience, to provide a full picture.

This year's review covered 24 Canadian digital banking platforms, including the big six banks, seven credit unions, seven branchless banks, and four other institutions. Each was evaluated across five experience categories and over 300 criteria. The goal? To help you find the best digital banking services while encouraging banks to step up their game.

Go to Results by Firm Type

Go to Lessons Learned

Go to The Bottom Line

Why Surviscor Reviews Are Different

Surviscor Experience Reviews are the largest and most unbiased evaluations in North America, offering uncompromised facts about real customer experiences and digital journeys. Unlike other review firms or individuals, whose rankings are often subjective or firm-sponsored, Surviscor bases its reviews on extensive factual data, not limited or biased sample sizes commonly found online.

KEY FINDINGS

Surviscor believes in giving credit where it's due and making sure a variety of firms get recognized. The goal is to help Canadian consumers hold their banks accountable for the quality of their online digital banking. Here's a quick look at the key takeaways from the 2024 Consumer Desktop Banking Experience Review:

• RBC ROYAL BANK: Maintains its position as the top-ranked firm.
• TD CANADA TRUST: Climbs two spots from its 2023 ranking.
• MERIDIAN CREDIT UNION: Once again earns the title of the highest-ranked credit union.
• COAST CAPITAL SAVINGS: Maintains its strong performance as the second-highest-ranked credit union.
• TANGERINE and MOTUSBANK: Continue to lead as the best-performing neo/branchless banks.



While desktop experiences may not hold the same importance they once did, that doesn't mean you should accept a subpar performance from your banking provider. A complete digital experience should excel across both mobile and desktop platforms. Don't hesitate to challenge the status quo and demand better.

Glenn LaCoste, President and CEO of Surviscor Group


• SCOTIABANK: The new platform design failed to deliver meaningful improvements.
• RBC ROYAL BANK: Mobile phone validation for desktop access adds unnecessary complexity.
• SCOTIABANK: Device security protocols are overly frustrating for users.
• VANCITY: Despite being Canada's largest credit union, it offers a below-average desktop banking experience.
• EQ BANK: Low interest rates align with its poor rankings, with no notable improvements in sight.
• SERVUS CREDIT UNION: A rebranding effort didn't improve its standing as the worst-performing credit union for desktop banking.

Consumer Desktop Banking Experience Rankings - By Firm Type

The Canadian digital banking landscape offers a range of choices beyond the traditional big banks. Consumers can opt for regional credit unions, neo/branchless virtual banks, or various digital banking firms. Here's a look at the best and worst in each segment:

BIG BANKS - Desktop Rankings

Big Banks continue to provide above-average desktop-based banking experiences, but there are clear differences in quality. Here's how they ranked:

The major Canadian banks continue to dominate, with four of them ranking in the top five and six securing spots in the top seven. RBC Royal Bank holds a strong lead over CIBC, while TD Canada Trust comfortably outpaces the next tier of banking firms. Meanwhile, Scotiabank remains the lowest-ranked among the big banks.

NEO-BRANCHLESS BANKS - Desktop Rankings

Neo banks are often associated with fintech firms offering deposit and credit services, but they can be more accurately described as branchless banks providing full or partial traditional banking services through digital platforms. Here's how the six firms ranked:

With the exception of EQ Bank, most neo or branchless banks in this review are extensions of traditional banks. While these institutions often present themselves as fintech pioneers, their offerings are typically scaled-back services designed to attract customers from traditional banks by promoting low fees and competitive rates.

The top performers for online desktop-based banking experiences among branchless banks are motusbank (owned by Meridian Credit Union) and Tangerine (Scotiabank's branchless division). Following them is Simplii Financial (owned by CIBC), but there's a significant drop in quality among the remaining firms.

Despite aggressive marketing, EQ Bank ranks the lowest, narrowly trailing PC Financial and falling far behind competitors like Alterna Bank (owned by Alterna Savings) and Motive Financial (owned by Canadian Western Bank and soon to join National Bank).

OTHER BANKS - Desktop Rankings

The Other Banks category includes three retail banking firms. As in previous years, these firms generally perform poorly, with no clear explanation for their underperformance. Here are the rankings:

Many lower-ranking firms provide disappointing online desktop-based banking services and generally poor digital banking experiences overall. ATB Financial, a Crown corporation owned by the Government of Alberta, is the best among this group but still falls short of delivering a top-tier digital experience for Albertans. At the bottom of the rankings, Manulife Bank of Canada and Laurentian Bank consistently remain in last place, holding this unenviable distinction for several years.

Go back to the 2024 Desktop Banking Experience Rankings

LESSONS LEARNED

Key lessons emerge when 24 retail banking platforms undergo detailed scrutiny. Here are some of them:

Scotiabank: A Patience Test for Customers

Scotiabank's approach to digital banking often tests the patience of its customers. Changes to their platforms are slow, and updates frequently remove previous features, leaving users with reduced functionality for long periods. While promises of improved versions of these features are made, customers are left in a frustrating interim where digital banking feels incomplete.

Credit Union Members Deserve Better

Credit unions thrive on community values and personalized service. However, the majority of their members, except those at Coast Capital Savings and Meridian Credit Union, face subpar digital banking platforms. This disconnect between member loyalty and technological investment leaves most users with outdated or lackluster online banking experiences.

Neo Banks Are Not Synonymous with Fintech

Neo banks are often mistaken for cutting-edge fintech firms, but the reality is different. True neo banks are branchless entities offering digital banking services, either partially or fully. Not all small-scale firms entering the market as Fintechs are innovative, and they shouldn't automatically be seen as technologically advanced.

Desktop Security: A Hassle for Many

While it's commendable that banks prioritize security, some measures create unnecessary inconvenience. For instance, RBC requires users to confirm login attempts via their mobile app when accessing desktop banking, and Scotiabank complicates things further by making users remember which phone they registered with. These cumbersome processes often frustrate more than they protect.

The Real Difference is in the Details

Low-performing banks might claim that basic features, like bill payments, are the same across the board. However, top-ranking firms enhance these standard features with added value, while poorly ranked institutions stick to minimal functionality. Examining these small details highlights the gap between an exceptional and a mediocre banking experience.

Design Is Improving, But User Experience Isn't

While digital banking designs are becoming more visually appealing, the overall user experience often suffers. Simplification has led to the removal or poor adaptation of useful features, leaving customers with a visually polished but less functional platform.

New Platforms Don't Always Mean Better Service

A shiny new design doesn't guarantee an improved experience. True quality is revealed through actual usage, not just aesthetics. Recent examples, like Scotiabank, demonstrate that new platforms often fail to enhance their standing or provide meaningful improvements.

Open Banking: Pressures Are Driving Progress

The push for open banking in Canada is encouraging banks to prepare for a more interconnected financial system. A positive outcome of this is the growing ability to view balances from multiple institutions in one place and transfer funds between accounts more easily - a step forward for convenience.

Virtual Assistants: A Flawed Solution

Virtual assistants, or robo-chats, have become a go-to solution for customer service, but they often fall short of delivering meaningful support. While they might serve as interactive FAQs, these tools lack the personalized touch that made customer service exceptional in the past.

Mobile-First Philosophy Could Harm Online Platforms

The growing trend of prioritizing mobile experiences often comes at the expense of desktop and tablet users. Many decision-makers are convinced that offering less functionality is the future of digital platforms. If you prefer using a desktop or tablet for banking, you may find these mobile-first strategies reducing the quality of your experience.

Go back to the 2024 Online Banking Experience Rankings

Go back to What Makes Surviscor Different

The Bottom Line

Canada's digital banking landscape is packed with competition among Big Banks, Credit Unions, and Neo/Branchless banks, all claiming to invest heavily in digital strategies. Yet, many fail to deliver on their promises of innovative and user-friendly platforms, often falling short of basic industry standards. A common mistake is the belief that younger Canadians value simplicity over functionality, leading to a less is more approach. This limits the potential of digital banking, restricts features, and alienates tech-savvy users who expect a seamless, feature-rich experience. By focusing more on flashy marketing than robust functionality, many institutions risk losing their edge in an increasingly competitive market.

The Surviscor DISCLAIMER

At Surviscor, we take pride in recognizing - and calling out - firms for both exceptional and poor digital banking experiences. Canadians work hard for their money, and it's essential to have a financial partner that meets the highest standards of customer experience and cost-effectiveness. Consumers hold the power, not the banks. From posted rates to special promotions aimed at new customers, there's always an option to explore. Don't settle - #FindTheRightFirm