Canadian Online Brokerage Service Levels
The Service Level Experience Review
Service reputation is the cornerstone of any consumer and business relationship and can be measured in several ways. Surviscor has been analyzing customer service experience since 2006 to hold firms accountable, compiling in excess of 100,000 service interactions across 45 plus firms. The review was expanded for the 2020 results to incorporate service interaction capabilities at all firms, both inside and outside the customer login process and across all digital devices.
The Latest Rankings
In today's world, it is hard to turn on any media source and not find someone, or some group, complaining about poor customer service experiences. In most cases, the complaints are valid. The excuses typically focus in on staffing issues, highlighted within the hospitality industry since COVID reared its ugly head a few years back, but financial services also struggled and continue to struggle. The difference with online brokerage firms is they tend to place the blame on trading volume and less focus on staffing. Whatever the reason, the complaints are warranted and despite improved average response times from 2021 coupled with expanded service methods, improvements are necessary.
| 2023 Rank | Online Broker | Peer Score | Response Time* | Firm Review |
|---|---|---|---|---|
| 1 | Qtrade Direct Investing | 91 % | 5 hours | See Analysis |
| 2 | CG Direct | 89 % | 5 hours | See Analysis |
| 3 | Questrade | 76 % | 13 hours | See Analysis |
| 4 | Interactive Brokers | 73 % | 11 hours | See Analysis |
| 5 | RBC Direct Investing | 61 % | 14 hours | See Analysis |
| 6 | Wealthsimple Trade | 48 % | 18 hours | See Analysis |
| 7 | TD Direct Investing | 45 % | 18 hours | See Analysis |
| 8 | Laurentian Bank Discount Brokerage | 40 % | 22 hours | See Analysis |
| 9 | CI Direct Trading | 36 % | 26 hours | See Analysis |
| 10 | Desjardins Online Brokerage | 20 % | 38 hours | See Analysis |
| 11 | Scotia iTRADE | 14 % | 54 hours | See Analysis |
| 12 | HSBC InvestDirect | 13 % | 54 hours | See Analysis |
| 13 | BMO InvestorLine | 10 % | 41 hours | See Analysis |
| 14 | CIBC Investor's Edge | 7 % | 92 hours | See Analysis |
| 15 | National Bank Direct Brokerage | 5 % | 115 hours | See Analysis |
* Response Times are based on 147 service interactions per firm over the 2022 calendar year
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Experience Categories
The Service Level Experience Review explores the various service interaction methods and the availability of each method across both the desktop-based and mobile-based digital devices, and 'mystery shopping' service interaction responsiveness data initiated through the non-social, public-facing interaction facility provided by the Contact Us information at each Canadian DIY self-directed online brokerage firm. Service interaction data is collected using Surviscor's ongoing Service Level Assessment program that has been in place since 2006.
Monthly Service Standards
The sub-category audits the monthly average response time (ART), classifying each firm into one of the the following standards: Platinum, Gold, Silver and Bronze. Firms not classified are considered inadequate and require improvement.
Monthly Service Level Index (SLI)
Non-Customer Online Interaction Resources
Customer Online Interaction Resources
Monthly Average Response Time (ART)
Daily SLI - ART
Non-Customer Mobile Interaction Resources
Customer Mobile Interaction Resources
Online Brokers We Review
SELECT a firm to VIEW a complete analysis including Surviscor's Likes and Dislikes.
What we Measure and The Deep Dive that Differentiates.
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The TRUTH sometimes lies Between The Lines. Surviscor's Blog provides valuable insights into ONLINE BROKERAGE and CONSUMER BANKING articles.
