Canadian Online Brokerage Service Levels
Canadian Online Brokerage Service 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
Customer service, like many other things in life, continues to evolve but the evolution cycle appears to be like a cat chasing its tail. When one is not efficient enough, introduce another, and so on. We love to think that firms offer more to make it easier for us, but the reality is the moves are always self-serving to ease costs associated with providing great service.
2021 was a Jekyll and Hyde year for the online brokerage industry. For example, the industry average response time decreased 20% from 2020, which is good, but the top five average rose 13%, which means investors should expect longer wait times. It was great to have a new name in the Service Response category, but the best time of 9 hours was the worst top response time since 2006, and a 68% increase from 2020. What does it all mean? More firms are back in the game, but the overall level of customer service remains a disappointment.
| Experience Rank | Firm Name | Service Experience Score | Average Response Time | Financial Services Rank |
|---|---|---|---|---|
| 1 | Questrade | 76 % | 19 hours | 6th |
| 2 | CG Direct | 74 % | 9 hours | 2nd |
| 3 | Qtrade Direct Investing | 73 % | 13.55 hours | 4th |
| 4 | RBC Direct Investing | 66 % | 29 hours | 12th |
| 5 | Interactive Brokers | 40 % | 36 hours | 18th |
| 5 | Laurentian Bank Discount Brokerage | 48 % | 26 hours | 9th |
| 7 | TD Direct Investing | 38 % | 56 hours | 27th |
| 8 | CIBC Investor's Edge | 32 % | 54 hours | 26th |
| 9 | Scotia iTRADE | 31 % | 64 hours | 31st |
| 10 | Desjardins Online Brokerage | 30 % | 57 hours | 28th |
| 11 | Wealthsimple Trade | 29 % | 35 hours | 17th |
| 11 | BMO InvestorLine | 29 % | 49 hours | 25th |
| 13 | CI Direct Trading | 25 % | 58 hours | 29th |
| 14 | National Bank Direct Brokerage | 18 % | No Service | Last |
| 15 | HSBC InvestDirect | 15 % | 81 hours | 34th |
Experience Categories
The Service Level Experience Review was expanded in 2020 to expand upon the traditional 150-plus service interactions by including the types of service interaction methods at each firm along with the availability of the interactions across all digital devices. The 'mystery shopping' service interactions per firm collected are initiated through the non-social, public-facing interaction facility provided by the Contact Us information at each Canadian DIY discount brokerage firms and is driven by 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
What we Measure and The Deep Dive that Differentiates.
Brokerage Firms We Review
Click on any of the firms for a complete review
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