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.
2022 Rank Banking Firm Peer Score Response Time* Firm Review
1 Questrade 76 % 19 hours See Analysis
2 CG Direct 74 % 9 hours See Analysis
3 Qtrade Direct Investing 73 % 13.55 hours See Analysis
4 RBC Direct Investing 66 % 29 hours See Analysis
5 Interactive Brokers 40 % 36 hours See Analysis
5 Laurentian Bank Discount Brokerage 48 % 26 hours See Analysis
7 TD Direct Investing 38 % 56 hours See Analysis
8 CIBC Investor's Edge 32 % 54 hours See Analysis
9 Scotia iTRADE 31 % 64 hours See Analysis
10 Desjardins Online Brokerage 30 % 57 hours See Analysis
11 Wealthsimple Trade 29 % 35 hours See Analysis
11 BMO InvestorLine 29 % 49 hours See Analysis
13 CI Direct Trading 25 % 58 hours See Analysis
14 National Bank Direct Brokerage 18 % No Service See Analysis
15 HSBC InvestDirect 15 % 81 hours See Analysis

* Response Time is based on over 150 service interactions per firm in the 2021 calendar year

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.

# of Firms

Surviscor sends 'mystery shopping' service requests to DIY Online Brokerage including both bank-owned and independent firms.

# of Service Records / Firm

The 12-month review is broken down into an average of 10-15 service requests and/or interactions per firm each month amounting to 160-170 records per firm per year.

# of Sub-Categories

The sub-categories measure individual firm by response times to the service interactions, the digital user experience of each 'touch-point' offered to an investor and its availability.

# of Categories

The last level of analysis, or as most consider the first level, represents the main items under review that rollup into the final industry ranking and individual scores.

Recent Surviscor Press Coverage