Canadian Banking Firms - Service Levels

Surviscor Canadian Consumer Banking 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

For years, Canadian financial services firms loved to differentiate themselves from the pack using customer service excellence, especially credit unions that desperately needed an angle to differentiate themselves from the big bad banks, as the reason to trust that hard-earned money with them. Then came the adoption of technology through digital innovations, the game changer, which made it easier for the big banks to sell the story as they expanded outside of traditional banking products. That was short lived as the discount brands and credit unions kept pace with some level of innovation. Today, the credit union system may not be the best choice when it comes to digital usage experience, but they are when it comes to offering, and delivering, a better service offering for Canadian consumer banking.
2021 Service Experience Rank Firm Name Service Experience Score Average Response Time Financial Services Response Time Rank
1 Conexus Credit Union 92 % 5 hours #1 of 46 firms
2 Servus Credit Union 68 % 15 hours 5th
3 Assiniboine Credit Union 63 % 9 hours 3rd
4 Alterna Savings 49 % 23 hours 7th
5 Motive Financial 45 % 26 hours 10th
6 Coast Capital Savings 42 % 36 hours 19th
6 National Bank of Canada 42 % 39 hours 21st
8 Simplii Financial 40 % 46 hours 24th
9 Meridian Credit Union 38 % 35 hours 15th
10 Steinbach Credit Union 37 % 28 hours 11th
11 Desjardins 36 % 39 hours 20th
12 ICICI Bank of Canada 32 % 24 hours 8th
13 motusbank 31 % 39 hours 22nd
13 ATB Financial 31 % 35 hours 16th
15 Affinity Credit Union 30 % 30 hours 13th
16 Envision Financial 29 % 35 hours 14th
16 CIBC 29 % No e-Service Last
18 Alterna Bank 27 % 40 hours 18th
19 BMO Bank of Montreal 23 % No e-Service Last
19 TD Canada Trust 23 % No e-Service Last
19 RBC Royal Bank 23 % 109 hours 37th
22 Tangerine 21 % No e-Service Last
22 Scotiabank 21 % No e-Service Last
24 Vancity 19 % 60 hours 30th
25 Blueshore Financial 16 % 114 hours 38th
26 Manulife Bank of Canada 15 % 74 hours 33rd
26 Laurentian Bank of Canada 15 % 87 hours 35th
28 HSBC Canada 12 % No e-Service Last
29 PC Financial 10 % No e-Service Last
30 EQ Bank 9 % 71 hours 32nd
31 Pace Credit Union 5 % 115 hours 39th
32 First Calgary Financial 2 % 120 hours Last

Experience Categories

The Service Level Experience Review was revised in 2020 to expand upon the traditional 150-plus consumer banking service interactions by including the types of service interaction methods at each firm along with the availability of the interactions across all digital devices. Each 'mystery shopping' service interaction collected per firm is initiated through the non-social, public-facing interaction facility provided by the Contact Us information at each Canadian digital consumer banking firm 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 Digital consumer banking firms including banks and credit unions.

# 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 a digital consumer banker 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.


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