Canadian Online Banking Rankings
Surviscor Canadian Online Retail Banking Review
The Online Retail Banking Review was introduced in 2008 and explores a typical desktop-based online banking experience, including both the pre-login and login areas, that evaluates the online journey through each banking process and typical retail banking experience.
The Latest Rankings
The Canadian landscape is flooded with traditional brick and mortar bank branches and credit unions which are now complimented by discounted neo/virtual non-branch offerings. Then throw in the emergence of retail shopping banking services and emerging FinTech financial service offerings based around payment facilities which means a Canadian retail banking customer is faced with many potential suitors and should explore all the options. The reality is that a good portion of Canadian firms provide poor online banking usage experiences despite the popularity and importance within the full digital delivery channels available to consumers.
2021 is Surviscor's 13th edition and RBC ROYAL BANK continues to dominate while MERIDIAN CREDIT UNION has moved into the top credit union spot. The advice to Canadians remains the same. Question the status-quo, explore alternative relationships by doing some homework and beware the marketing messages that typically are so minor in nature that its like lipstick on a pig. The good news is Surviscor has done the experience homework at the lowest level of experiences known in North America. All that is left is the math.
| 2021 Online Experience Rank | Firm Name | Peer Score | 2021 Mobile Experience Rank |
|---|---|---|---|
| 1 | RBC Royal Bank | 99 % | 3rd |
| 2 | Scotiabank | 93 % | 4th |
| 3 | CIBC | 90 % | 1st - Top Bank |
| 4 | BMO Bank of Montreal | 89 % | 8th |
| 5 | Desjardins | 85 % | T-9th |
| 6 | TD Canada Trust | 84 % | 5th |
| T-7 | Meridian Credit Union | 79 % | T-9th |
| T-7 | National Bank of Canada | 79 % | 7th |
| 9 | Coast Capital Savings | 78 % | 6th - Top Credit Union |
| 10 | motusbank | 75 % | 13th |
| 11 | Tangerine | 74 % | 2nd |
| 12 | ATB Financial | 70 % | 16th |
| T-13 | Conexus Credit Union | 69 % | T-11th |
| T-13 | Simplii Financial | 69 % | T-11th |
| 15 | HSBC Canada | 66 % | T-22nd |
| T-16 | Alterna Savings | 60 % | T-19th |
| T-16 | Blueshore Financial | 60 % | 17th |
| T-18 | Vancity | 59 % | 14th |
| T-18 | Servus Credit Union | 59 % | T-22nd |
| 20 | Motive Financial | 58 % | T-19th |
| 21 | Alterna Bank | 54 % | 21st |
| 22 | PC Financial | 50 % | No Review |
| 23 | EQ Bank | 48 % | 15th |
| 24 | Laurentian Bank of Canada | 44 % | Last - 24th |
| 25 | Manulife Bank of Canada | 41 % | 18th |
Experience Categories
The Online Retail Banking Review objective criteria is divided into five main categories, each weighted according to industry-defined importance, for an overall maximum score of 100.
Initial Experience - The Pre-Login
The category explores the services available through the pre-login online platform, available to both existing and prospective online banking customers.
Account Information Experience
Relationship Resources
User Experience
Transactional Experience
What we Measure and The Deep Dive that Differentiates.
# of Sub-Categories
The third step places the individual experiences into relevant sub-categories that are grouped according to the general activity performed by an online user. The sub-categories are then assigned weightings according to the importance the group of experiences contributes within its category.
# of Categories
The last step takes the sub-category items under review and rolls them up into the final industry ranking and individual scores. In most cases, the category weightings are defined by the industry firms once the review is complete which then forms the final online scores and rankings.
Banking Firms Under Review
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