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 Questions

The questions form the basis for the online analysis and represent the lowest level of features surrounding the main functionality under review. The binary questions are used to replicate the various actions an actual user would perform when using the online platform.

# of Criteria

The second step is the criteria analysis which places groupings of questions together to form the ‘experiences’ or usability encountered by an online user. For example, placing a trade is not simply pressing Buy or Sell buttons. The process involves supporting actions and information.

# 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.

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