Consumer loyalty has declined at banks this year, and many Canadians are frustrated with the change in fee structures, finds a study by J.D. Power and Associates.
Compared to 2011, those that will recommend their bank to friends and family declined by 5% and those that will reuse their bank by 4%. Further, 27% experienced a change in fee structures this year, and as a result, satisfaction with fees declined by 25 points to 592 (on a 1,000 point scale).
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The study also found a greater shift to digital banking, with 86% of Canadians going online, compared to 80% in 2010. And mobile banking usage has doubled to 8%.
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Meanwhile, TD ranks highest among Canada’s Big Five in overall customer satisfaction, scoring 769 points. Among Canada’s mid-size banks, ING came out on top with 834 points.
The following tips may improve your client’s banking experience:
- Stay engaged and keep informed of new products and services;
- Make sure you understand your bank’s fee structures;
- Find out what discounts you may qualify for (e.g. student, senior, total holdings with the bank);
- Learn about the bank’s online and mobile capabilities, and of any costs associated with using these services.