Industry News

Different firms show different strengths: Surviscor

By Canadian Press |

Royal Bank of Canada is the new leader in consumer online banking services, according to the recently released ranking by Toronto research and analysis firm Surviscor.

RBC Royal Bank topped two-time winner TD Canada Trust who fell to 2nd place in Surviscor’s Online Banking scorCard. CIBC finished in the top three for the first time narrowly edging out Bank of Nova Scotia and Vancity.

The study is a comprehensive, impartial annual audit of online features and functionality at major Canadian banking institutions. This unique simulated-usage study measures over a thousand objective criteria within multiple service categories that are weighted according to industry-defined importance. The design and execution of the scorCard is powered by Canadian business intelligence firm CorbinPartners Inc.

“For many customers, online banking is becoming the cornerstone of their relationship with a financial institution. As a result, a solid and ever-improving online platform can be the key to a firm’s success,” says Glenn LaCoste, president of Surviscor.

For the first time in the history of the study, there were five different firms leading each of the five main measurement categories. CIBC took first prize in the ‘Getting Started’ section, which evaluated features targeted to prospective and existing clients prior to website login. Toronto-Dominion Bank’s TD Canada Trust won the ‘Website Design’ category while Royal Bank of Canada led all institutions in ‘Customer Support’. Scotiabank narrowly took the ‘Website Transactions’ category and Coast Capital Savings, Canada’s second largest credit union, remained on top of ‘Service Rates and Fees’ for the second straight year.

“It was a breath of fresh air to see select online enhancements as compared to a year ago,” says LaCoste. “For example, RBC Royal Bank introduced ‘myFinanceTracker’ which significantly improves a customers’ ability to analyze banking patterns and track an overall budget.”

Despite the enhancements, the Online Banking scorCard highlighted numerous opportunities for Canadian banking institutions to continue to improve the customer experience. This includes a seamless account opening process, timely and accurate e-mail responsiveness, innovative educational tools, and crisp and clean account monitoring tools. “New and improved services like these, LaCoste adds, will be essential to the evolution of online banking.”