This profile is based on an interview with the bank’s retail banking leader, who didn’t receive advance access to the research in preparation for the call. All six banks were offered the opportunity to share their strategies and insights with Investment Executive.
National Bank of Canada’s retail bank planners are more satisfied with their bank’s support systems than they were in 2024, Investment Executive’s 2025 Report Card on Banks reveals.
All but two of the bank’s 22 category ratings in the Report Card saw some margin of improvement, though only six were significantly higher than a year ago (by 0.5 or more). The three categories with the greatest improvements year over year were: “quality of bank’s product shelf” (rated 9.1 from 8.2), “client relationship tools” (rated 8.0 from 7.2), and “compliance relationship & support” (rated 8.1 from 7.4).
This positive momentum for 2025 meant National Bank’s IE rating was also a touch higher in this report, at 8.8 from 8.5 last year. An IE rating is the average of all of a bank’s category ratings in the Report Card, excluding Net Promoter Score.
The bank’s consistent messaging on its priorities and strategies has meant, “There are no surprises for advisors,” said Tony Scalia, vice-president, investments with National Bank.
A key priority is developing planners through training and coaching sessions. “They know that our key objective remains differentiating ourselves via the quality of advice that we provide our clients,” he said. “We fine tune every year, but this has really been our message for the past three to four.”
Enhancing guidance for advisors
The bank’s rating by retail planners for the quality of its product shelf was higher than in 2024 (9.1 from 8.2). This was the bank’s most improved rating year over year despite consistency in the area.
The bank hasn’t made any material changes to its product shelf within the past year, Scalia said. Mainly, it has provided advisors with more guidance on how to present products and help clients understand them.
A planner with National Bank in Quebec appreciated “the range of products offered to customers,” within the closed shelf they have access to. Some of their peers felt the quantity was limited but did agree on the quality, with a separate planner in Quebec saying external fund managers were used and they didn’t feel pressured when making recommendations to clients.
For its client relationship tools, National Bank also indicated that not much has changed compared with 2024. While its rating in that category increased and some planners felt there had been improvement, Scalia confirmed that the same SAP Customer Relationship Management (CRM) software is in use. In fact, the bank has been using the same SAP CRM tool for more than a decade.
Similar to how the bank’s advisor training on products had been increased, Scalia noted that “more rigour and emphasis” have been placed on ensuring planners understand and use the CRM tool properly.
Technology tweaks wanted
Nonetheless, there were planners with the bank who felt their digital suite needed an upgrade.
For instance, another planner in Quebec said, “There is room for improvement. Our system is archaic. … [There are] a lot of elements that are not grouped together. It’s not effective.” Others felt the SAP CRM system was functional but could be modernized to better meet their expectations for streamlined processes.
On that front, 72.7% of the bank’s planners said National Bank was introducing automation and time-saving tools — though that trailed the collective result of 85.5% across all six banks in the Report Card. There were nods to AI tools from Microsoft and administrative improvements that were helping with tedious paperwork.
“This [the automation] is really for administrative tasks. Our assistants have saved more time,” said another planner with National Bank in Quebec. This planner gave their financial planning software a good review, and applauded the overall culture within the bank’s branches, but said they had faced “technical glitches” when using elements like their CRM.
The bank’s saw its biggest year-over-year rating decline in the “general technology training & internal IT support” category. National Bank was rated 8.3 from 8.6 in this area. So, while this wasn’t its lowest-rated category for 2025, it’s an area to watch.
Scalia wasn’t surprised to hear mixed reviews from planners in some areas. He said National Bank encourages advisors to express themselves, and gathers feedback internally through annual surveys, consultations and more.
About available tech support, Scalia said the bank offers instructional procedure documents through its internal websites. “We also have efficient, dedicated support [offered] by our IT colleagues if any issue occurs,” he added.
A personal culture
Culture was certainly a highlight for National Bank, with its branch planners citing growth and development opportunities.
“The bank is a great place to develop professionally,” said one planner, also in Quebec.
The “human” culture at National Bank was touted by many, with one saying the environment is “very open, very human. … You don’t feel like a number.”
Scalia was proud to be recognized in this way, saying, “That relationship with our clients and with our employees is, first and foremost, [the] top priority for National Bank.”
As one planner, also in Quebec, put it: “I am proud to work for National Bank. [There’s] nice cohesion. … We help each other and push each other upward.” This advisor also felt the bank was “growing very well,” increasing its presence.
Part of that expansion is the integration of Canadian Western Bank (CWB) into National Bank, after that buy was completed in February. “[That’s] definitely a priority for the organization and … it’s in line with our mission to increase our geographical footprint coast to coast,” said Scalia.
National Bank president and CEO Laurent Ferreira said earlier this year that the CWB acquisition would help the bank expand its product and service offering but also let it maintain regional expertise.
When asked if the close-knit culture or advisor-training focus would shift in any way as the bank expands, Scalia said, “No shifts are expected. … National Bank and CWB share similar values and a common customer experience culture. Our focus will not shift following the integration.”