Consumers appear to be slightly more satisfied with the financial advice and guidance they received from their banks compared with last year, a new J.D. Power survey shows.
The findings showed overall customer satisfaction with their bank improved slightly by 13 points to 579 on a 1,000-point scale.
The report, published Thursday, cited several improvements, including the frequency, quality and relevance of the advice, which helped boost the satisfaction score.
RBC ranked highest in customer satisfaction for a fifth consecutive year, scoring 595 points. CIBC ranked second with 590 points, followed by Scotiabank with a score of 580.
TD ranked last among the Big Five banks with a score of 563.
The survey said more Canadians turned to their bank for help navigating day-to-day financial hardships amid growing economic pressures.
“The eroding financial health of customers and their fear that economic conditions may worsen are driving customers — especially younger ones with growing deposits — to seek financial advice from their retail bank at an accelerated pace,” said Jennifer White, senior director for banking and payments intelligence at J.D. Power, in a release.
She said customers are also shifting focus from longer-term goals such as investment and retirement planning to more immediate needs, such as paying bills, reducing debt and sticking to a budget.
Among those who turned to their bank for advice, 71% were concerned about the high cost of living, while 36% were struggling to manage housing costs such as mortgage payments and electricity bills.
Forty-four per cent of bank customers are considered financially vulnerable, significantly up from 36% five years ago, the study showed.
The survey included responses from 2,582 retail bank customers between January and March of this year.