Canadian financial services firms continue to make significant advancements in providing consumers with Internet banking services, according to the latest Canadian Internet Banking Scorecard released by Gomez Inc.
The industry improved across the board in key areas such as handling customer service requests, increased functionality for bill payments as well as improving online information and tools.
Overall TD Bank managed to secure the number one ranking by the slightest of margins, over Laurentian and Citizens Bank.
According to Gomez, the Internet clearly provides smaller players and new entrants the ability to keep pace with the dominant players while preserving their market opportunities. As an example, Gomez cites the ability of new entrants such as Presidents Choice Financial being able to offer banking products at significantly better pricing for the consumer while maintaining very effective service levels.
“The most pleasant surprises were the significant improvements shown by Desjardins and CIBC moving from previous rankings of tenth and last to a respectable fifth and eighth overall,” said Don Rolfe , managing director. “Clearly these firms are committed to providing their customers with effective Internet banking capabilities, and their most recent endeavors are indicative of the commitment.
Royal Bank was unable to retain its number two Scorecard ranking and slipped to sixth overall. “This is not as much a reflection of what Royal Bank has not done but rather a reflection of the increased focus competitors have placed on the importance of improving their online offer,” Rolfe noted.
The study ranked the major Internet Banking providers as follows:
- TD Bank
- Laurentian
- Citizens
- BMO
- Desjardins
- Royal Bank
- Scotiabank
- CIBC
- President’s Choice Financial
- HSBC
- Canada Trust
- Amicus Financial
- National Bank
- VanCity
TD Bank was the leader for both the “Internet Transactor” and “One Stop Shopper” profiles while Laurentian won both the “Saver” and “Borrower” segments.