Canadian Retail Banking Survey 2013

Key messages from customers

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First, the good news. Overall, customers are happy with their primary financial institution, with results from our survey indicating that approximately 70% are very satisfied with their primary bank or credit union, and 71% have had their primary relationship for over a decade.

As such, on an overall basis, our survey findings clearly demonstrate that Canadian financial institutions can be justly proud of the level of satisfaction and loyalty they have succeeded in achieving with their customers.

EY - Overall satisfaction with main financial institution

However notwithstanding the overall level of satisfaction that Canadians have with their financial institutions, our survey highlighted some important findings for those institutions focused on doing better. In sum, we believe the single most important action these institutions need to take in order to differentially enhance the retention and growth of their customers within the highly competitive Canadian retail banking marketplace is to improve the customer experience.

The key question is “how?” Based on insights gleaned from our survey, our report summarizes the three key areas financial institutions should focus on that will have the biggest impact on improving their customers’ experience: get the basics rightputting the “personal” in personal banking and changing the channels on the customer.