A survey from J.D. Power shows customer satisfaction is higher at mid-sized banks than the Big Five as Canadians are focused especially on fees.
The survey shows the average ranking among mid-sized banks like Tangerine, ATB Financial and Simplii Financial came in at 644 out of a possible 1,000 points, while satisfaction was an average of 611 among the Big Five banks.
J.D. Power says the results show a small uptick in satisfaction after years of decline and stagnation, as customer outlook on their personal finances and the economy also improve.
The consumer insights company says the top three actions that damage trust include unexpected fees at 54 percent, blaming the customer for an error at 32 percent and bad banking practices reported in the media at 27 percent, while high fees are the top reason people might switch banks….