RBC and Tangerine rank highest for customer satisfaction in annual JD Power Canadian survey

Core Insights - RBC ranks highest in customer satisfaction among the Big 5 Canadian banks for the second consecutive year, followed by CIBC, BMO, TD, and Scotiabank [1] - Tangerine Bank leads among midsize banks for the 14th consecutive year, ahead of Simplii, National Bank of Canada, Desjardins, and ATB [1] Customer Satisfaction Trends - The 2025 survey indicates a decline in customer satisfaction among the Big 5 banks, dropping 7 points to 604 on a 1,000-point scale, while midsize banks saw an increase of 5 points to 649, widening the satisfaction gap [2] - Despite the downward trend, Big 5 banks maintain a significant share of the consumer market due to factors like branch convenience and effective communication [3] Key Performance Metrics - Improvement in problem resolution is noted, with satisfaction increasing by 19 points for midsize banks and 13 points for Big 5 banks [4] - New account opening satisfaction has declined, with Big 5 banks dropping 17 points and midsize banks dropping 7 points, highlighting issues in representative knowledge and product clarity [4] - Customer loyalty is showing signs of softening, with the percentage of customers switching their primary banking relationship rising to 7% from 6% over the past three years, driven by poor service, high fees, and competitive offers [4]