Canadian Banks and Credit Cards Also See Digital Experience Satisfaction Decline

Last week we shared results from U.S.-focused research that revealed a decline in customer satisfaction with bank and credit card digital experience. Results from our studies in Canada reveal the same trend.

At a time when credit card and bank customers in Canada are using financial institution mobile apps and websites more than ever, overall satisfaction with those digital experiences is in decline. According to a series of recent studies of bank and credit card mobile app and online users conducted in Canada, released today by J.D. Power, a combination of increased financial stress on the part of consumers and lack of personalization in digital channels have driven year-over-year decreases in customer satisfaction across nearly every digital channel evaluated.

The studies—J.D. Power 2022 Canada Banking Mobile App Satisfaction Study,^SM 2022 Canada Online Banking Satisfaction Study,^SM 2022 Canada Credit Card Mobile App Satisfaction Study^SM and 2022 Canada Online Credit Card Satisfaction Study^SM—track overall customer satisfaction with banking and credit card providers’ digital offerings.

“Customer expectations for a truly standout digital experience have grown considerably during the past few years and Canadian banks and credit card issuers are not keeping pace,” said Jennifer White, senior consultant for banking and payment intelligence at J.D. Power. “With the exception of a few outliers, most bank and credit card mobile apps and websites that J.D. Power evaluated have lost ground year over year. It is evident that malaise is being driven not only by increased customer demand for support, but also by financial stress and a lack of personalization.”

Read the full press release for additional key findings and brand rankings >