Customer satisfaction gap widens between big banks and midsized lenders: J.D. Power

TORONTO – A new report finds the gap in bank customer satisfaction between Canada’s Big Five banks and midsized lenders is widening, with satisfaction at smaller banks rising.

A J.D. Power survey finds customer satisfaction with the Big Five lenders fell seven points from last year to 604 on a 1,000-point scale, while satisfaction with midsize lenders rose five points to 649.

Royal Bank ranked No. 1 in bank customer satisfaction among the Big Five for a second consecutive year.

The report said Tangerine Bank scored the highest among midsize lenders for the 14th year in a row.

Paul McAdam, senior director of banking and payments intelligence at J.D. Power, notes that while satisfaction with Canada’s largest banks declined, these lenders still account for the largest share of the consume