Fall 2009 - Canadian Online Banking Review
TD Canada Trust continues to lead the major Canadian banks in consumer online banking services, according to the recently released Surviscor Online Banking Fall 2009 scorCard. Close behind was RBC Royal Bank, followed by Scotiabank and Coast Capital Savings, Canada's second largest credit union. BMO Bank of Montreal continues to rank the lowest of the 'big six’ banks. Surviscor introduced four new firms to the Fall 2009 scorCard all of which proved to pose no challenge for the top rankings. The companies are HSBC, Meridian Credit Union, ATB Financial and Citibank Canada.
TD Canada Trust leads all institutions in both the ‘Web Design’ and ‘Customer Support’ categories, with strong performance in criteria tied to customer navigation and customization. RBC Royal Bank attains the top spot in the all-important ‘Website Transactions’ category, as well as the ‘Getting Started’ category, which measures features targeted to prospective and existing clients prior to website login. The ‘Service Rates and Fees’ category is dominated this review period by the credit unions with Coast Capital Savings, Canada’s 2nd largest credit union, capturing 1st prize. ScotiaBank consistently scores well against the field and, as a result, places 3rd in three of the five main categories.
“The overall scores highlight the fact that there is significant room for improvement”, LaCoste says. “For example, there are considerable differences from one institution to the next for service rates and fees. In addition, customer e-mail responsiveness initiated outside of the secure website, on the whole, leaves much to be desired. As well, while practice accounts and security guarantees are becoming commonplace in online services elsewhere, online banking is slow to adopt them.”
The Online Banking scorCard makes it abundantly clear that if Canadian banking institutions are going achieve their fair share of the online banking market, continuous efforts to expand and improve the online experience must be labeled ‘PRIORITY #1’.
RESULTS:
Surviscor’s Online Banking scorCard is a comprehensive, impartial audit of online features and functionality at major Canadian banking institutions. This simulated-usage study measures over a thousand objective criteria within multiple service categories that are weighted according to industry-defined importance. The scorCard was powered by CorbinPartners Inc., a leading business intelligence provider and gold-seal member of the Marketing Research and Intelligence Association (MRIA).
CorbinPartners Inc (www.corbinpartners.com) is an established provider of corporate business intelligence, statistical measurement and forensic market research. It conducts service, brand and customer experience audits in many retail areas, and has Canada’s leading specialty practice in research support for risk analysis, regulatory matters, and litigation.
CRITERIA/CATEGORIES
The Criteria:
Surviscor reviews all major Canadian online banking firms including schedule I, schedule II and the largest credit unions. The Firms are evaluated for the online features and functionality they posses.
| The Main Categories: |
| 1. | Getting Started
The Getting Started category explores the public site for features and functionality available to both the customer and non-customer.
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| 2. | Website Design
The Website Design category explores the general online experience of the user and the ability of the firm to provide an easy to use site. It also includes availability of handicap features and functionality.
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| 3. | Customer Support
The Customer Support category explores the various customer touch points offered to contact the firm and assist in the opening and day-to-day operations of the main bank account and any other related online servcies .
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| 4. | Transaction
The Transactions category focuses on the core transactional features, functionality and capabilities of the online banking service.
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| 5. | Service Rates/Fees
The Service Rates/Fees category analyzes the cost of having various online bank accounts based on the activity for an average client account.
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Next Analysis: Spring 2010