Convenient Services and Innovative Practices Are Key Differentiators
TORONTO, Aug. 30 /CNW/ - TD Canada Trust ranks highest among the Big 5
Canadian retail banks, and President's Choice Financial ranks highest among
mid-size retail banks in satisfying customers in Canada, according to the J.D.
Power and Associates 2007 Canadian Retail Banking Customer Satisfaction
Study(SM) released today.
The study, now in its second year, examines customer satisfaction with
their overall banking experience. In both segments - the Big 5 Retail Banks
and Mid-Size Retail Banks - customer satisfaction is measured across six
factors (listed in order of importance): transaction experiences; facility;
account setup/product offerings; account statements; fees; and problem
Among the Big 5 Canadian banks, TD Canada Trust ranks highest in overall
customer satisfaction for a second consecutive year, achieving a score of 775
on a 1,000-point scale and performing particularly well in five of the six
factors: account setup and product offerings; account statements; facility;
transaction experiences; and problem resolution.
President's Choice Financial ranks highest among mid-size retail banks
with a score of 830 and performs particularly well in transaction experience;
account setup and product offerings; account statements; and fees.
The study finds that convenient services and innovative banking practices
differentiate the highest-ranked banks in each segment from their competition.
In particular, customers say that convenience - in terms of locations and
hours - and no-fee banking are important reasons for choosing their respective
For example, 61 per cent of TD Canada Trust customers say that
convenience is "extremely important" in their decision to choose the bank,
compared with 46 per cent of customers overall.
"Rather than operating only during traditional banking hours, TD Canada
Trust offers extended weekday and weekend hours, which is innovative in the
banking industry," said Charles Schade, senior director of research at J.D.
Power and Associates. "TD Canada Trust has adopted other innovative approaches
to banking, such as providing financial information geared toward college and
university students on Facebook.com. As a result, its customers report that
they perceive the bank as particularly innovative, which appears to contribute
to its high level of overall satisfaction."
A large percentage of President's Choice Financial customers are
attracted by its no-fee banking. Seventy-eight per cent of President's Choice
Financial customers say that free services were the main reason for selecting
"President's Choice Financial has managed to eliminate fees while still
offering a full range of banking services that adequately serve - and even
delight - its customers," said Schade. "By using an innovative model of
providing banking services online and by phone, automated banking machines
(ABMs) and pavilions located in supermarkets, President's Choice Financial not
only differentiates itself from other banks in its segment, but also excels in
providing highly satisfying service."
The study also finds that banks that succeed in delighting their retail
banking customers may benefit from increased loyalty when these customers shop
for other financial services. Approximately 80 per cent of retail banking
customers report holding credit products from the same financial group with
which they bank.
"Retail banking is a very personal experience for Canadians, who, in
general, are in contact with their accounts more than 20 times each month,"
says Schade. "Each transaction provides an opportunity to delight customers
or, conversely, to lose confidence in their financial institution's ability to
handle money. Those financial institutions that manage to delight their
customers stand a greater chance of extending their relationship beyond the
The 2007 Canadian Retail Banking Study includes the largest financial
institutions - banks and credit unions - in Canada, and is based on responses
from 11,325 customers who use a primary financial institution for personal
banking. The study was fielded in February and July 2007.
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is
an ISO 9001-registered global marketing information services firm operating in
key business sectors including market research, forecasting, performance
improvement, training and customer satisfaction. The firm's quality and
satisfaction measurements are based on responses from millions of consumers
annually. For more information on car reviews and ratings, car insurance,
health insurance, cell phone ratings, and more, please visit JDPower.com. J.D.
Power and Associates is a business unit of The McGraw-Hill Companies.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading
global information services provider meeting worldwide needs in the financial
services, education and business information markets through leading brands
such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power
and Associates. The Corporation has more than 280 offices in 40 countries.
Sales in 2006 were $6.3 billion. Additional information is available at
No advertising or other promotional use can be made of the information in
this release without the express prior written consent of J.D. Power and
NOTE: Charts available upon request.
For further information:
For further information: Media Relations Contacts: Lynn Bisnaire, Cohn &
Wolfe, Toronto, Canada, (647) 259-3267, email@example.com; Syvetril
Perryman, J.D. Power and Associates, Westlake Village, Calif., (805) 418-8103,