TORONTO — A report by J.D. Power says rising inflation and interest rates are eroding the financial health of Canadians and their satisfaction with the country's banks.
The study measured customer satisfaction across seven factors.
It says satisfaction scores were lowest for resolving problems or complaints and helping customers save time or money, which has become a key priority for them.
The study notes a noticeable decline in satisfaction between the second wave of the study done in July and August compared with the first wave done in January through March, as the percentage of customers classified as financially healthy also dropped to 38 per cent from 50 per cent.
According to the report, Royal Bank ranked highest in satisfaction among the Big Five banks for a third consecutive year. CIBC was second and Bank of Montreal was third.
Tangerine was highest among mid-size banks followed by ATB Financial and Simplii Financial.
This report by The Canadian Press was first published Oct. 20, 2022.
Companies in this story: (TSX:RY, TSX:CM, TSX:BMO, TSX:BNS)
The Canadian Press
