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Industry Research : Satisfaction with Big 5 Banks in Canada Declines as Satisfaction with Midsize Banks Improves, J.D. Power Finds

#contactcenterworld, @JDPower

Overall satisfaction among bank customers in Canada declined year over year, especially among customers of Big 5 banks, according to the J.D. Power 2021 Canada Retail Banking Satisfaction Study,SM released today. Overall satisfaction of 787 (on a 1,000-point scale) is down from 790 in 2020, driven by a satisfaction decline of 6 points among customers of Big 5 Banks. In stark contrast, midsize banks improve 12 points in overall satisfaction from a year ago.

As many customers were affected by the pandemic, problem resolution emerged as the factor with the greatest decline, dropping 39 points among customers of Big 5 Banks and decreasing 10 points among customers of midsize banks. Other factors that contributed to the industry-wide decline in satisfaction include lack of convenience (-4) and issues around products and fees (-4).

"Nearly four in 10 customers have been financially affected by the pandemic," said John Cabell, director of banking and payments intelligence at J.D. Power. "The subsequent financial insecurity leads to lower trust and satisfaction, especially around understanding of fees, which trigger disputes and dissatisfaction. If banks want to turn the tide, they should focus on improving interactions with customers, communicating proactively, providing advice and showing support."

According to the study, 47% of customers felt their bank completely supported them during the pandemic, significantly lower than the 63% of U.S. customers who said they felt supported by their bank. In Canada, the satisfaction level of customers who felt supported by their banks is 132 points higher than those who did not feel supported or only felt partially supported.

Following are additional key findings of the 2021 study:

Advice lifts customers who were hurt financially: Customers whose financial outlook is worse off than a year ago have overall satisfaction 51 points lower than those who feel they are financially better off. However, worse-off customers who say they received financial advice from their bank in the past year have overall satisfaction that is 71 points higher than those who received no advice—a real benefit that banks can more fully realize in a challenging economy.

Pandemic pushed digital banking upward: Not surprisingly, the pandemic pushed more customers to utilize digital channels for interacting with their bank, as the percentage of customers moving to digital-only banking rises to 55% from 38% a year ago. Furthermore, high digital engagement among customers is associated with a 25-point increase in satisfaction. This further emphasizes the banks’ need to stay on top of technology advancements and evolve current offerings to meet customer needs.

Physical branches still matter: Although the number of branch-dependent customers dropped during the pandemic to 23% from 38% and branch incidence also dropped to 41% from 59%, those who visited a bank branch had higher overall satisfaction (+8), trust (+19) and brand advocacy (+7) for their bank than those who did not visit a branch.


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Study Rankings

RBC Royal Bank ranks highest in satisfaction among Big 5 Banks for a second consecutive year, with a score of 788. Scotiabank (785) ranks second and TD Canada Trust (783) ranks third.

Tangerine Bank ranks highest among midsize banks for a 10th consecutive year, with a score of 840. Simplii Financial (813) ranks second and ATB Financial (811) ranks third.

The Canada Retail Banking Satisfaction Study, now in its 16th year, measures customer satisfaction with Canada’s large and midsize banks. The scores reflect satisfaction among the entire retail banking customer pool of these banks, representing a broader group of customers than solely the branch-dependent and digital-centric segments.

The study measures customer satisfaction in six factors (listed in alphabetical order): channel activities; communication/advice; convenience; new account opening; problem resolution; and products/fees.

Channel activities include seven sub-factors (listed in alphabetical order): assisted online service; ABM; branch service; call centre service; IVR/automated phone service; mobile banking; and online banking. The study is based on responses from 14,521 retail banking customers of Canada’s largest and midsize banks regarding their experiences with their bank. It was fielded from July 2020 through January 2021.

#contactcenterworld, @JDPower

Posted by Veronica Silva Cusi, news correspondent
Source: https://www.businesswire.com


About J.D. Power:
Company LogoEstablished in 1968, J.D. Power and Associates is a global marketing information firm that conducts independent and unbiased surveys of customer satisfaction, product quality and buyer behavior. Today, the firm's services include industry-wide syndicated studies; proprietary (commissioned) tracking studies; media studies; forecasting; and training services, as well as business operations analyses, and consultancies on customer satisfaction trends.
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Today's Tip of the Day - Season Greetings

Read today's tip or listen to it on podcast.

Published: Wednesday, June 30, 2021

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2021 Buyers Guide Recording

 
1.) 
Premium Listing
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.


2.) 
ASC

ASC Recording Insights and neo
ASC Recording Insights guarantees legally compliant recording and analysis of all communication channels in Microsoft Teams - including audio calls (internal and external calls), chat conversations and video meetings.

neo Recording, QM & Analytics address all enterprises with recording needs, especially contact centers. The content of communication becomes accessible and critical information and trends are revealed, providing real-time business intelligence for immediate management action.

3.) 
Geomant

Microsoft Teams Cloud Recording Service
Geomant offers a fully managed recording service for those organisations who need to address compliance or quality management while working on Teams. The Service utilises Verint’s market leading recording technology and is hosted by Geomant in Microsoft Azure. Our managed service approach is unique in that it allows organisations to benefit from advanced recording features, all while being free from any technical infrastructure or maintenance requirements that come with a traditional on-premises set up.

4.) 
Lieber & Associates

Recording System Consulting
L&A provides vendor-independent consulting services to select, contract for, test, and implement contact center recording systems. The firm's consultants specialize in contact center I.T. and have several decades of experience each with all major and many smaller makers of phone and call recording systems.

5.) 
Numonix

IXCloud
Numonix's IXCloud is one of the first fully managed compliance recording solutions for Microsoft Teams. IXCloud securely records, stores and analyzes interactions in the cloud without physical or virtual servers. As a fully managed Azure-based, Software-as-a-Service cloud interaction recording solution, IXCloud takes interaction capture into the future. It enables instant and elastic scalability to support business growth and provides the necessary tools to enhance business performance while maintaining compliance. IXCloud redefines versatility with its OpenAPI framework that enables application development. Companies and third-party developers benefit from IXCloud native capture technology, whether it be integrating with internal systems or building a third-party application.

6.) 
Nuxiba Technologies

CenterWare
Enterprise recording management for storage, retrieval, playback, and monitoring communications throughout your contact center.

Record screen activity and calls across agent workstations, measure and monitor quality levels across all campaigns and analyze recordings to capture first-hand customer data and requirements.

Easly access all recordings and critical information to provide improved customer experience, sales, and productivity!

7.) 
OrecX

Oreka TR
Oreka TR total recorder includes all of the call recording capabilities you will need, at about half the cost of competing for call recorder solutions, including screen recording, mobile phone recording, live monitoring, on-demand recording, multi-tenancy, multi-site recording, audit trail, call exporting, retention management, auto-tagging (for speech analytics and phrase spotting) and so much more.

8.) 
PCS Software

PCS GD
Call recording solution fully integrate to all main pbx solutions.

9.) 
Teckinfo Solutions Pvt. Ltd.

InterDialog UCCS
InterDialog UCCS enables organizations to adhere to all compliances with its inbuilt call recording software and also has an option for screen recording. With centralized repository of all voice logs, its easy to maintain & retrieve all voice files and have a central control in case of multiple branches set up.
 

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