Personal Investor: Big Canadian banks losing ground to smaller players
We often think of the big Canadian banks as an oligopoly feasting on profits and leaving the crumbs for the smaller banks.
But a new survey by Surviscor shows some of the smaller banks are not only at the big-bank table, they’re eating their lunch.
Surviscor’s latest Canadian online banking review digs down to the individual customer experience asking basic questions relating to general website usability, mobile accessibility, support and – of course – fees.
Two of the big banks continue to fight for top spot with Scotiabank (BNS.TO) pulling ahead of Royal Bank of Canada (RY.TO) this year. CIBC (CM.TO) ranks a distant third but from there Desjardins and Tangerine take fourth and fifth spots.
Tangerine – formerly ING Direct before being purchased by Scotiabank – ranks two positions higher at the expense of Bank of Montreal (BMO.TO) and TD Canada Trust (TD.TO). BMO has fallen three spots from last year’s ranking.
One interesting name in the top 10 is B.C.-based Coast Capital Savings, the highest ranking credit union on the list.