TD Canada Trust tops in customer satisfaction and corporate
image among Canadian banks
Scotiabank a strong second
TORONTO APRIL 15th, 2014 - In a random sampling of
public opinion taken by the Forum Poll™ among 1596 Canadians 18 years of age
and older, TD Canada Trust scores significantly higher than any other Canadian
bank, for both customer satisfaction and corporate image.
TD leads in customer satisfaction
In
customer satisfaction, fully two thirds of those who had used this bank (whose
advertising icon is a big comfortable armchair) said they were "very
satisfied" with overall service (64%), and this is especially the case
with the oldest respondents (81%) and the least wealthy (74%). This is followed
in second place by Scotiabank and RBC (52% very satisfied each), and, in each
case, the most satisfied are the oldest and least wealthy. While these
respondents may be retired seniors on limited incomes, they may have
substantial savings and investments, as income is not a perfect measure of net
worth. On half say they are very satisfied with Caisse Populaire Desjardins
(50%), but the rest of the banks on our list do not rise above one half on this
strong satisfaction measure (BMO - 48%, CIBC and National Bank - 46% each).
Since
we last tracked in August 2013, TD has improved its score (from 54% very
satisfied), as has RBC (from 46%) and CIBC (from 42%). National Bank, on the
other hand, has seen their score drop (from 55%).
It
is clear (and not surprising) that there is a strong alignment between
satisfaction with service and a positive image of the bank. In each case, those
who had a high opinion of the bank for its products and services were also very
satisfied with the service they receive.
TD leads in corporate image
One
half of those who use this bank think it offers excellent products and services
(50%), and once again, satisfaction is highest among the oldest (66%) and least
wealthy (62%), as well as among females (55%). Scotiabank is far back in second
place (43%), along with BMO and RBC (40% each). Just more than a third or fewer
think National Bank (38%), the Caisse (38) or CIBC (37%) offer excellent
products and services.
In
this case, the relationship between perceptions of positive image and
satisfaction with customer service is even stronger, and those who have good
service experiences rate each bank higher for excellence overall. Those who
were satisfied with their TD experience are more likely to give the bank a high
image rating (60%) than are all users (50%), and the same applies to Scotiabank
(53% to 43%).
TD most widely used bank
TD
is the most widely used bank in our sample, with one third of Canadians
patronizing it in the past (35%), especially among mid age groups (35 to 44 -
42%), mid income groups ($40K to $60K - 42%), especially in Ontario (52%). RBC
is the second most widely used bank (30%), commonly among Boomers (55 to 64 -
35%), mid-income groups ($40K to $60K - 37%) in Atlantic Canada (36%), the
prairies (44%) and BC (39%). About one quarter use BMO (23%) or CIBC (24%) and
BMO attracts the younger groups (35 to 44 - 36%), males (26%), high income
groups ($60K to $100K - 29%, $100K to $250K - 28%) in Atlantic Canada (32%),
while CIBC sees favour among the oldest (28%), the wealthiest (34%) in Ontario
(30%), the prairies (33%) and BC (34%). One fifth use Scotiabank (21%), one
seventh use the National Bank (14%) and one tenth use the Caisse (10%).
Scotiabank use is common to Atlantic Canada (46%) while National and the Caisse
are primarily used in Quebec (21% and 59%).
Conclusion
TD's
success at maintaining its primacy in customer satisfaction, especially among
those who rely on banks more (the oldest), is a demonstration of how to build
customer loyalty, supported by a positive brand image. Not only will those who
are happy with service they receive be more likely to have a positive image of
the corporate brand, creating a positive corporate image can also lead
customers to the conclusion they are more satisfied.
“It is
clear that TD Canada Trust has figured out how to make banking comfortable,
like their ads say, and they lead the field in both satisfaction with the
customer experience and image. The two are strongly linked, of course, but it
is interesting to see that the Caisse, for one, can satisfy its customers at a
higher rate than its image among consumers suggests,"
said Forum Research President, Dr. Lorne Bozinoff.
Lorne Bozinoff, Ph.D. is the president and
founder of Forum Research. He can be reached at lbozinoff@forumresearch.com or at (416) 960-9603.
