Inflation and rising rates erode bank customer satisfaction: study

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% from 50%.

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.

The study was based on responses from 14,013 retail banking customers.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.