A recent J.D. Power survey reveals that Canadians are more satisfied with midsize banks compared to the Big Five, while fintechs are gaining ground among customers looking to switch banks. Overall banking satisfaction rose three points on a 1,000-point scale compared to last year, with the Big Five averaging 610 points and midsize banks scoring 641 points.
Among the Big Five, RBC led with 619 points, followed by BMO and CIBC at 611, TD at 610, and Scotiabank at 597. Tangerine topped the midsize banks for the 15th consecutive year with 676 points, followed by ATB Financial at 650, Simplii Financial at 637, National Bank of Canada at 636, and Desjardins at 624.
The survey highlighted that midsize banks excelled in service quality and personalization, while fintechs stood out for lower fees, better interest rates, and easier online banking. Paul McAdam, senior director of banking and payments intelligence at J.D. Power, noted that fees are a critical factor, especially with the rising cost of living.
Almost two-thirds of Canadians said they don’t pay fees for retail banking, up four percentage points from 2025. Among Gen Y and Gen Z customers of traditional banks, 17% expressed a likelihood of switching banks within the next year, citing factors like fees, interest rates, and promotional offers. Fintechs, though holding only about 5% of Canada’s retail banking market, are capturing a significant share of customers switching banks.