Learn more: Survivors’ preferences for the TD Canada Trust
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The best online banking company services
Before Canada passes digital banking, customer service is measured by evaluating email, face-to-face and telephone interactions between customers and service providers. Today, measurements go beyond these three types, including form-based interactions, live chat, virtual assistants and social media interactions, and the ability to book face-to-face or virtual meetings using a digital platform. It seems that as one approach becomes too expensive or underserved, another so-called innovative, marketing approach has been introduced without improving the overall service experience.
Survistor analyzes three aspects of customer interaction, including pre-and-communication, interaction methods provided through desktop and mobile devices, and overall service responsiveness for each company. Over the past 16 years, our proprietary Mystery Shopping Program has accumulated over 115,000 interactions, covering a total of 45 banks and brokerage firms.
In Survivors, customer service now finds itself on slippery slopes. We believe that digital banking companies are prioritizing customers for their convenience rather than customers than customers. For example, virtual assistants are sold as the cutting edge, but are really just an interactive FAQ. Overall, despite the increased interaction approach, our data suggest that Canadians have not received a better level of service than they were a decade ago. For example, in 2024, the consumer banking industry responded to our mysterious shopping inquiries on average in 39 hours, the same time as in 2015. The average of the top 15 companies shows more in-depth that response times were slightly 20% over the same 10-year period, which is promising.
That said, Simplii Financial stands out in providing excellent services through digital platforms. Simplii and Winnipeg-based Assiniboine credit unions both answered in less than two hours on average – none of the top five banks.
Gold-The best Serve: Simple Finance
CIBC’s discount banking division, Simplii Financial, is the best choice for the overall service experience in 2025, scoring 45 out of a possible 80. Simplii Financial has achieved the most results in our mysterious shopping program. Of the 142 interactions recorded in 2024, it averaged less than an hour in anonymous service queries.
Learn more: Survivors’ kindness and dislike of simple finance
