If you’re a small business owner wondering which bank would best suit your needs, a new study ranks Canadian banks with the highest customer satisfaction.
JD Power released its 2024 Canada Small Business Banking Satisfaction Study on Thursday.
Now in its sixth year, the ranking measures customer satisfaction across seven factors — people, account offerings, allowing customers to bank how and when they want, helping customers save time or money, level of trust, digital channels, and resolving problems or complaints.
“Today’s small business customers have heightened expectations for each touch point with their financial institutions,” reads the report. “It is not enough to improve product quality; banks must also offer exciting new features and better service.”
It includes responses from 2,436 small business owners of — or financial decision-makers at — small businesses that use business banking services.
In first place, for the second year in a row, is CIBC with a score of 659 in customer satisfaction.
sockagphoto/Shutterstock
“Being recognized by JD Power as the leading bank in small business satisfaction for two consecutive years is a reflection of our bank’s ongoing commitment to our clients and to helping Canadian small businesses succeed,” said Andrew Antoniadis, senior vice president of business banking and cash management at CIBC, in a statement.
The financial institution says it made several enhancements to further customer experience in 2024, including leveraging new technology and tools and offering tailored industry insights specific to business needs.
“At CIBC, we understand and recognize the impact small businesses have on our economy and in our communities across the country. It’s a privilege to work closely with dedicated clients to help make their ambitions real,” he added.
In second place is BMO with a score of 658, followed by RBC and TD Bank tied for third place with scores of 656.
JD Power conducted the study from June through August 2024.
If you’re looking for what financial institution has the best banking app, read this ranking.
This study also reveals which Canadian financial institution was named one of the best digital banks in North America.