A recent study highlights the ongoing shift in Canadian small businesses towards digital banking services. The JD Power 2026 Canada Small Business Banking Satisfaction Study indicates that the five major banks in Canada have improved their digital offerings, resulting in a four-point increase in overall customer satisfaction from the previous year, reaching a score of 656 out of 1,000. This increase reflects a growing trend among small business owners who are adopting technology for their banking needs.
Despite this positive trend in digital banking satisfaction, there is a notable concern regarding the level of personal service small business customers receive. Approximately 49% of customers reported being put on hold while trying to connect with a bank representative, a significant rise from about one-third in 2022. This indicates potential gaps in customer service that may hinder the overall banking experience.
The Royal Bank of Canada (RBC) has reportedly achieved the highest customer satisfaction rating among small business banking services. Among those with a dedicated relationship manager, satisfaction levels were generally higher, suggesting that personal service remains a critical component for many small business clients despite the advancements in digital banking functionalities. The findings underscore the importance of balancing technology with quality customer interactions in the banking sector.
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