I can almost hear the champagne corks popping at RBC Towers from the other side of the pond. Douglas Blakey comments

RBC has ended TD’s 10-year run at the top of JD Power’s Canadian Retail Banking Satisfaction Study.

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This is not just any other consumer survey. The study, now in its 11th year, measures customer satisfaction with retail banks in two segments: Big 5 Banks and Midsize Banks.

In both segments, customer satisfaction is measured in seven factors (in order of importance): product; self-service; personal service; facilities; communication; financial advisor; and problem resolution. Satisfaction is calculated on a 1,000-point scale.

RBC CEO Dave McKay has told me in the past that this survey is viewed carefully at his bank and its rivals-and he wanted to see RBC in top slot.

On that score this year, it is mission accomplished.

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RBC ranks highest in overall customer satisfaction among the Big 5, achieving a score of 765. RBC performs particularly well in all seven factors, most notably in product.  TD ranks second with a score of 761. BMO 760 follow just ahead of CIBC 754 and Scotiabank 753.

The big 5 have never been more closely packed in the survey’s history.

Among Midsize Banks, Tangerine ranks highest in overall customer satisfaction for a fifth consecutive year, with a score of 840. Tangerine performs particularly well in product, personal service, self-service and communication. President’s Choice Financial ranks a distant second with a score of 789.

The survey shows a number of sector wide positives:

  • Overall satisfaction improves by 23 points in 2016. Overall satisfaction in the Big 5 Banks segment averages 760, up from 737 in 2015, while satisfaction in the Midsize Banks segment increases to 783 from 759.
  • The study finds that satisfaction has improved despite ongoing changes in fees. For example, 25% of Big 5 Banks customers in 2016 say they’ve experienced a change in their fee structure and 16% indicate that new fees were introduced, both about the same percentages as in 2015.
  • Mobile banking growth: 34% of bank customers use mobile banking channels in 2016, up from 27% in 2015 and 20% in 2014.

The 2016 Canadian Retail Banking Satisfaction Study is based on responses from more than 13,000 customers who use a primary financial institution for personal banking. The study includes the largest financial institutions in Canada and was fielded from April through May 2016.

It is all very tight at the top of the Big 5 banks ranking; one thing is assured. Having grabbed top slot this year, there will be no complacency at RBC.