The survey ‘Advancing service in a digital world’ highlights that in the past 12 to 24 months 28% of commercial banking customers in the country experienced an error with their primary bank, while 45% were less than highly satisfied with the resolution.
Another 25% have announced their intention to change their primary banking provider, which is not entirely pain free.
EY Canadian Financial Services Advisory leader Paul Battista said: "Operational issues and underwhelming experiences are eroding customer satisfaction.
"Relationship history is no longer a sufficient reason for Canadian commercial banking customers to remain loyal."
Respondents identified certain improvement areas such as reducing paper work/documentation (33%), reducing the duration of onboarding (22%) and improving the accuracy of transitions (33%).
"While banks are heavily regulated in Canada, non-banks are taking advantage of their lighter regulatory burden to expand their financial service offerings," Battista added.
Further the survey revealed that non-banks such as credit card issuers and insurance companies are used by 48% of Canadian companies in some capacity to meet their needs, while 53% look to consider transitioning their business.
The commercial banking customers in the country are also worried about online security, with 38% listing it as a major concern.
It was found that due to security concerns only 43% of respondents are using online banking weekly and 30% are using mobile banking weekly.
The survey results found that companies in Canada plan to increase their use of online and mobile options with the addition of features such as improved security, ability to electronically submit required documents and track progress of transactions.
Image: Non-banks are used by 48% of Canadian companies to meet their needs. Photo: courtesy of adamr/ FreeDigitalPhotos.net
