2014 - Canadian Online Banking scorCard Review
For the fourth straight period, RBC Royal Bank has been named the best online banking services in Canada as measured by Surviscor’s Online Banking scorCard, a comprehensive, objective annual assessment of online features and functionality at major Canadian banking institutions. Scotiabank continued to gain ground, narrowly finishing in second place. BMO Bank of Montreal finished in third while past winner TD Canada Trust continues to slip and fell out of the top three for the first time finishing in fourth place. Vancity was the top Canadian Credit Union in the review. The top five firms remained the big five banks for the third straight period. Manulife Bank returned to the 2014 review and placed first in the Mortgage Interest sub-category.
RBC Royal Bank remained the top firm with strong results in the 'Account Services' and 'Account Resources' measurement categories. Scotiabank knocked off TD Canada Trust in two categories with BMO Bank of Montreal and Vancity finishing with one category win a piece.
RESULTS:
Surviscor’s Online Banking scorCard is a comprehensive, impartial audit of online features and functionality at major Canadian banking institutions. This simulated-usage study measures over two thousand objective criteria within multiple service categories that are weighted according to industry-defined importance. The scorCard was powered by CorbinPartners Inc. (www.corbinpartners.com), an established provider of corporate business intelligence, statistical measurement and forensic market research.
CRITERIA/CATEGORIES
The Criteria:
Surviscor reviews all major Canadian online banking firms including schedule I, schedule II and the largest credit unions. The Firms are evaluated for the online features and functionality they posses.
| The Main Categories: |
| 1. | Getting Started
The Getting Started category explores the public site for features and functionality available to both the customer and non-customer.
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| 2. | Website Usability
The Website Usability category explores the general online experience of the user and the ability of the firm to provide an easy to use site. It also includes availability of handicap features and functionality.
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| 3. | Account Services
The Account Services category explores the various customer touch points offered to contact the firm and assist in the opening and day-to-day operations of the main bank account and any other related online servcies .
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| 4. | Website Transactions
The Website Transactions focuses on the core transactional features, functionality and capabilities of the online banking service.
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| 5. | Account Resources
The Account Resources category explores the various online resources available to the customer including account alerting capabilities, general educational material and various tools and calculators.
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| 6. | Service Rates and Fees
The Service Rates and Fees category analyzes the cost of having various online bank accounts based on the activity for an average client account.
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Next Analysis: February/March 2015