../Morning Post
Posted November 13, 2009

TD Canada Trust holds top honours in Canadian online banking study

TORONTO - For the 2nd consecutive review period, TD Canada Trust leads the charge in consumer online banking services with RBC Royal Bank a very close second, according to the recently released 2nd edition of Surviscor's Online Banking scorCard. Scotiabank takes 3rd spot, followed by west-coast credit union Coast Capital Savings.

The top five scores are: TD Canada Trust (66.23), RBC Royal Bank (64.14), Scotiabank (58.56), Coast Capital Savings (55.35) and Vancity (53.86).

Surviscor's Online Banking scorCard is a comprehensive, impartial audit of online features and functionality at major Canadian banking institutions. This unique simulated-usage study measures over a thousand objective criteria within multiple service categories that are weighted according to industry-defined importance. The design and execution of the scorCard is powered by CorbinPartners Inc., a leading provider of business intelligence in Canada.

Online banking is not just another access channel for the customer, but a valued customer experience" said Glenn LaCoste, President of Surviscor. "To compete in today's online business, just offering the basics will no longer suffice to retain current customers or acquire new ones. Online banking institutions need to deliver a wide range of features and functionality tied to a variety of customer needs. If not, they surely risk losing current and potential business to the competition."

TD Canada Trust leads all institutions in both the 'Web Design' and 'Customer Support' categories, with strong performance in criteria tied to customer navigation and customization. RBC Royal Bank attains the top spot in the all-important 'Website Transactions' category, as well as the 'Getting Started' category, which measures features targeted to prospective and existing clients prior to website login. The 'Service Rates and Fees' category is dominated this review period by the credit unions with Coast Capital Savings, Canada's 2nd largest credit union, capturing 1st prize. Scotiabank consistently scores well against the field and, as a result, places 3rd in three of the five main categories.

"The overall scores highlight the fact that there is significant room for improvement," LaCoste says. "For example, there are considerable differences from one institution to the next for service rates and fees. In addition, customer e-mail responsiveness initiated outside of the secure website, on the whole, leaves much to be desired. As well, while practice accounts and security guarantees are becoming commonplace in online services elsewhere, online banking is slow to adopt them."

The Online Banking scorCard makes it abundantly clear that if Canadian banking institutions are going achieve their fair share of the online banking market, continuous efforts to expand and improve the online experience must be labeled 'PRIORITY No. 1'.

Submit press release to pressrelease@exchangemagazine.com - Editor Jon Rohr - Content published on this site represents the opinion of the individual/organization and/or source provider of the Content. ExchangeMagazine.com is non-partisan, online journal. Privacy Policy. Copyright of Exchange produced editorial is the copyright of Exchange Business Communications Inc. 2009/*.*. Additional editorials, comments and releases are copyright of respective source(s) and/or institutions or organizations.


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