TD Canada Trust Holds Top Honours in Canadian Online Banking Study

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.

(PRWEB) November 11, 2009 -- 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 #1’.

About Surviscor

Surviscor Inc. is a Canadian firm that analyzes and ranks Canadian online services offered to retail consumers. Surviscor produces seasonal feature and functionality scorCards and email responsiveness studies, including its prominent ‘Online Brokerage scorCard’. All studies and analyses serve as industry benchmarks for consumers and firms by identifying firms considered to be leading-edge solution providers and those whose online offerings are well below industry standards.

About CorbinPartners Inc.

CorbinPartners Inc. is an establish provider of corporate business intelligence, statistical measurement and forensic market research, and gold-seal member of the Marketing Research and Intelligence Association (MRIA). It conducts service, brand and customer experience audits in many retail areas, and has Canada’s leading specialty practice in research support for risk analysis, regulatory matters, and litigation.

For further information, contact Glenn LaCoste, President, Surviscor, (905) 338-8554, glacoste@surviscor.com, http://www.surviscor.com, or Jon Purther, VP and COO, CorbinPartners Inc., 416-413-7600, jpurther@corbinpartners.com, http://www.corbinpartners.com

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