RBC Royal Bank Wins Top Honour in Canadian Online Banking Study

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RBC Royal Bank is the new leader in consumer online banking services, according to the recently released 3rd edition of Surviscor’s Online Banking scorCard. RBC Royal Bank topped two-time winner TD Canada Trust who fell to 2nd place. CIBC finished in the top three for the first time narrowly edging out Scotiabank and Vancity.

Surviscor’s Online Banking scorCard is a comprehensive, impartial annual 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.

The top five scores are: RBC Royal Bank (59.40), TD Canada Trust (57.00), CIBC (51.42), Scotiabank (51.15) and Vancity (49.13). The complete rankings can be found at: http://surviscor.com/ScorView/Reviews/OnlineBanking/2010/    

“For many customers, online banking is becoming the cornerstone of their relationship with a financial institution. As a result, a solid and ever-improving online platform can be the key to a firm’s success,” says Glenn LaCoste, President of Surviscor.

For the first time in the history of the study, there were five different firms leading each of the five main measurement categories. CIBC took 1st prize in the ‘Getting Started’ section, which evaluated features targeted to prospective and existing clients prior to website login. TD Canada Trust won the ‘Website Design’ category while RBC Royal Bank led all institutions in ‘Customer Support’. Scotiabank narrowly took the ‘Website Transactions’ category and Coast Capital Savings, Canada’s 2nd largest credit union, remained on top of ‘Service Rates and Fees’ for the second straight year.

“It was a breath of fresh air to see select online enhancements as compared to a year ago,” said LaCoste. “For example, RBC Royal Bank introduced ‘myFinanceTracker’ which significantly improves a customers’ ability to analyze banking patterns and track an overall budget.”

Despite the enhancements, the Online Banking scorCard highlighted numerous opportunities for Canadian banking institutions to continue to improve the customer experience. This includes a seamless account opening process, timely and accurate e-mail responsiveness, innovative educational tools, and crisp and clean account monitoring tools. “New and improved services like these, LaCoste added, will be essential to the evolution of online banking.”

About Surviscor

Surviscor Inc. is a Canadian leader in the analysis and ranking of 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, (416) 993-1246, glacoste(at)surviscor(dot)com, http://www.surviscor.com, or Jon Purther, VP and COO, CorbinPartners Inc., 416-413-7600, jpurther(at)corbinpartners(dot)com, http://www.corbinpartners.com

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GLENN LACOSTE
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