Report reveals drop in satisfaction with the Big 5 as smaller rivals gain ground
In a sharp reversal from last year, Canada’s Big 5 retail banks have lost ground in customer satisfaction while midsize institutions picking up momentum.
The JD Power 2025 Canada Retail Banking Satisfaction Study reveals that satisfaction with the Big 5 declined by 7 points (on a 1,000-point scale) to 604, even as midsize banks improved by 5 points to reach 649, creating a widening gulf in client perceptions that spans every metric assessed.
In 2024, the Big 5 – RBC, TD, Scotiabank, BMO, and CIBC – surged in satisfaction scores in the JD Power survey. But Paul McAdam, the firm’s senior director of banking and payments intelligence says that, despite a downward trend for satisfaction with the Big 5, they remain dominant for market share and win on metrics such as branch convenience, clarity of communications, and the frequency of advice that resonates with clients.
“However, in many other aspects, midsize banks are outperforming the Big 5 and this has a direct effect on satisfaction. Most notably, the difference revolves around high-impact banking experiences related to ease of use and personalization,” he explains.
More customers at midsize banks reported that reviewing recent transactions is easy (55 % vs. 43 %) and depositing cheques is straightforward (50 % vs. 40 %). Moreover, 78 % of midsize bank clients said their bank gave tailored information, compared to 65 % for Big 5 customers.
The study flags improvements in problem resolution with midsize banks jumping 19 points, while the Big 5 gained 13. But satisfaction with new account opening declined sharply for both groups (–17 points among Big 5 and –7 among midsize), driven by weaker knowledge, less helpful representatives, and unclear product messaging.
Even so, just 7% of customers moved their primary banking provider in the past year (up from 6 %), citing poor service, high fees, or aggressive offers from competitors.
Despite the slip among the Big 5, RBC maintains top satisfaction in that group, scoring 611. CIBC follows at 607 and BMO at 606. In the midsize segment, Tangerine dominates, holding first place for the 14th year in a row with a score of 683.
The study evaluates performance across seven dimensions: trust; people; account offerings; flexibility in how and when one banks; helping customers save time or money; digital channels; and problem resolution. More than 14,000 retail banking customers participated across two survey waves in 2025.
