90% of Respondents Prioritise CX Over Products and Services

Canadian consumers are increasingly prioritising personalisation and digital communication—key elements of a great CX—as banks work to meet evolving expectations across all age groups.

FICO has announced new survey research – 2024 Bank Customer Experience Survey: CA – on what Canadian consumers find most important in their banking experience needs and whether banks are meeting their needs. 

The survey found that 90% of Canadians believe CX is just as important (66%) or even more important (24%) than the bank’s products and services. This shows that banks need to provide excellent customer experiences across all channels to keep customers loyal and grow their business.

Darryl Knopp, Head of Customer Insights at FICO, said, “Conversations around customer loyalty, digital transformation, and the importance of personalised services in the Canadian banking sector have never been timelier. We found that even though most Canadians are still banking with traditional banks (76%), there is increasing interest in digital banking services across all age groups.”

“To maintain customer satisfaction, banks need to further explore and expand their focus on digital communication methods, as well as diverse products and offerings that cater to customer needs.”

ALSO READ: To Drive ROI, CX Leaders Must Move Beyond Vanity Metrics

Deep-Rooted Loyalty Remains Strong

95% of Canadians have a designated primary financial institution. While most Canadians have two or three bank accounts, they usually choose one bank as their main account—often the one they’ve used the longest. In fact, 69% of Canadians haven’t switched their primary bank in the last ten years. 

This loyalty grows stronger with age: 89% of young adults (18-24) have a primary bank, compared to 98% of seniors over 65.

Personalisation Is Now a Priority

Canadians expect their banks to tailor offerings and experiences to individual needs, regardless of age or demographic. Over 75% of respondents stated that personalised offers are important to them. 

To protect market share, banks must deliver meaningful, demographic-specific personalisation that reflects customers’ unique needs and expectations.

Overall, Canadians are satisfied with how their banks communicate—68% rate communication positively, and just 7.4% cite poor communication. However, poor CX remains the top reason for switching banks, noted by 41% of respondents, reinforcing the importance of ongoing experience optimisation.

ALSO READ: Phonexa Increases Consumer Conversions Through SMS