Canadians Unhappy With Banks

Although merchant cash advances are alternative sources of funding to bank loans, we have never encouraged our clients to stop going to the bank. In fact, we advise quite the opposite. We believe that our clients should weigh their options against each other so that they can make informed decisions about their funding options.

Not to mentions, banks are necessities as we all need accounts to store our money and make payments for our everyday needs. That being said, we do believe that it’s important to work with a bank that you feel is trustworthy and dependable. After all, they are working with your money.

Yesterday, QMI Agency reported that the majority of Canadians are actually unhappy with their banks and often find themselves changing from one bank to the other. According to a new Ernst & Young survey, 64 per cent of Canadians plan on taking their business to a new bank based on customer service issues.

In fact, 34 per cent of the poll’s respondents indicate that they receive little to no personalized attention from their bank. And a whopping 73 per cent feel strongly that they shouldn’t have to pay for financial advice as it should be part of the service that they are already receiving.

Paul Battista, the financial services advisory leader at Ernst & Young Canada had this to say about the survey’s findings: “Canadian banks came out of the financial crisis relatively unscathed as compared to most of their global counterparts…But our survey clearly shows that the trust factor isn’t what drives dissatisfaction in Canadians’ banking relationships. It’s the lack of personalized attention and service issues.”

In fairness, we are aware that there are banks that have financial advisors who will meet with you for free in order to discuss investment options and account switches among other things. However, as the survey found, banks that have advanced mobile applications “have a leg-up on the competition”.

Added Battista: “The banks that find innovative ways to effectively deliver high-quality, personalized service will, in the long run, provide a strong base for greatly improving customer loyalty.” The survey also found that 48 per cent of Canadians do business with only one bank, while 37 per cent do business with two.