By Staff | July 22, 2010 | Last updated on July 22, 2010
3 min read
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Canadians may love to complain about their bank, but it would appear that relationship is improving. According to the J.D. Power and Associates 2010 Canadian Retail Banking Customer Satisfaction Study, overall customer satisfaction has improved since 2009.

That overall satisfaction level has climbed to a score of 730 out of 1,000, up from 721 last year. That improved sentiment can be attributed to enhanced investments in technology and customer service.

“In order to maintain their respective competitive advantages, Canadian banks are acquiring new assets in Canada and foreign markets,” said Lubo Li, senior director of the financial services practice at J.D. Power and Associates. “These banks are also adopting new customer service standards and processes to improve customer experiences across all channels-ranging from in-branch to online-which has resulted in the overall increase in customer satisfaction in 2010.”

This is the fifth year for the study, which examines customer satisfaction with their primary financial institutions, measuring satisfaction across six factors (listed in order of importance): account activities; product offerings; account information; facility, fees; and problem resolution.

Among the Big 5 banks, TD Canada Trust ranked the highest for a fifth consecutive year, with a score of 748. President’s Choice Financial ranks highest among mid-sized banks for a fourth consecutive year, with a score of 771.

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Save a tree, go paperless: Sun Life

Sun Life has announced the results of a two-month campaign to encourage paperless claims, reporting that over 50,000 group benefits plan members have registered for direct deposit and paperless claim statements.

So far, almost 600,000 Sun Life group benefit plan members have registered for paperless claim statements.

“As a company concerned about the health and well-being of Canadians, we know it’s important to pursue environmentally friendly business practices that make it easy for clients to do business with us, as well as decrease our corporate carbon footprint,” said Stuart Monteith, senior vice-president, group benefits, Sun Life Financial Canada. “At Sun Life, we feel it’s our responsibility to contribute to providing a better quality of life for current and future generations.”

To compound the environmental benefit of going paperless, Sun Life has donated $1 for each plan member that registered to Tree Canada. The $50,000 donation will fund the planting and maintenance of 12,580 new trees.

By switching to paperless claim statements, clients will help save 240 trees, or 19,200,000 pieces of paper, per year. Such a stack of paper would be 3.5 times the height of the CN Tower.

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Online investing on the rise: Survey

An increasing number of Canadians are opting for online trading, according to BMO InvestorLine Survey.

“Investors who are considering online investing should be searching for an online brokerage that has a robust educational platform, a wealth of useful resources and objective third party insights,” said Connie Stefankiewicz, president and CEO, BMO InvestorLine. “Beginners and experienced investors alike require an online trading platform that is easy to use and provides access to innovative, leading-edge tools- giving them everything they need to make the most appropriate investment decisions.”

The survey notes that 34% of Canadians have either adopted online investing as a way to make and manage their investments or are considering doing so.

Many respondents say they are looking for reputable information and insight for their online investing experience. While 45% of all participants say they are seeking more investment knowledge, six out of 10 online investors state that the media is their number one source for information, followed by half who use general online searches.

“For those interested in online investing, we recommend taking full advantage of the benefits offered by online brokerage services,” says Stefankiewicz. “Seek out a platform that will provide you with access to information that is tailored to your individual needs. A good online brokerage will constantly adapt its services and products to meet the specific needs of its clients.”

Among online investors, more than half (55%) invest mostly in individual securities, while a smaller percentage (51%) invest in mutual funds, the study indicated.

(07/22/10) staff


The staff of have been covering news for financial advisors since 1998.