The Canadian banking sector is principally characterized by the preeminent presence of five major financial institutions: the Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD Bank), Bank of Nova Scotia (Scotiabank), Bank of Montreal, and Canadian Imperial Bank of Commerce. RBC and TD Bank stand out as the
, boasting preeminence in both market capitalization and total assets. Notably, these two banks hold global significance, ranking 15th (RBC) and 11th (TD Bank) in
in 2023.
Retail banking
The big five banks, including RBC and BMO, lead the way in Canadian retail banking. In 2023,
RBC ranked highest in customer satisfaction, followed by BMO. Retail banking in Canada mainly involves handling deposits, loans, and mortgages. Similar to other countries, people are increasingly turning to online banking instead of going to physical branches. This shift is causing a
decline in the number of traditional bank branches. Essentially, Canadians are favoring the convenience of digital banking, influencing how banks operate and serve their customers.
How do Canadians bank?
In Canada, the landscape of banking is evolving, reflecting a diverse range of sentiments among account holders. A notable 41 percent of Canadians with bank accounts expressed
confidence in their financial awareness in 2023, believing they were well-informed about their current fiscal state. However, a contrasting 40 percent of the population grappled with concerns about their financial future, indicating a nuanced perspective on personal finance. Mobile phones have emerged as the
dominant platform for processing banking affairs, with a majority favoring the convenience and accessibility offered by mobile banking apps. Following closely behind are PCs or laptops, suggesting a tech-savvy populace keen on managing their finances digitally. Despite the technological strides, there has been a
noticeable decline in customer satisfaction with banks over the past four years, hinting at potential challenges within the financial sector.
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