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RBC Ranks Highest for Small Business Banking Customer Satisfaction
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- Mobile banking satisfaction climbs 43 points (on a 1,000-point scale) since 2022, including an 18-point increase in 2026.
- 49% of small business customers are put on hold when speaking with a bank representative, up from about one-third in 2022.
- Customers with a relationship manager report better advice on several measures, yet their overall satisfaction with the bank falls 17 points since 2022.
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TORONTO — Canada’s five big banks are delivering stronger digital banking experiences for small businesses, helping lift overall satisfaction four points year-over-year to 656 (on a 1,000-point scale), according to the latest JD Power 2026 Canada Small Business Banking Satisfaction Study.SM Despite customers’ complete understanding of mobile banking services increasing to 68% from 51% in 2022, banks still face challenges with personal services. Customers cite long phone holds and fewer accessible branches.
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“Mobile banking has become a core part of how Canada’s small business owners manage their companies’ finances,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “However, an app cannot fill the gap when a banking representative is unavailable to help with more complex financial needs or advice. While the big five banks are making everyday transactions easier, they also need to keep personal support accessible and responsive, offering timely advice that can save businesses time or money.”
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The gap between strong digital services and weaker personal support is clear in this year’s findings. Satisfaction with digital channels and account offerings meeting business needs both increased 10 points, but satisfaction with banks’ help saving businesses time or money dropped eight points, and satisfaction with bank representatives and call centre agents fell two points. Fewer customers are receiving proactive guidance: 56% said they got advice on relevant products, services, or financial needs, down from 60% in 2025. Similarly, 26% said their bank explained how their business could avoid banking fees, down from 30% a year earlier.
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Following are some key findings of the 2026 study:
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- Mobile banking sets the pace for digital improvements: Satisfaction with mobile banking reached 719, up 43 points since 2022, including an 18-point increase this year alone. Online banking satisfaction also increased 25 points over the five-year period. Around two-thirds (68%) of small business customers now completely understand the products, services and features available through their bank’s mobile app, compared with about half (51%) in 2022.
- Personal service is becoming harder to access: Nearly half (49%) of small business customers were put on hold while speaking with a phone representative, compared with about one-third (34%) in 2022. Customers also report fewer branches within easy reach, averaging 2.1 compared with 2.4 four years ago. Among customers with an assigned relationship manager, satisfaction with automated phone systems that connect callers to a live representative fell 37 points over the same period.
- Relationship managers provide better continuity, but less contact: Seven in 10 (70%) customers with an assigned relationship manager had the same one throughout the year, up from 53% in 2022. In 2026, 34% of customers strongly agree that their manager understands their business’ financial goals and is helping grow their business, compared to 31% in 2022. However, personalized communication from relationship managers declined to an average of 2.9 times annually from 3.8 in 2022, while in-person meetings fell to 2.1 from 2.8. Despite improvements in continuity and several measures of advice quality, overall bank satisfaction among customers with a relationship manager declined 17 points since 2022, compared with a 22-point increase among those without one.
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Study Rankings
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RBC
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ranks highest in small business banking customer satisfaction, for a second consecutive year, with a score of 673.
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BMO
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ranks second with a score of 664 and
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CIBC
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ranks third with a score of 663.
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To view the complete rankings, visit: http://www.jdpower.com/pr-id/2026106.
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The Canada Small Business Banking Satisfaction Study, now in its eighth year after having been published from 2012 to 2014, measures satisfaction across seven dimensions (in order of importance): level of trust; account offerings; allowing me to bank how and when I want; people; helping save time or money; digital channels; and resolving problems or complaints. The 2026 study includes responses from 2,406 small business owners of – or financial decision-makers at – small businesses that use business banking services. The study was fielded from June through August 2026.
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About JD Power
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JD Power delivers mission-critical data, analytics and intelligence that help businesses improve customer experience and operational performance with confidence and clarity. Using proprietary, comprehensive data–including millions of consumer interactions and authoritative automotive datasets–combined with advanced analytics, artificial intelligence and deep industry expertise, JD Power enables leaders to respond to market shifts, make smarter decisions and drive measurable performance improvements.
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As an objective source of deep insight into real-world customer interactions with brands and products, JD Power provides the independent intelligence organizations need to anticipate change, strengthen customer engagement and advance growth. Learn more at JDPower.com.
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About JD Power and Advertising/Promotional Rules:
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