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Mobile Syrup

Canadians are unhappy with digital banking experiences, studies show

A collection of recent studies from J.D. Power concludes Canadians aren’t satisfied with the digital experiences their banks and credit card companies provide.

Increased financial stress on consumers and a “lack of personalization” from digital avenues have decreased customer satisfaction year-over-year.

The outlet found financial health is a significant issue for Canadians; 29 percent of Canadian credit card users say they are “financially vulnerable,” and 11 percent say they’re “overextended.”

J.D. Power further found that 65 percent of banking customers have a personal relationship with their financial institution. But this figure falls to 50 percent when talking about customers who feel the same personalization through digital channels.

The figures illustrate financial institutions are failing to offer digital experiences personalized to customer needs.

The one positive the studies revealed is that spending and budgeting tools are features customers are satisfied with. However, utilization sits at 32 percent.

“Customer expectations for a truly standout digital experience have grown considerably during the past few years, and Canadian banks and credit card issuers are not keeping pace,” Jennifer White, senior consultant for banking and payment intelligence at J.D. Power, said.

“With the exception of a few outliers, most bank and credit card mobile apps and websites that J.D. Power evaluated have lost ground year over year. It is evident that malaise is being driven not only by increased customer demand for support, but also by financial stress and a lack of personalization.”

J.D. Power based the results on 8,267 responses from retail bank and credit card customers across the country. Responses were collected between February and April 2022.

Rankings

Regarding specific banks, RBC Royal Bank took first with mobile app satisfaction. TD Canada Trust was second and Scotiabank third.

Tangerine bank has the highest credit card mobile app satisfaction, followed by RBC and Scotiabank.

For online banking satisfaction, CIBC ranked first, Scotiabank second, and RBC third. CIBC is also first when examining online credit card satisfaction. Tangerine Bank ranks second, and RBC Royal Bank is third.

Image credit: Shutterstock

Source: J.D. Power

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Mobile Syrup

Scotiabank launches ‘Sleep Advisor’ tools to help Canadians with investments

Scotiabank has launched Sleep Advisor by Scotia Advice+, a series of tools that aims to help Canadians with their investments.

The company cites its new ‘Worry Poll‘ that found that three in four Canadians spend an average of 10 hours a week worrying about finances. Through Sleep Advisor, Scotiabank says it hopes to alleviate financial concerns through a hotline and online Sleep Advisor Hub on the Advice+ Centre.

With respect to the former, Canadians can call 1-833-SLE-EEEP to receive banking advice or book an appointment with a Scotiabank representative. Scotiabank also teases that the hotline has “few surprises make the experience less stressful, including unique daytime and nighttime meditations.” Those calling at night can also book an appointment or listen to a guided meditation.

Sleep Advisor Hub, meanwhile, is an online portal that offers answers related to RRSPs, TFSAs, mutual funds, GICs and more. Articles and FAQs are organized based on a customer’s life stage.

Scotiabank says its findings come from two recently conducted national surveys conducted by Maru Public Opinion — one featuring 1,510 randomly selected Canadian adults between October 12th and 13th, 2021, and the other sampling 1,513 randomly selected Canadian adults on January 7th, 2022.

Image credit: Shutterstock

Source: Scotiabank

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Mobile Syrup

Scotiabank enters partnership with global tech platform Intuit to share customer information

Barcelona, Spain – July 15, 2020; Scotiabank Iphone Screen with Keyboard Mouse on a White Squeezed Paper. Scotiabank is a Canadian multinational bank. #Scotiabank

Scotiabank and Intuit are working together to give the banking giant’s customers the option of sharing their information in a confidential and easy way.

Intuit is the company behind TurboTax, QuickBooks, and Mint, applications that are connected to personal finances. Customers who are connected to both Scotiabank and Intuit will be able to transfer data between the two in a secure manner.

Scotiabank will use Application Programming Interface, a secure connection between computers, to send financial information to Intuit programs. This will only be done after customer consent is obtained.

“Our customers are looking to simplify their business processes, and we are committed to building the digital tools needed to help them focus on operating their business in a seamless and optimized way,” Jason Charlebois, senior vice president of small business at Scotiabank, said in a statement.

Image credit: ShutterStock

Source: Scotiabank

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Mobile Syrup

Scene program expanding in November, adding perks for Apple, flights and more

One of Canada’s biggest loyalty programs is about to get even bigger.

Through a partnership between Cineplex and Scotiabank, Scene will be rebranded as Scene+ on November 22nd, at which time it will receive several new perks. Existing Scene members will automatically be transitioned to Scene+ and the program will remain free through the transition.

The two biggest new benefits will be the option to earn and redeem points at retailers and travel agencies.

With respect to the former, there will be more than 60 participating national retailers, including Apple and Best Buy. Additionally, trip-related purchases like flights, hotels and car rentals will also be eligible for Scene points redemption. Scene says a full list of partners will be revealed closer to the launch of Scene+.

A new Scene+ website will be launched to let users claim their rewards, while a third-party service travel centre called ‘Scene+ Travel’ will be introduced to let users earn and claim points on trips. Scene says you’ll earn three points for every $1 spent on a hotel or car rental when booked through Scene+ travel. You’ll also be able to redeem 100 points for $1 toward a flight, hotel or car rental through Scene+ Travel.

Scene says your existing points balance and account number will not change under Scene+. Those who have a Scotiabank credit or debit card that can earn Scotia Rewards will have their points balance automatically transfer to Scene+ at the same value. Alternatively, current Scotia Rewards program members without a Scene account will be sent Scene+ account details closer to November 22nd.

The reveal of Scene+ comes a few weeks after Cineplex launched its own premium membership, ‘CineClub,’ which offers perks like free movies and discounted tickets and concession tiems.

Source: Scene