Trends Report

The Canada Financial Services Customer Trust Index, 2023: Banks

How Canadian Banks Earn Customers’ Trust

December 1st, 2023
Alyson Clarke, Principal Analyst
Alyson Clarke Principal Analyst
With contributors:
David Hoffman , Sohm Gough , Niraj Patel , Brianna Karls , Aaron Suiter , Jen Barton

Summary

Trust in Canadian banks remained flat in 2023 compared to 2022, despite interest rate and lending concerns affecting the Canadian banking sector. Customer trust matters more than ever because trust drives revenue. Forrester’s Financial Services Customer Trust Index (FS Customer Trust Index) assesses the level of trust customers have with their financial services providers. This report answers the question, “Which Canadian banks are earning the most customer trust and how are they earning that trust?” across eight Canadian banking brands that were analyzed as part of the FS Customer Trust Index in 2023. Customer experience, digital, and marketing executives can use this report to inform their ongoing improvement efforts to earn customers’ trust.

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