A new Canadian Federation of Independent Business survey found one in 10 business owners switched banks at least once between 2019 and 2022.
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When it came to the big five banks, the switch came mostly due to poor customer service while for smaller financial institutions, it was most commonly issues with accessing financing. “If the big banks want to retain their small business clients, their primary focus should be on improving their customer service.”.Royal Bank of Canada retained the top spot in 2022 with the greatest small business market share , Scotiabank maintained its second place , and TD came in third , the latter the only one of the big five banks to gain ground since the last CFIB banking report in 2019.
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