Customers in Canada Increasingly Turning to Retail Banks for Advice, J.D. Power Finds

TORONTO--(BUSINESS WIRE)--Jun 26, 2025--

The financial health of bank customers in Canada—who are pressured by inflation, the rising cost of living and growing personal debt—has been worsening during the past few years. Currently, more than 44% of bank customers are considered financially vulnerable, 1 a jump from 36% five years ago. According to the J.D. Power 2025 Canada Retail Banking Advice Satisfaction Study, SM released today, customers are increasingly turning to their banks for advice to help navigate daily financial challenges, with 71% expressing concern about the cost of living and 36% saying they’re struggling to manage housing costs such as mortgage and utilities.

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“The eroding financial health of customers and their fear that economic conditions may worsen are driving customers—especially younger ones with growing deposits—to seek financial advice from their retail bank at an accelerated pace,” said Jennifer White, senior director for banking and payments intelligence at J.D. Power. “This combination presents a golden opportunity for retail banks to rise to the challenge and offer services and advice that go beyond the transactional. Customers are shifting their focus from longer-term goals such as investment and retirement planning to more immediate concerns like paying bills, reducing debt and sticking to a budget. Banks that are attuned to their customers’ pain points and can provide relevant and frequent financial advice will be positioned to benefit from a loyal customer base.”

Below are additional key findings of the 2025 study:

Study Ranking

RBC ranks highest in customer satisfaction for a fifth consecutive year, with a score of 595. CIBC (590) ranks second and Scotiabank (580) ranks third.

The Canada Retail Banking Advice Satisfaction Study includes responses of retail bank customers in Canada who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months. It measures customer satisfaction with retail bank advice/guidance based on performance in five core dimensions on a poor-to-perfect rating scale. Individual dimensions measured are (in order of importance): clarity of advice; concern for customer needs; relevancy; quality; and frequency of advice. This year’s study, which includes responses of 2,582 retail bank customers, was fielded from January through March 2025.

In addition to bank financial advice ratings, the study also provides financial health support index benchmarking data that evaluates the proficiency of banks and credit card issuers in delivering financial health support to customers and includes such services as helping customers make better financial decisions or helping them meet savings, creditworthiness or budgeting goals.

Top-performing banks in the banking financial health support index are (in alphabetical order): CIBC and RBC. Top-performing credit card providers in the credit card financial support index are (in alphabetical order): Desjardins, RBC, Scotiabank and TD.

For more information about the Canada Retail Banking Advice Satisfaction Study, visit https://www.jdpower.com/business/financial-health-and-advice-satisfaction-study.

See the online press release at http://www.jdpower.com/pr-id/2025062.

About J.D. Power

J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business.

 

J.D. Power 2025 Canada Retail Banking Advice Satisfaction Study

HANOI, Vietnam--(BUSINESS WIRE)--Jan 13, 2026--

FPT, through its global IT services subsidiary FPT Software, has achieved ISO/IEC 42001:2023, the first global standard for Artificial Intelligence (AI) Management Systems. With this milestone, FPT became the first company in Vietnam and the second in Southeast Asia to earn this recognition, underscoring its commitment to responsible AI development and deployment with consideration for fairness and impartiality, privacy and security, safety, quality and robustness, governance, transparency and explainability.

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The certification was issued by the world’s leading testing, inspection and certification company SGS and qualified by ANAB (ANSI National Accreditation Board) - a leading U.S. accreditation body with global recognition. ISO/IEC 42001 specifies requirements for establishing, implementing, maintaining, and continually improving AI management systems, allowing organizations to effectively manage risks and opportunities associated with AI, balancing innovation with compliance.

Achieving ISO/IEC 42001:2023 reflects FPT’s capability in AI governance, encompassing ethics, risk management, transparency, compliance, and ensuring alignment with both business goals and societal values. It also strengthens FPT’s position as a trusted technology partner for global organizations, especially those in highly regulated industries such as banking and financial services, automotive, healthcare, energy, and the public sector. The milestone further solidifies FPT’s position as an AI-first company, strengthening its foundation for scaling AI responsibly while helping clients navigate evolving regulatory, ethical, and operational challenges associated with AI adoption.

“As an AI-first company, we pledge to prioritize safety, ethics and accountability at every stage of our AI lifecycle. By continuously governing AI development and implementation processes, we provide our clients and partners with the assurance that our solutions are built with responsibility, transparency and adhere to international excellence,” said Dao Duy Cuong, FPT Software EVP and Chief Digital & Technology Officer, FPT Corporation.

FPT actively promotes responsible AI development as a founding member of the AI Alliance led by IBM and Meta, and the Vietnam Ethical AI Committee. The company is committed to embedding rigorous AI governance across its global operations and solution portfolio, including its flagship AI platform FleziPT, which boosts productivity by 30%, accelerates development by 60% and reduces 50% in rework. The company also maintains co-creation partnerships with global leaders like AWS, Microsoft, SAP, and NVIDIA to deliver tailored solutions for industry-specific challenges. Supporting these efforts is a workforce of over 25,000 AI-augmented, globally certified engineers, and world-class infrastructure including cutting-edge AI Factories in Vietnam and Japan, which have been ranked among the world’s Top 40 fastest supercomputers. Expanding its AI footprint, FPT is developing a new Research Center in Gia Lai Province, Vietnam, which is expected to become a critical component of its global AI development network, supporting high-quality talent cultivation for both the local community and the nation.

About FPT

FPT Corporation (FPT) is a globally leading technology and IT services provider headquartered in Vietnam, operating in three core sectors: Technology, Telecommunications, and Education. Over more than three decades, FPT has consistently delivered impactful solutions to millions of individuals and tens of thousands of organizations worldwide. As an AI-first company, FPT is committed to elevating Vietnam’s position on the global tech map and delivering world-class AI-enabled solutions for global enterprises. FPT focuses on three critical transformations: Digital Transformation, Intelligence Transformation, and Green Transformation. In 2024, FPT reported a total revenue of USD 2.47 billion and a workforce of over 54,000 employees across its core businesses. For more information about FPT's global IT services, please visit https://fptsoftware.com.

FPT received ISO/IEC 42001:2023 certification during the certification award ceremony in Hanoi, Vietnam