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

JERUSALEM (AP) — President Donald Trump announced early Sunday that the U.S. had rescued an aviator nearly two days after he was shot down over Iran.

The extraction came after a frantic search in what appears to be a remote, mountainous region of Iran. A second crew member had been rescued Friday, soon after the F-15E Strike Eagle crashed. It was the first U.S. aircraft to be downed by Iranian fire since the U.S. and Israel launched the war on Feb. 28.

“This is the first time in military memory that two U.S. Pilots have been rescued, separately, deep in Enemy Territory," Trump wrote on Truth Social. "WE WILL NEVER LEAVE AN AMERICAN WARFIGHTER BEHIND!”

Here’s what we know about the rescue:

The operation began with a deception campaign launched by the CIA, a senior U.S. administration official said Sunday.

Before locating the airman, the CIA spread word inside Iran that U.S. forces had already found him and were moving him on the ground for exfiltration, said the official, who spoke on the condition of anonymity to discuss details not yet made public. The campaign managed to confuse Iranian officials while the agency conducted its search and rescue operations, the official said.

Those operations involved “dozens of aircraft,” armed with lethal weaponry, Trump said. Iran had promised a sizable reward to anyone who captured the service member.

“This brave Warrior was behind enemy lines in the treacherous mountains of Iran, being hunted down by our enemies, who were getting closer and closer by the hour,” Trump wrote.

The difficult rescue came after a Friday operation to save the first airman was conducted in “broad daylight,” Trump wrote. He said the White House had avoided confirming the rescue to avoid jeopardizing the search for the second aviator.

Trump said the airman held the rank of colonel and had been seriously wounded. Nonetheless, Trump said he would be “just fine."

Trump gave no details about the first crewman's condition.

Iran’s state TV showed a picture of black smoke from what it said were a destroyed American transport plane and two helicopters.

A regional intelligence official briefed on the mission said the U.S. military was forced to bring in additional aircraft to complete the rescue due to a technical malfunction. The official said the U.S. blew up two transport planes it was forced to leave because of the mishap. He spoke on condition of anonymity to discuss the covert mission.

Iranian state media on Friday also said a second U.S. plane — an A-10 aircraft — crashed after being hit by Iranian forces. The U.S. military has not commented on the status of that aircraft or its crew.

Associated Press writers Samy Magdy in Cairo and Matthew Lee in Washington contributed to this report.

In this image provided by Sepahnews, the Iranian Revolutionary Guard's official website, black smoke rises into the air at what Iran's state TV claimed was the site where an American transport plane and two helicopters involved in a rescue operation were shot down, in Isfahan province, Iran, April, 2026. (Sepahnews via AP)

In this image provided by Sepahnews, the Iranian Revolutionary Guard's official website, wreckage is shown at what Iran's state TV claimed was the site of a downed American transport plane and two helicopters involved in a rescue operation, in Isfahan province, Iran, April, 2026. (Sepahnews via AP)

In this image provided by Sepahnews, the Iranian Revolutionary Guard's official website, wreckage is shown at what Iran's state TV claimed was the site of a downed American transport plane and two helicopters involved in a rescue operation, in Isfahan province, Iran, April, 2026. (Sepahnews via AP)