Younger Canadians are increasingly willing to move their banking business, creating an opening for fintech challengers even as traditional banks record modest improvements in customer satisfaction.
J.D. Power’s 2026 Canada Retail Banking Satisfaction Study found that 17% of Gen Z and Gen Y customers at traditional retail banks probably or definitely intend to switch their primary bank within the next year, the highest level in five years.
Four of the five leading reasons involve product offerings, including fees, interest rates and promotional offers.
“Younger customers can be satisfied with their bank and still leave if they see a better opportunity to save money elsewhere,” said Paul McAdam, senior director of banking and payments intelligence at J.D. Power.
Released October 15, the study found overall satisfaction rose three points on a 1,000-point scale. However, J.D. Power says fintechs outperform large and midsize banks on many satisfaction measures and attract a disproportionate share of younger customers considering a switch.
The findings also point to a gap in how banks communicate account value: 26% of traditional bank customers do not know what benefits they receive.
RBC ranked highest among the Big Five for a third consecutive year, while Tangerine led the midsize category for the 15th consecutive year. The research surveyed 14,038 retail banking customers in two waves during January–February and July–August 2026.
For fintech providers, the results suggest that a clear financial proposition remains a powerful acquisition tool. Lower fees, competitive rates and easily understood benefits could matter as much as new digital features in winning a customer’s primary banking relationship.
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