CFIB’s latest bank rankings continue to show that credit unions are rated more favorable than conventional banks in providing services to small and medium-sized enterprises (SMEs). Regional players follow, with ATB Financial, Desjardins and National Bank in the second, third and fourth spots, ahead of the Big Five. The Bank of Montreal received the highest score among the Big Five banks while Royal Bank of Canada scored the lowest. HSBC scored the lowest out of all the banks in servicing SME clients.
As banking and financing can be critical to the success of a small business, it is important to monitor how financial institutions service SMEs. CFIB has been monitoring how Canada’s financial institutions are serving SMEs for several decades. This is the fourth report on this subject since 2010.
Based on feedback from SMEs, this report will provide specific ways financial institutions and governments can improve the banking experience of SMEs across Canada. While the report highlights shortcomings of certain financial institutions in various service areas, banks that work to improve their service for SMEs will likely realize greater returns for their financial institutions.