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Doug Bruce, Vice-President, Research
Queenie Wong, Senior Research Analyst
Credit unions continue to outperform banks when it comes to serving the financial needs of small and medium-sized enterprises (SMEs), according to a new CFIB research report, Battle of the Banks. Among the big five banks, the Bank of Montreal (BMO), and Scotiabank were tied with the highest overall scores while CIBC received the lowest.
In addition to providing bank scores by size of business, CFIB’s Battle of the Banks includes a wealth of information including SME market shares of the banks and policy recommendations. The bank scores are based upon nearly 13,000 survey responses from small business owners on four key issues: financing, fees, experience with account managers, and service.
To learn more about the performance of your bank, please read the summary of bank scores (Backgrounder) or the full report.