More than half (52%) of Canadians are considered financially vulnerable or stressed, according to the JD Power 2026 Canada Financial Health Support and Advice Satisfaction Study. This presents both a challenge and an opportunity for banks. JD Power reports that nearly two‑thirds (64%) of Canadians used AI tools in the past year, with 41% turning to AI for personal‑finance information. Among those who consulted AI for financial advice, 73% acted on the recommendations—matching the adoption rate of advice from their banks.
The growing use of AI is intensifying competition for financial institutions as trusted sources of guidance.
Customers most often seek long‑term advice on investments (32%) and retirement (27%), as well as short‑term help with fee reduction (29%) and strategies to improve their overall financial situation (24%).
Top‑performing banks and credit‑card issuers consistently provide a broad suite of services, tools, and advisory experiences while ensuring customers are aware of these resources. Although security topics such as fraud prevention and identity protection are important, they rank lower in customer priority.
Market for financial advice more competitive than ever
“Getting customers’ attention has become increasingly challenging. The market for financial advice and support is more competitive than ever,” said Jennifer White, managing director of financial services intelligence at JD Power.
“Banks and card issuers are rising to the challenge, and satisfaction with advice is improving. Yet financially pressured customers know the type of guidance they want, and many are turning to AI and acting on its recommendations. The highest‑performing organisations consistently deliver a range of services, tools, and advisory experiences while making sure customers are aware of the support available. With Canadians split between financially healthy and vulnerable groups, banks and card issuers can differentiate themselves by making advice more visible, personal, and tailored to each individual.”
JD Power 2026 Canada Financial Health Support and Advice Satisfaction Study – Key Findings
Personal touch still matters: While many customers use AI and digital tools for advice, traditional channels remain vital. Marketing communications are the preferred source of guidance for 51% of bank customers, followed closely by direct representative channels—including branch, specialty, and contact‑center staff (47%). These outpace pure digital channels (31%). Branch representatives (25%) and specialty staff (22%) are favored over telephone representatives (11%), underscoring the continued demand for accessible, personal guidance.
Barriers to engagement: Sixty‑one percent of customers encounter obstacles when seeking financial support from their bank or credit‑card issuer. The top three barriers are lack of awareness that support exists, low confidence in personal financial literacy, and already having a trusted source of information. Credit‑card holders report similar barriers, adding that offered support is often perceived as generic or not personalized. Institutions need to raise the profile of supportive services, simplify access, and ensure personalization.
High awareness, low adoption rates
Canadian banks are improving the frequency and variety of advice offered, and awareness of supportive services reaches as high as 80% of customers, boosting satisfaction. Yet only 15% of struggling customers use tools to manage spending, and just 12% engage with money‑management or financial‑health education services. Among credit‑card holders, credit‑score monitoring tools are the most used, but adoption remains modest at about 20%.
Index ranking
RBC leads customer satisfaction with retail‑banking advice for the sixth consecutive year, scoring 589 out of 1,000. CIBC follows with 587, and Scotiabank ranks third at 585.
RBC also tops the satisfaction index for banking health support with a score of 560. TD is second at 553, and CIBC third at 551.
CIBC leads credit‑card health support satisfaction with a score of 560, followed by Desjardins (558) and TD (555).