Seventeen per cent of younger Canadians plan to switch their main bank within the next year, the highest share in five years, according to research firm J.D. Power’s 2026 Canada retail banking satisfaction study. Fintechs outperformed the Big Five and mid-size banks across many factors assessing customer satisfaction. (The Logic)

Talking point: Interest rates, fees and promotional offers are among the leading reasons Gen Z and Gen Y customers are considering switching banks. RBC ranked highest in customer satisfaction among the Big Five Canadian banks for a third consecutive year, followed by BMO and CIBC in a tie for second, while TD ranked fourth. Scotiabank, meanwhile, ranked below the Big Five average. Overall bank satisfaction improved slightly, but fintechs are outperforming traditional lenders on several measures including account offerings, fees and interest rates. The survey of 14,038 Canadians found only 12 per cent supported AI-powered financial advice, compared with 31 per cent who preferred AI for fraud prevention and data security. Only 17 per cent were completely comfortable with their bank using AI.

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