Small businesses want better bank service
Canadian small and medium-sized businesses (SMBs) are increasingly adopting digital banking, with mobile banking satisfaction climbing 43 points since 2022, including an 18-point increase in 2026 alone, according to the latest JD Power 2026 Canada Small Business Banking Satisfaction Study. This shift is reflected in the 68% of small business customers who now completely understand the products and services available through their bank’s mobile app, up from 51% in 2022.
Mobile banking satisfaction reached 719, up 43 points since 2022, including an 18-point increase this year alone. Online banking satisfaction also increased 25 points over the past five years. Despite these digital improvements, customers continue to face challenges with personal services. Nearly half (49%) of small business customers were put on hold while speaking with a phone representative, compared to about one-third (34%) in 2022. Customers with a relationship manager report better advice on several measures, yet their overall satisfaction with the bank fell 17 points since 2022. Meanwhile, 70% of customers with an assigned relationship manager had the same one throughout the year, up from 53% in 2022.
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Paul McAdam, senior director of banking and payments intelligence at JD Power, noted that “mobile banking has become a core part of how Canada’s small business owners manage their companies’ finances. However, an app cannot fill the gap when a banking representative is unavailable to help with more complex financial needs or advice.”
The study highlights a growing gap between strong digital services and weaker personal support. Satisfaction with banks’ help saving businesses time or money dropped 8 points, while satisfaction with bank representatives and call centre agents fell 2 points. Fewer customers are receiving proactive guidance: 56% said they got advice on relevant products, services, or financial needs, down from 60% in 2025. Additionally, customers report fewer branches within easy reach, averaging 2.1 compared with 2.4 four years ago, and personalized communication from relationship managers declined to an average of 2.9 times annually from 3.8 in 2022.
