Digital banking improvements are lifting satisfaction among Canadian small businesses, but access to human support remains a weakness for major banks. The 2026 Canada Small Business Banking Satisfaction Study from J.D. Power found that overall satisfaction increased four points year over year to 656 on a 1,000-point scale. Mobile banking recorded particularly strong gains, while longer telephone waits, fewer accessible branches and declining proactive financial guidance highlighted gaps in the customer experience.

Mobile Banking Drives Satisfaction Gains

Canada’s major banks are making progress in digital services for small businesses, according to J.D. Power’s 2026 Canada Small Business Banking Satisfaction Study. The research, based on responses from 2,406 small business owners and financial decision-makers, indicates that improved mobile and online banking experiences are contributing to higher overall satisfaction.

Mobile banking satisfaction reached 719 points, rising 18 points in 2026 alone and 43 points since 2022. Satisfaction with online banking increased 25 points over the same five-year period. Customer understanding of the products, services and features available through mobile banking apps also improved: 68% of respondents said they completely understood these offerings, up from 51% in 2022.

The findings suggest that digital channels are becoming more effective at meeting routine business banking needs. Small businesses use these services to manage accounts, monitor transactions and handle everyday financial tasks without relying on branch visits or telephone assistance.

Satisfaction with digital channels and the extent to which account offerings meet business needs each increased 10 points year over year, according to the study.

However, the results also highlight a limit to digital transformation. A well-designed banking app may simplify transactions, but it cannot fully replace access to a representative who can explain complex financial products, resolve problems or provide tailored advice.

Telephone Support and Branch Access Remain Weak Points

Despite digital progress, small business customers reported increasing difficulty reaching bank representatives. Nearly half of respondents, or 49%, said they were placed on hold when speaking with a telephone representative, compared with 34% in 2022.

Customers also reported a decline in convenient branch access. The average number of branches considered within easy reach fell to 2.1, from 2.4 four years earlier.

The problem extends to automated telephone systems. Among customers assigned a relationship manager, satisfaction with automated systems intended to connect callers to live representatives fell 37 points over the same period.

These findings expose a potential disconnect between digital-channel investment and the support available when customers encounter more complicated needs. For small businesses with limited administrative resources, delays in resolving banking issues can consume time that would otherwise be spent on operations, customers or growth.

J.D. Power’s findings also indicate that satisfaction with banks’ ability to help businesses save time or money declined eight points, while satisfaction with bank representatives and call-centre agents fell two points.

Proactive guidance is becoming less common as well. The share of respondents who said their bank provided advice about relevant products, services or financial needs fell to 56%, down from 60% in 2025. Meanwhile, 26% said their bank explained how they could avoid banking fees, compared with 30% a year earlier.

Relationship Managers Offer Continuity, but Contact Is Declining

Relationship managers can provide small businesses with more personalized support, but the study suggests that continuity does not necessarily translate into more frequent engagement.

Among customers with an assigned relationship manager, 70% had retained the same manager throughout the year, compared with 53% in 2022. The share who strongly agreed that their manager understood their financial goals and was helping grow their business reached 34%, up from 31% four years earlier.

Yet average personalized communications from relationship managers declined to 2.9 times annually from 3.8 in 2022. In-person meetings fell to 2.1 from 2.8.

J.D. Power also reported that overall satisfaction among customers with relationship managers declined 17 points since 2022. By contrast, satisfaction among customers without an assigned manager increased 22 points.

These figures do not establish why satisfaction moved in opposite directions, but they raise questions about whether relationship-management programs are delivering enough timely and relevant contact to justify customer expectations.

For banks, the challenge is to make relationship-based service more consistent without losing the convenience that digital channels provide.

RBC Leads the 2026 Satisfaction Rankings

Royal Bank of Canada (RBC) ranked first among Canada’s major small business banking providers, scoring 673 points. BMO placed second with 664, followed by CIBC at 663. RBC retained the top position for a second consecutive year.

The study measures satisfaction across seven dimensions: trust, account offerings, the ability to bank when and how customers want, people, helping customers save time or money, digital channels, and problem resolution.

The findings provide a snapshot of small business customers’ reported experiences rather than a direct measure of bank profitability or service performance across every customer segment. Still, they suggest that digital improvements alone may not be sufficient to sustain stronger satisfaction.

For Canadian banks, the next stage of small business banking competition may depend on combining reliable mobile services with accessible human support, more useful financial guidance and timely problem resolution.

Market Landscape

Digital banking has become an increasingly important part of small business financial management, but customer experience spans more than app functionality. Banks must also help business customers navigate financial decisions, understand fees and resolve account issues.

The J.D. Power study suggests a growing divide between improving digital satisfaction and weaker measures of human service and proactive advice. The findings point to an opportunity for banks to connect digital tools with relationship managers and service teams, making personalized assistance easier to access when routine self-service is not enough.

Top Insights

• Mobile satisfaction continues to rise: Mobile banking satisfaction reached 719 points, up 43 points since 2022, as more customers report understanding their banking apps.
• Telephone access is deteriorating: 49% of small business customers reported being placed on hold, compared with 34% in 2022.
• Proactive advice is declining: Only 56% said their bank offered relevant financial guidance, down from 60% in 2025.
• Relationship-manager contact is less frequent: Personalized communications declined to 2.9 times annually, even as continuity with the same manager improved.
• RBC retains the top ranking: RBC scored 673, followed by BMO at 664 and CIBC at 663.

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