Banks failing to convert awareness into action as AI rivals financial institutions for trust
More than half of Canadians are under financial stress, and many are increasingly bypassing their banks in favour of AI tools when seeking personal finance guidance.
The newly released JD Power 2026 Canada Financial Health Support and Advice Satisfaction Study found that 52% of Canadians are considered financially vulnerable or stressed. Against that backdrop, customers say they want their banks and credit card issuers to deliver meaningful advice, but a growing number are finding that support elsewhere.
Nearly two thirds of Canadians used AI tools over the past year. Of those, 41% turned to AI specifically for personal finance information, and 73% of that group acted on what it told them, a rate comparable to how often customers follow guidance from their own bank.
"Getting customers' attention has become increasingly challenging, and 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, but customers facing financial pressure know the type of guidance they want, and many are turning to AI and acting on the information it provides.”
The topics Canadians most want help with from their banks span both long-term and near-term concerns, led by investment guidance (32%), fee reduction (29%), retirement planning (27%), and tips for improving their financial situation (24%).
Low uptake of tools
Despite those expressed needs, uptake of available tools remains low. Only 15% of struggling bank customers are using spending management tools, and just 12% are using money management or financial health education services. Among credit cardholders, credit score monitoring sees the highest usage rate, but even that reaches only 1 in 5.
Three in five customers face obstacles when trying to access financial support from their bank or card issuer.
For bank customers, the top barriers are not knowing support exists, low confidence in their own financial literacy, and already having a trusted information source. Credit card customers similarly cite a lack of awareness, followed by having another trusted source and finding the support too generic or insufficiently personalised.
Traditional channels still hold ground despite the AI competition. Marketing communications remain the top way bank customers prefer to receive advice (51%), with branch and specialist representatives close behind at 47%, well ahead of digital channels at 31%.
Leading banks
In the study's rankings, RBC claimed top spot for retail banking advice satisfaction for a sixth straight year with a score of 589 on a 1,000-point scale. CIBC (587) placed second and Scotiabank (585) third. RBC also led the banking health support category with 560 points, followed by TD (553) and CIBC (551). In the credit card health support segment, CIBC ranked first with 560 points, ahead of Desjardins (558) and TD (555).
“The highest-performing organizations consistently offer a range of services, tools and advisory experiences, while ensuring customers are aware of the support available,” White said. “With Canadians polarized between those who are financially healthy and those who are financially vulnerable, banks and card issuers have an opportunity to differentiate themselves by making advice and supportive services more visible, personal and tailored to each customer's needs."
The study drew on responses from 5,833 banking customers and 5,593 credit card customers and was fielded between January and March 2026.
