BMO Ranks First in J.D. Power 2023 Canada Retail Banking Satisfaction Study (2024)

FAQs

Where does BMO rank in Canada? ›

BMO. As Canada's third largest bank by market capitalization, BMO serves 13 million customers globally, including eight million in Canada alone. It has over 55,000 employees, and over 3,300 ATMs nationwide. BMO ranked highest among the Big 5 Banks in the J.D. Power 2023 Canada Retail Banking Satisfaction Study.

Customer satisfaction with leading Canadian retail banks 2024. In 2024, Royal Bank of Canada (RBC) had the highest satisfaction score among retail banking customers of Canada's largest and midsize banks. This is according to a survey that was carried out in early 2024 among nearly 3,000 respondents.

2023 — Overall satisfaction among electric utility residential customers declines 18 points to 713 (on a 1,000-point scale) from a year ago, marking the third consecutive year of decreasing satisfaction, according to the J.D. Power 2023 Electric Utility Residential Customer Satisfaction Study,^SM released today.

BMO was also ranked the third largest bank in the country and 43^rd in the world.

1. Royal Bank of Canada. Royal Bank of Canada is the largest of the Big Five. In its 2024 second-quarter report, Royal Bank of Canada recorded total net assets under management of CA$1.223 trillion.

At J.D. Power, we base our independent and unbiased ratings, reviews, and awards on detailed survey feedback from verified car owners each year to uncover and understand their experiences over the first three-months of ownership and, subsequently, their experiences over the first three-years of ownership.

J.D. Power studies are considered to be objective because they encompass sweeping data instead of small data sets. Its studies are based on a wide range of responses from consumers nationwide and often include analysis on multiple companies for comparison.

J.D. Power is not publicly traded; it is owned by Thoma Bravo, a private equity company with offices in both Chicago and San Francisco.

BMO's Long-Term Issuer Rating is composed of an Intrinsic Assessment (IA) of AA (low) and a Support Assessment (SA) of SA2, reflecting the expectation of timely, systemic support from the Government of Canada (rated AAA with a Stable trend by DBRS).

How stable is BMO Bank? ›

Is BMO a reliable bank? BMO is a well-established national bank with over 1,000 branches across 32 U.S. states. Deposits made to BMO accounts are FDIC-insured (FDIC certificate No. 16571) up to $250,000 per depositor, for each account ownership category, in the event of bank failure.

BMO is a highly diversified financial services provider, globally minded and socially conscious, with a deep sense of purpose and a clear strategy for long-term growth.

Well-established financial institution with a long history. Well-reviewed mobile app. Big selection of personal and business accounts. Impressive roster of credit cards.

Overview. In modern history, Royal Bank (RBC) has always been the largest by a significant margin, although TD Bank has caught up to RBC in recent years. Up to the late 1990s, CIBC was the second largest, followed by Bank of Montreal, Scotiabank, and TD Bank.

Similarly to BMO, Scotiabank offers higher savings rates as an incentive to keep your money invested. However, Scotiabank penalizes customers for any withdrawal, whereas BMO simply requires the balance grow by a minimum of $200 each month.

In Canada, BMO has more than 900 branches and more than 1000 in the United States, serving over 13 million customers globally.