# data[].attributes.body
ONLINE BANKING- By Ashley Brown, Ethan MacDonald, and Mitchell Pollard

# data[].attributes.body
This wall outlines 11 topics, 4 videos, 2 pictures and 4 websites, which we have found that displays the realities of online banking, and the way in which we have found each one to be useful for us. We have also left you with some lingering questions to think about, as you may have some too. We hope this assignment sheds light on the realities of online banking for you and how you can make the best of it.

# data[].attributes.body
SUMMARY

To summarize this article, it is about a couple in Canada who had a horrible experience with TDs online banking. It involved them sending their monthly rent to their landlord as they usually would however, even though they received an email saying the transfer was sent, the landlords did not receive any money. They tried again from another account and the same thing happened. This made them spend six months resolving the issue only for them to be refunded for one out of the two transactions.

EXPLANATION:

I chose this article because it is important to understand the risks that may arise from online banking and that it is not as simple as one may think. Many may think that there are no complications to the convenience of sending money from your phone to someone else, however, it is important to be aware that complications are possible. I find this article useful as it told a couple's real-life story of an incident that took place and to be careful when it comes to online banking.

# data[].attributes.attachment_link.readable_text
A B.C. couple says they will never use e-transfer to send money again after losing hundreds of dollars while trying to pay their monthly rent.

"I don't think it's safe at all," said Emily Wager.

For the past five years, the couple had been using the money transfer service without issue.

However, back in April, that trust was shattered when Wager's husband, Tommy Kirkley, e-transferred $950.00 in rent money.

The funds never arrived in the landlord's bank account.

"We had the email confirmation saying it was sent out and then asked our landlord. They [landlord] even showed us their transaction history from the bank and they said look at this nothing came in," said Kirkley.

Kirkley and Wager went to their local TD Canada Trust and reported the incident.

Story continues below advertisement

Eventually, Kirkley says, the case was escalated to the TD fraud department.

Still, Kirkley says he was reassured by TD Bank to e-transfer funds in the future.

"They said everything is safe and secure go ahead," said Kirkley.

With rent money still owing, Kirkley's wife decided to e-transfer another $950.00 from her own account which is also with TD Canada Trust.

She was shocked to discover that once again the funds never arrived in the landlord's bank account.

"It was heartbreaking," said Wager.

Again, the couple turned to TD Bank for answers, but say the process was exhausting.

For six months, the couple says there was no explanation from the bank explaining how the e-transfers were intercepted.

Wager says there was plenty of finger pointing by TD Bank, even the suggestion the landlord's email may have been compromised.

However, Wager says the landlord's email provider concluded there was no security breach.

Story continues below advertisement

Still, after months of battling with TD, the couple's claims were denied.

"We got a whole bunch of different answers with no one actually knowing how this happened," said Wager.

The couple turned to Consumer Matters for help.

"We work to thoroughly review any concern brought to us by our customers; however, due to privacy considerations, we are unable to comment on the specifics of this case," TD told Global News.

"More information about e-transfer fraud and the steps Canadians can take to protect themselves can be found on the TD Newsroom web page," it added.

Wager says 48 hours after Consumer Matters reached out to TD, she received a call from the bank.

"They said they reviewed my case and they were so sorry with the run around I've gotten. They couldn't believe how many times I tried to contact them," said Wager.

Story continues below advertisement

She says TD Bank made no mention of fraud, but said she would be getting $950.00 dollars back. Her husband received nothing.

"I don't understand their decision to refund hers and not mine," said Kirkley.

Some cyber security experts say banks should do a better job educating the public about the risks around using e-transfer.

"I think banks at a minimum should have stronger warnings when creating those security questions and answers to ensure that people understand there's a risk and that they should choose something that is more difficult to guess than most of the questions people are using today," said Chester Wisniewski cyber security specialist at Sophos.

"A better step would be to offer optional two factor authentication."

# data[].attributes.attachment_link.title
TD Canada Trust customers lose hundreds of dollars not once, but twice in e-transfer nightmare - BC | Globalnews.ca

# data[].attributes.attachment_link.description
A BC couple says they won't use e-transer in the future after they lost hundreds of dollars...not once, but twice.

# data[].attributes.body
SUMMARY:

To summarize, this article is about a woman who accidentally clicked the wrong name for a $500 e-transfer and sent it to a company by mistake. She did this two times over two months as who she was trying to submit money to was just listed underneath. This caused the woman to have to call the company several times to ask for her money back and many times they would ignore her or refuse, making it extremely difficult to get her money back.

EXPLANATION:

I chose this article because although this woman is aware it was her own mistake and fault to click the wrong name, she urges that people check their bank statements every month to ensure their money is going to the right place as with one click, your money could be gone. This is useful because it is a problem many think may be easy to solve however, like this company, they decided to be difficult with sending the money back. It is important for people to be aware when online banking to double check before sending money anywhere and to always look over transactions every month.

# data[].attributes.attachment_link.readable_text
A Quebec woman is issuing a warning to users of online banking, after what she thought was a simple mistake cost her $1,000.

Lydia Ditcham accidentally transferred the chunk of hard-earned money to the wrong place. She says what she thought would be an easy fix became a stressful, weeks-long ordeal.

It all started last October when a collections agency called Dixon Commercial Investigators pursued a relative in relation to an unpaid bill. She decided to help him.

"I made the payment for him," Ditcham explained.

Then, earlier this year, she accidentally sent more money to the agency.

Ditcham says on Feb. 15 and March 15, she thought she was sending $500 payments to Revenue Quebec. Instead, she says, both times she had clicked on the wrong recipient in her online banking and sent the payments to Dixon Commercial Investigators.

Story continues below advertisement

"It was a bad mistake," Ditcham admits. "It's just because it was right on top (of the list of payees)."

She figured Dixon would recognize her error and send the money back. After all, she didn't owe them any money. However, Ditcham and her husband Tim Sarsfield say things got complicated.

"They hung up on me, they send me all over the place," Ditcham explained.

"They've been giving us the run-around," said Sarsfield. "Sometimes they don't take her calls."

The couple says after two months of phone calls, they still hadn't been refunded the $1,000. They started to wonder if Dixon was trying to keep the money.

"I said to them one time, 'We made sure you got your money and now you're going to screw us for our money,'" Sarsfield recounted.

Story continues below advertisement

The Dixon head office did not respond to phone and email inquiries made by Global News.

During a visit to their Montreal location in Côte-des-Neiges, employees referred us to the head office.

However, less than 24 hours after Global News first reached out, Ditcham received an email from Dixon saying they are issuing her a refund, and she can expect to receive it within days.

"You know, it's a good idea to make sure you check your bank statements and, and make sure the money is going to where it's supposed to," said Sarsfield.

They hope people learn from their mistake, knowing their money could be gone with one errant click.

# data[].attributes.attachment_link.title
Quebec woman hopes others can learn from her online banking mistake | Globalnews.ca

# data[].attributes.attachment_link.description
A woman from Dunham, Que., feared she had lost $1,000 due to a mistake she made while online banking. She hopes others can learn from what she did.

# data[].attributes.body
SUMMARY:

To summarize, this video goes through the pros and cons of online vs traditional banking. They do this by going through fees, customer service, and security. Online banks offer lower fees and higher interest rates since they don't have to pay for other fees that traditional banks would to enhance their facilities. Regarding customer service, it is hard to get adequate help from online banking whereas with traditional banks, there is in-person support. Regarding security, both have customs that come down to personal preference. Some feel safer handing money off in person whereas others feel more safe controlling it online.

EXPLANATION:

I chose this video because it is important to understand the pros and cons of both online and traditional banking so people can make informed decisions about how to handle their money. I find this video useful because it is a quick 5 minute video that gets to the point about the most important factors when choosing banks; fees, customer service, and security. These all play a huge part when deciding which banking meets a persons financial needs.

# data[].attributes.attachment_link.title
Online Banking vs Traditional Banking: Pros and Cons

# data[].attributes.body
SUMMARY

This image summarizes the benefits of online banking through is multiple functions. Even though it is not in person, it creates easier ways to transfer money between people with better security making it safer then tradition banking. Other benefit's this image shows is mobile check deposit, viewing accounts, and loan applications from without having to go to a physical bank and go through the hassle of bank processes.

# data[].attributes.body
SUMMARY

To summarize this article, it talks about 5 advantages of online banking vs traditional in-person banking. 1. Online banking is more convenient than traditional banking as the account can be accessed from anywhere. This means you don't have to wait in long lines in the bank. 2. The features of online banking makes many questions instantly answered and easier to apply for things such as loans, statements, and transfers. 3. The security of online banking is known to be better than in-person as everything is locked by passwords and can locked with many different security methods. The article states that threats are everywhere including in bank branches. 4. Online accounts allow more control of your money being able to deposit, e-transfer, and move money from anywhere. 5. There are benefits above just banking that come along with online, for example, it allows more population to learn about many different financial knowledge that can be accessed through online banking.

EXPLANATION

I chose this article because it outlined some benefits of online banking but also gave examples of these benefits giving more weight behind the text. These examples given in the article can be applied to anyone and show the many applications of online banking.

# data[].attributes.attachment_caption
Pay Bills Online Easily Using TD Banks Website

# data[].attributes.body
SUMMARY

This video walks though the process of paying bills though TD online banking. It starts with the login process, showing the online security features, then walks thought the process of adding a payee/company that we will be paying. It is done in a step by step process including the security though confirmation and verification of the account to make sure that all information is correct. It then shows how to access the receipt paper of the transfer and how to logout of the account to ensure security.

EXPLANATION

This video is amazing for the general population as it shows a step by step process of all the features of TD's online system. The video is made in the users shoes and advertises features like ease of use, security, and what can be done on their online format.

# data[].attributes.body
SUMMARY:

In summary this article sets out to quantify the Canadian online banking companies to show you which bank provides the best experience. The categories they used when evaluating where, initial experience, user experience, account experience, transactional experience, and relationship resources. the data showed that even with the growing popularity of neo banking ( fully online) companies, all the big banks were still rated as the 7 of the top 10 banks for online banking. the bank coming in at number 1 in RBC Royal bank. This leads to the belief of brand loyalty even when user experience may be bad.

EXPLAINATION:

I chose this article as it helps quantify the data people usually look at in online banking experiences, which helps me better understand which bank will give me the best online experience as in person banking is seen as a last resort now a days, leading to the importance of a good online user experience.

# data[].attributes.attachment_link.readable_text
RBC Royal Bank continues to provide the Best Online Consumer Banking Experience for Canadians

The Canadian landscape is flooded with traditional brick and mortar bank branches and credit unions which are complimented by discounted neo/virtual non-branch bank offerings. Throw in the emergence of retail shopping banking services and emerging FinTech financial service offerings based around payment facilities and a Canadian consumer banking customer is faced with many potential suitors. The 2022 results indicate that the Canadian big banks continue to hold their credit union, neo banks and other banking peer participants to task as for the 5th straight year, RBC Royal Bank provides the best Canadian Online Consumer Banking experience while the other big banks jockey-around the top of the rankings.

Canadian consumer banking relationships have typically been viewed by consumers as long-term, with you for life relationships. The newer consumer generations are moving away - or at least considering doing so - from parent-influenced firms and seeking their own partners. That's where the new challenge begins. Banks, Credit Unions, Neo Banks - serve the basic consumer banking needs but Canadians should demand better experiences as there are a lot of options to consider.

This is Surviscor's 14th year analyzing online banking experiences and our advice to Canadians remains the same. Question your status-quo, explore alternative relationships and beware the marketing messages that typically are based on such minor differentiators.
Glenn LaCoste, President and CEO of Surviscor Group
Review Insights

2022 was a busy development year as a handful of firms introduced new online-based consumer banking platforms and a few others made some changes. The genesis of most of the changes were either secondary thoughts to either compliment a recent mobile-based platform release or to consolidate both platforms into one common look and feel amongst all consumer banking customers' device of choice. Whether it was a new or improved platform, the firms hopefully felt that the changes would enhance its online-based consumer banking experience and journeys. The reality is that changes do not always equate to improvements. The good news is that ALTERNA SAVINGS and BMO BANK of MONTREAL managed to increase their industry experience ranking. The bad news is that SCOTIABANK and ATB FINANCIAL managed to lose ground.

Banking in a Box - The new LESS is MORE

The internet loves plug and play opportunities. Fintechs love the fact they can build one banking system and get multiple firms to jump on board. The problem for consumers is the lack of brand identity at each firm. The solutions have been very popular, and some would say the easy way out for firms who have dragged their heels for years. The solutions have taken off mainly due to one large and influential consulting firm - who will not be named - that has several ties to Europe. Our issue with these solutions is that they do not provide the same level of features and functionality excellence that Canadians have come accustomed to and lack design breadth. What Canadians are learning fast, LESS is MORE is the industry's development and marketing messages as the design constraints have led to a similar look amongst newer releases.

The Pure Neo Banks Fail to Make an Impact

The definition of neo banks tends to be more associated with the new so-called fintech firms that offer deposit and credit services, but the pure definition really means branchless firms with either full or partial traditional banking services but offered through digital platforms. In many cases, the goal is to take assets away from the traditional firms and cross-sell larger items down the road using low fees and competitive deposit rates as the hook. With exception of the two 10th placed firms, Tangerine and motusbank, who are both discounted arms of larger firms, the majority of the neo banks' online banking platforms fail to impress.

Blind Loyalty May Be Driving Credit Union Members

The sad reality is that many Canadians do not understand what a credit union is or even, what they offer, including digital banking services. The truth is for those Canadians who place their trust in credit unions, their loyalty is undeniable. The issue remains that regardless of a credit union member's platform of choice, desktop/browser-based, mobile based, or typically a combination of the two, there are numerous poor digital experience examples that should test the perceived loyalty. MERIDIAN CREDIT UNION and COAST CAPITAL SAVINGS are exceptions to the rule as they both rank just outside of the big banks.

Balance Alert Notifications Are Not Enough

As was mentioned in the 2022 Surviscor Canadian Mobile-based Consumer Banking review, despite many firms marketing its newest digital functionality designed for you the consumer, the fact is the Canadian regulators have mandated banking firms to digitally inform customers when account balances are nearing concerning levels. These notifications are done through Alerting capabilities that have been present at more progressive firms for many years and are crucial account management tools. The reality is that low balance alerts only scratch the surface of the capabilities a consumer should demand.

Click here for more information on the regulation.

The 2022 Surviscor Canadian Online Consumer Banking Experience Review audited 25 Canadian digital banking firms including the big 6 banks, 7 credit unions, 7 neo (branchless) banks, 1 co-operative, and 4 other popular firms that identify as banks or a co-operative movement. In each case, the review explores a typical desktop or browser-based (non-phone) consumer banking experience, including both the pre-login and secure login areas. The audit took place in September and October 2022 and evaluated each firm over 5 experience categories, including 22 sub-categories, using over 400 individual usage criteria, and based on 3400-plus objective questions per firm.

ONLINE EXPERIENCE BREAKDOWN

Click here for a more in-depth explanation of each category and sub-category.

The Surviscor Canadian Online Consumer Banking Experience review is the largest and most unbiased evaluation in North America, known for its uncompromised facts and truth about true retail banking customer experiences and online journey. The differentiation between Surviscor reviews and all other review and ranking firms and individuals who claim to cover the Canadian banking industry is that Surviscor is the only ranking firm that includes both credit unions and neo banks in its public-facing reviews and evaluates all of them alongside the big banks which typically garner all the attention. The reviews are based on facts, and a lot of them, not on subjective, and often firm-sponsored or limited sample size results that are unfortunately all over the internet.

The Surviscor Canadian Online Consumer Banking Experience review was officially introduced in 2008 and explores a typical desktop-based online consumer banking experience, including both the pre-login and login areas, that evaluates the online consumer banking journey through each individual banking consumer's process and typical banking experience.

We have all heard of the saying 'no two things are created equal' and the 2022 edition of the annual Surviscor Canadian Online Consumer Banking rankings demonstrates the validity of the saying. At first glance, a bill payment is a bill payment. The truth is, there are many differences and Canadians should take notice. Not every bill payment or Interac money movement experience is the same. The best firms consider each consumer banking process from end to end and maximize the overall experience with supporting features to enhance the functionality and payment journey. The sad reality is that a good portion of Canadian firms provide very basic functionality which downgrades the overall online banking usage experiences.

Scotiabank Fall Four Spots in Rankings

The review jumped the gun on SCOTIABANK's upcoming online-based platform release. Our initial grade is a generous D. At first glance, the platform's new design appears to have a similar main navigational structure, but users will quickly notice the removal of functionality. That seems to be the SCOTIABANK pattern over the past two re-designs. Remove functionality, one would think to simplify the design, then re-introduce over time, perhaps as customers complain. Whatever the reasoning, we are not a fan of the process or the strategy if it is indeed a strategy. How does one give up its bread and butter of providing more than its peers and take away so much from its customers?

BMO Bank of Montreal Slides Into Top 3

BMO BANK of MONTREAL introduced its long-awaited new online-based platform in 2022 and we give the new look a B- grade. The rating represents BMO's ability to change the look and feel while maintaining most core functionality. Our disappointment is in what appears to be a banking in a box - easier road development approach, something that has been very popular with Canadian firms. Let's hope this is simply an initial phase for BMO and that more supporting features will return.

Alterna Savings Makes Biggest Non-Bank Splash

ALTERNA SAVINGS, an Ontario-based credit union, was the biggest mover in the 2022 rankings, moving up three positions into a tie for 13th. The move was based on the heels of a new platform launch, another banking in a box platform based on the same core system chosen at COAST CAPITAL SAVINGS a few years back. As the move helped the look and feel of a distressed older platform, there is still much work to be done to provide the member base with an enhanced online experience and journey. Let's see what the future brings.

ATB Financial's Newest Version Fails to Make an Impact

It is always great to hear that banking firms are going to introduce new digital platforms; however, when the long-awaited release does not significantly move the experience meter, the result is disappointing. Most of today's re-designs are based on existing platforms being used at other firms and they tend to freshen up the look, but they lack breadth. ATB FINANCIAL, an Alberta-government firm, followed-up its recent Mobile platform re-design disappointment with an online-based version that led to a fall in the ranking.

The Canadian Online consumer banking landscape offers Canadian consumers an abundance of choice outside of the popular, and traditional, big banks. Consumers can choose from regional-based credit unions or co-operatives, neo or branchless virtual banks, or a variety of other firms registered to provide digital-based consumer banking. Whatever your preference, here's a look at the best and worst firms in each segment:

BIG BANKS - RANKINGS

The big six banks reviewed managed to land in six of the top seven overall rankings, demonstrating the dominance they have when it comes to online-based consumer banking digital experiences. RBC ROYAL BANK continues its dominance with a near perfect peer-based score and CIBC, the 2022 Best Firm for Mobile-based Consumer Banking Experience, once again strongly secured in the #2 ranking. BMO BANK OF MONTREAL moved into the #3 ranking despite a not so impressive new platform taking advantage of SCOTIABANK's newest online platform which once again, will leave customers with less functionality like its re-launched mobile platform did years ago. At what point will SCOTIABANK customers say enough is enough.

Canadians expect the big banks, especially the traditional Big 5, to have robust digital-based platforms. What doesn't make sense, and is a clear sign of development laziness, is why the newest online-based platforms opt for less functionality to improve design.
Glenn LaCoste, President and CEO of Surviscor Group
CREDIT UNIONS and CO-OPERATIVES - RANKINGS

The Canadian credit union system continue to operate with a split personality when it comes to digital platforms. On the positive side, MERIDIAN CREDIT UNION and COAST CAPITAL SAVINGS manage to crack the top 10 and sit closely behind the best worst big bank. ALTERNA SAVINGS introduced a new online-based platform and managed to move up the rankings but still missing the mark to compete with the top credit unions. The bottom many of the firms appear to be in disarray and customers should take note.

Unfortunately, Canadian credit union customers are faced with Jekyll and Hyde desktop-based Online consumer banking experiences. There are a handful of firms who truly compete while most tend to offer basic solutions at best.
Glenn LaCoste, President and CEO of Surviscor Group
NEO-VIRTUAL BANKS-RANKINGS

The most recent NEO Bank firms attempt to attract the new digitally savvy customers who apparently are looking for simple and easy designs. The issue is simple and easy tends to be associated with less digital-based features and functionality which goes against what the newer generation of customers will be willing to accept once they grow to understand the platforms' shortcomings and lack of product breadth.

It is crucial to understand that not having branches does not mean that a firm is a fintech digital expert or that it is heavily invested in servicing a customer in a more efficient manner. Less face-to-face contact leads to less responsibility. Less responsibility leads to longer-term frustration as reality sets in. The Neo Banks' differentiators tend to be minimal at best, and sometimes superficial in nature.
Glenn LaCoste, President and CEO of Surviscor Group
OTHER BANKS-RANKINGS

ATB FINANCIAL, an Alberta-based government-owned financial institution, is the leader amongst the Other Banks, but fell one ranking spot in 2022 with its newest less is more online platform attempt. Recent rumours of HSBC selling its Canadian operation is of interest to this review as the digital platforms consistently fall well back of the more popular firms which indicates a lack of commitment.

Most of the Other Banks serve a direct purpose, and loyal connection, for many Canadians regardless of the merits of the digital platforms. The most head-scratching result is HSBC CANADA as one would think that its world-wide stature and Canadian account base would equate to a top-ten offering.
Glenn LaCoste, President and CEO of Surviscor Group
The Afterthought

Keep in mind that the depth of the Surviscor reviews means an environment of tough marking and firms being required to earn rankings not be given them by ghost writers or false marketing messages. In addition to being tough, Surviscor will also give credit where credit is due, and you can trust that the money Canadians work hard to make is being considered by identifying the premier digital banking partners who deserve consideration. The hope is that all Canadians hold each bank and credit union accountable to the highest standards of customer experience.

Learn More about Other Canadian Consumer Banking Experience Rankings

Mobile-based Consumer Banking Experience Rankings: 2022 Canada's Best Mobile-based Consumer Banking Experiences

Rates and Fees Experience Rankings: 2022 Canada's Best and Worst Consumer Banking Rates and Fees Experiences
Service Experience Rankings: 2022 Canada's Best and Worst Consumer Banking Service Level Experiences

# data[].attributes.attachment_link.title
Canada's BEST and WORST Online Consumer Banking Experiences

# data[].attributes.attachment_link.description
RBC Royal Bank continues to provide the Best Online Consumer Banking Experience for CanadiansThe Canadian landscape is flooded with traditional brick and mortar bank branches and credit unions which a...

# data[].attributes.body
1. That people are choosing less established banks just for easy of use online, even if user experience is lower.

2. I have recently been looking to switch banks so looking at the realities of online banking has opened my eyes on what to look out for and who to bank with.

3. If I were to pass on my knowledge, the most important thing about online banking, would be, to really look at the user experience/safety features of the bank your going to use as the online banking can be less safe to use compared to in person.

# data[].attributes.body
SUMMARY

this image gives a good idea of pros and cons when doing online banking. Some of the Pros are lower fees for accounts when signing up for online only banks, and the idea that there is less overhead cost leading to the option of higher annual percentage yield. Some Cons are, it does not have proprietary ATM's meaning having to pay fees at ATMs and when online you lose the personal connection you had/have with a teller in-person.

# data[].attributes.body
SUMMARY:

To summarize, this video talks about what online banking is, how it works, and its' safety. For example, online banking is the process of handling your bank account and financial transactions over the Internet. It provides convenience for people so trips to the bank are not necessary. It is important to use strong passwords, avoid public wifi for banking, and be aware of phishing scams to avoid hackers.

EXPLANATION:

I chose this video because it is important to understand what online banking is, how it works, and how to use it safely before deciding to switch over from a traditional bank. This way, a person can be fully aware of what they're signing up for and how to do it safely. I find this video useful because it provides the necessary information to be aware of before making an informed decision about switching. It is highly important to know the best ways to be safe when using online banking to protect yourself from hackers and accidents that may cost your hard earned money.

# data[].attributes.attachment_link.title
What is Online Banking? How Does it Work? Money Instructor

# data[].attributes.body
SUMMARY

To summarize, this video is a step by step process of how to register for online banking. This video goes step by step though how anyone with a bank account through TD can register. It goes through all the security measures when an account is created. As well, it asks many questions about how the account is going to be used to personalize it to best fit the user.

EXPLANATION

I chose this video to show how easy it is to sign up for online banking and have access to all the features that are available. It will save time for the user in the long run signing up instead of following traditional in-person banking. This video also showcases more security features that are used when creating a online account through bank branches.

# data[].attributes.attachment_link.title
Register TD Bank Online Banking | Enroll to TD Online Account