A new Canadian Federation of Independent Business survey found one in 10 business owners switched banks at least once between 2019 and 2022.
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The CFIB poll says TD Canada Trust and credit unions had the biggest gains increasing their overall market share by 0.7 and 0.6 percentage points, respectively. “Small business owners often feel like the service they receive from larger banks is not fully up to the standards they expect, so it is not surprising that they choose to switch their banks,” Corinne Pohlmann, senior vice-president of National Affairs at CFIB, said in a statement.Article content
The Bank of Montreal maintained a similar market share to 2019, sitting at 9.4% overall in 2022, but has generally been on the decline since 1997 and the Canadian Imperial Bank of Commerce has also been on a deep decline, going from more than 20% market share in 1982 to less than 9% in 2022.
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