For thirteen years running, TD has been assuring Canadians that banking can be as comfortable as a green leather chair. For eight years, J.D. Power has ranked TD “Highest in Customer Satisfaction among the Big Five Retail Banks.” In a sector perceived as largely undifferentiated, TD does stand out to a degree. That’s not to say TD no longer has disgruntled customers, however.
Canadians continue to believe that all banks prioritize profits over customers and lag behind in innovation. But there has been a recent uptick in customer satisfaction ratings, primarily because the Big Five and mid-size Canadian banks are doing a better job of explaining their fees and services. Does this mean comfort is simply having an understanding of fees and services? Shouldn’t that level of clarity be table stakes for all banks?
With such a well-established creative theme, TD is in an excellent position to step out of line and boldly elevate the meaning of comfort, so that it doesn’t just refer to addressing confusion. For instance, it could restructure the actual mechanics of its fees and services to be more comfortable for consumers. Or it could launch a social media-driven campaign that invites customers to define what comfort means to them – and then deliver on those definitions.
The pay-off would go beyond creating sharper brand differentiation for TD. It would raise the bar for all Canadian banks, putting them in the somewhat uncomfortable position of having to deliver an entirely new level of service and innovation.