More than half (52%) of Canadians are considered financially vulnerable or stressed, according to the JD Power 2026 Canada Financial Health Support and Advice Satisfaction Study.
Such a finding represents a challenge and an opportunity for Canadian banks. But according to JD Power, nearly two-thirds (64%) of Canadians used AI tools during the past year, with two in five (41%) leveraging AI to seek information about their personal finances. Among those who used AI for financial advice, 73% acted on it, a level like the rate at which customers act on advice from their bank.
In other words, the rise of AI is creating a more competitive environment for financial institutions as a trusted source of guidance.
According to the study, the topics customers are most interested in from their banks include a mix of long-term advice related to investment (32%) and retirement (27%). This is coupled with short-term financial advice on topics such as fee reduction (29%) and tips to improve one’s financial situation (24%).
The highest performing banks and credit card issuers consistently offer a variety of services, tools, and advice experiences while focusing on ensuring their customers recognise this support is available frequently. Security topics such as fraud prevention and identity protection are desirable but ranked lower among customers.
Market for financial advice more competitive than ever
“Getting customers’ attention has become increasingly challenging. 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 highest-performing organisations consistently offer a range of services, tools and advisory experiences, while ensuring customers are aware of the support available. With Canadians polarised 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.”
JD Power 2026 Canada Financial Health Support and Advice Satisfaction Study – key findings
Personal touch still matters: While customers are turning to AI and digital tools for financial advice, traditional channels remain highly relevant. Marketing communications remain the preferred way for bank customers to receive advice and guidance (51%), followed closely by direct representative channels including branch, specialty and contact centre representatives (47%), which continue to outpace digital channels (31%). Branch representatives (25%) and specialty representatives (22%) are preferred rather than telephone representatives (11%), highlighting the continued importance of accessible personal guidance.