Would you stay or would you go?

It's 2pm and I'm between meetings. I notice a prime opportunity in the market and attempt to make a quick trade from my phone only to receive the following message: "Sorry we're experiencing technical difficulties."Argh! Fast forward two weeks when I tried to pay a bill from my laptop: "Sorry we're experiencing technical difficulties." Really?! Last month, I had to reset a login password and after 30 minutes of failed attempts and a 20-minute customer service call, I'm advised to go into the branch to make the change. "Serenity now!" Transferring RRSP dollars with a fintech took me a week with no branch visits. Transferring RRSP funds to myBig 6 bank took over a month with multiple visits to the branch. Why so long?!

Considering we’re all banking with our phones now, these challenges seem unreasonable right?

That said, did I switch banks? No I did not. Did I truly ponder switching? Sort of...for a second. Maybe I'm part of the problem. My inaction could be thanks to a stereotypical, passive Canadian approach to these types of things. Maybe 'I'll do some research on it' (doubt it). Most likely it's because I'm not aware of an alternate solution that would offer the digital experience I expect while providing the trust I have in the Big Banks. That security and confidence is worth something.

Consider the following stats:

• In 2016, 85% of Canadians used their phones to pay bills through apps and 84% were checking their bank accounts (Catalyst) 
• One in five Canadians had switched banks over the past five years to seek out better savings or service. Millennials and new Canadian in particular shared that a function-rich mobile app was key to their tendency to switch (Yahoo).
• Ernst and Young's 2016 consumer banking survey found that Canadian consumers say they're decreasingly dependent on their bank as a primary financial services provider 

It’s clear that Canadians are banking on their phones more than ever and expect easy, high-value digital experiences. Knowing this, the Big 6 have all listed ‘digital’ amongst their key strategic priorities and the messaging around their "digital transformations" indicates they're trying to change. To be fair, they're not tiny companies without heavy, dated IT infrastructure. Also unlike platform companies such as Uber or AirBnb, they’re bound by legacy business processes that are difficult to modernize. 

On the positive side, our banks deliver strong profits year-over-year. They are internationally recognized for weathering the 2007 financial crisis relative to their peers to the south. Personally, I have a strong relationship with them both as a customer and shareholder. Like many of us, I believe in their ability to grow and deliver consistent returns far into the future.  

When it comes to customer-facing innovation the Big 6 are trying but still move in lockstep to one another with a conservative 'me too' approach. We can thank their incumbency in the Canadian financial services as a key contributor here. Why would they feel pressure to go even faster with better digital offerings if we, the retail customer are not going anywhere? I'm guilty.

Everything said, I would love to know your answer to the following question because perhaps my expectations are unrealistic: All other things equal, would you consider moving to a bank based on its ability to provide a superior digital experience?