Synovate Announces Winners of 2011 Best Banking Awards

Tuesday, August 30, 2011

Synovate was acquired by Ipsos in October 2011. The research discussed in this press release was conducted prior to the acquisition, using Synovate’s research policies and methodologies.

Toronto, ON - Leading global market research firm Synovate today announced the winners of its 2011 Best Banking Awards in Canada. The annual award program recognizes Canadian financial institutions with the top ranked customer service for personal banking experience based on various key performance indicators.

Rob Myers, Executive Vice President of Synovate North America, said: "Understanding and improving the customer's experience is one of today's top priorities for all financial institutions. Over the past couple of years our banking industry has proven to be strong and reliable. Our study results reaffirm that Canadian financial institutions continue to focus on making improvements for their customers. Congratulations to all of the winners of this year's Best Banking Awards."

Established in 1987, the Synovate Customer Service Index (CSI) quarterly survey generates the winners of the annual Best Banking Awards. This year's Awards were based on the combined results of quarterly CSI surveys ending August 2011 and conducted among a regionally and demographically representative sample of Canadians. A total of 40,353 household responses were received for the 2011 CSI program year, providing extremely robust feedback from customers and allowing for highly detailed analysis of the results nationally and regionally.

For the seventh time, the overall Customer Service Excellence award for 2011 among all financial institutions in the retail banking sector went to the Credit Unions (aggregate of individual Credit Unions), while TD Canada Trust (TDCT) took top honours among the Big 5 Banks.

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  1. Where more than one financial institution shares an Award, it indicates that there was no statistically significant difference between the eligible FI with the highest score and that of one or more other eligible FI's for the relevant awards category; based on top box results at the 95% confidence level.
  2. Non-subscribers are not eligible to claim an Award nor use it for communication or messaging purposes.

The 2011 Synovate Best Banking Awards compared to previous years:

  • Credit Unions received Awards in the same five categories as in 2010 among all financial institutions, including overall quality of Customer Service.
  • TD Canada Trust repeated its 2010 accomplishment by being recognized in all 11 award categories on a solo or shared bases, among the Big 5 Banks. Among all financial institutions, TDCT again received Awards in the same four categories as it did last year.
  • RBC Royal Bank shared six Award wins within the Big 5 Banks group in 2011, twice as many as last year, including a repeat of its shared Award for Financial Planning and Advice.
  • BMO Bank of Montreal shared two Award wins among the Big 5 Banks compared to one in 2010, including Interest Rates & Service Charges.
  • Scotiabank also shared this year's Award for Interest Rates & Services Charges, for the second year in a row.

Adrian Murphy, Vice President of Syndicated Research for Synovate North America, commented: "The personal banking experience is becoming more flexible as customers continue to move to Internet banking and most recently mobile banking through apps or directly on the web. Technology is continually driving change in the way we bank, but in the end our financial institutions realize that to win they need to focus on delivering the best experience possible in their branches, through their call centers, on the web and at any other touchpoint where they interact with customers. Synovate's personal banking survey and annual Best Banking Awards are there to help them benchmark versus the rest of the industry.

For more information on this news release, please contact:

Elen Alexov
Director, Marketing Services
Ipsos North America
(778) 373-5136

About Ipsos

Ipsos is a leading global survey-based market research company, owned and managed by research professionals that helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world. Member companies assess market potential and interpret market trends to develop and test emergent or existing products or services, and build brands. They also test advertising and study audience responses to various media, and measure public opinion around the globe.

They help clients create long-term relationships with their customers, stakeholders or other constituencies. Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting and offers a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2010, Ipsos generated global revenues of €1.140 billion ($1.6 billion U.S.).

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Synovate Announces Winners of 2011 Best Banking Awards

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Elen Alexov
Director, Marketing Services,
North America