Toronto, ON – Ipsos Reid, Canada’s market intelligence leader and part of global market research firm Ipsos, is pleased to announce the winners of its 2012 Best Banking Awards in Canada. The annual awards program recognizes Canadian financial institutions with the top ranked customer service for personal banking experience based on various key performance indicators.
“In Canada we are fortunate to have a strong and successful banking system, not only because of its financial stability, but also because of the services and capabilities provided to us by our financial institutions,” says Ray Kong, Senior Vice President and Global Financial Services Practice Leader at Ipsos Reid. “Since 1987, the Customer Service Index study results show that Canada’s financial institutions continue to provide high levels of service to their customers. Our awards program recognizes best in class in several categories. I am happy to acknowledge and congratulate not only the winners of the 2012 Best Banking Awards but all financial institutions for their sustained performance.”
Established in 1987, the 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 2012 and conducted among a regionally and demographically representative sample of Canadians. A total of 43,202 household responses were received for the 2012 CSI program year, providing extremely robust feedback from customers and allowing for highly detailed analysis of the results nationally and regionally.
“Canada’s financial sector was a much different place when the CSI study began 25 years ago,” says Adrian Murphy, Vice President at Ipsos Reid and author of the CSI study. “In that time, we’ve seen changes in technology, competition and consumer behaviour drastically impact the way Canada’s financial institutions operate, and in particular, their awareness of and attention to the role of customer service. The Best Banking Awards recognize and celebrate those financial institutions which have excelled in their commitment to customer satisfaction. And since the results are garnered from responses from actual customers across Canada, they are a true representation of the way Canadians feel about their financial institutions.”
For the eighth consecutive year, the overall Customer Service Excellence award for 2012 among all financial institutions in the retail banking sector goes to Canada’s Credit Unions (an aggregate of individual Credit Unions across the country), while TD Canada Trust (TDCT) takes top honours among the Big 5 Banks.
Ipsos Best Banking Award Recipients for 2012 among All Financial Institutions
Customer Service Excellence: Credit Unions
Value For Money: PCF President’s Choice Financial
Values My Business: Credit Unions
Recommend to Friends or Family: ING DIRECT
Interest Rates & Service Charges: ING DIRECT
Products & Services Excellence: ING DIRECT
Financial Planning & Advice: BMO Bank of Montreal, Credit Unions, Desjardins, RBC Royal Bank, Scotiabank, TD Canada Trust
Branch Service Excellence: Credit Unions
ATM Banking Excellence: TD Canada Trust
Online Banking Excellence: ING DIRECT
Telephone Banking Excellence: Credit Unions, ING DIRECT, TD Canada Trust
Ipsos Best Banking Award Recipients for 2012 among the Big 5 Banks
Customer Service Excellence: TD Canada Trust
Value For Money: BMO Bank of Montreal, TD Canada Trust
Values My Business: RBC Royal Bank, TD Canada Trust
Recommend to Friends or Family: RBC Royal Bank, TD Canada Trust
Interest Rates & Service Charges: TD Canada Trust
Products & Services Excellence: RBC Royal Bank, TD Canada Trust
Financial Planning & Advice: BMO Bank of Montreal, RBC Royal Bank, Scotiabank, TD Canada Trust
Branch Service Excellence: RBC Royal Bank, TD Canada Trust
ATM Banking Excellence: TD Canada Trust
Online Banking Excellence: RBC Royal Bank, TD Canada Trust
Telephone Banking Excellence: TD Canada Trust
The 2012 Ipsos Best Banking Awards compared to previous years
Credit Unions received Awards in the same five categories as in 2011 and 2010 among all financial institutions, including overall Customer Service Excellence.
TD Canada Trust repeated its accomplishment by being recognized in all 11 award categories on a solo or shared basis for the fifth consecutive year, among the Big 5 Banks. Among all financial institutions, TDCT received Awards in three categories this year.
RBC Royal Bank shared six Award wins within the Big 5 Banks group in 2012, matching the number from 2011 although the categories in which it received Awards differed somewhat.
BMO Bank of Montreal shared two Award wins among the Big 5 Banks, matching last year’s result except in different categories.
Scotiabank received one shared Award among the Big 5 Banks in 2012, matching last year’s count except in a different category.
Ipsos Best Banking Awards
Previously known as the Synovate Best Banking Awards, the Ipsos Best Banking Awards recognize customer service excellence across Canada’s retail banking sector. In October 2011, Synovate was acquired by the Ipsos Group, creating the third largest market research firm in the world.
Only those financial institutions which subscribe to CSI may claim an Award and use it for external messaging purposes.
Mandatory legal disclaimer to be used by all eligible clients when quoting Award results in any external messaging: Ipsos 2012 Best Banking Awards are based on quarterly Customer Service Index (CSI) survey results. Sample size for the total 2012 CSI program year ended August 2012 was 43,202 completed surveys yielding 63,750 financial institution ratings.
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.
Awards sample size requirement: Minimum total unweighted institution count of 400 per financial institution per Awards category.
Ipsos 2012 Best Banking Awards are based on quarterly Customer Service Index (CSI) survey results. The sample source for CSI is from the Synovate (now Ipsos) Online Global Opinion Panel for Canada, using online data collection. Sample size for the total 2012 CSI program year ended August 2012 was 43,202 completed surveys yielding 63,750 financial institution ratings. The sample is representative of the general household population based on Statistics Canada census data.
For CSI, panel members rate their own specific primary and secondary (where applicable) financial institution on a series of statements dealing with all aspects of personal banking. Respondents rate their experience in dealing with their specific financial institution(s) based on detailed questions related to each retail banking channel/touchpoint; including in-branch, online, mobile, ATM as well as live and automated telephone banking.
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Director, Marketing Services
Ipsos North America
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