Toronto, ON – Customer service is important in any industry, but especially so in the financial services sector where Canadians have a wealth of choices when it comes to a provider. So how do Canadians feel about the levels of service offered by their financial institutions? Ipsos Reid asked, and is pleased to unveil the winners of its 2014 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.
“Here in Canada, we have multiple players all vying for their share of the customer’s wallet, so customer service no doubt becomes a big component in determining success,” says Ray Kong, Executive Vice President and Global Financial Services Practice Leader at Ipsos Reid. “Once again, we canvassed the country to discover how financial institutions are performing across multiple touchpoints and channels, such as branch, online, mobile, ATM and telephone.”
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 45,428 completed surveys for the 2014 CSI program year ended August 2014, received from a demographically and regionally representative sample of Canadians. The awards were presented across 13 categories.
Among all financial institutions, the 2014 Awards mark the tenth consecutive year in which Canada’s Credit Unions have won for overall Customer Service Excellence. Credit Unions received six solo or shared awards in total for 2014, including additional solo awards for Values My Business and Branch Service Excellence. President’s Choice Financial performed particularly well with seven awards, the most ever received (the previous peak was six wins in 2008). Tangerine also received seven wins this year, including a solo award for the sixth consecutive year for Products & Services Excellence.
Among the Big Five Banks, TD Canada Trust (TDCT) took top honours for Customer Service Excellence for the tenth year in a row. TDCT was also once again awarded in all categories on a solo or shared basis, an honour they have consecutively continued since 2008. In addition, RBC and Scotiabank each received five awards, while CIBC and BMO Bank of Montreal each had four shared wins this year, representing CIBC’s highest award count ever.
“The financial services sector continues to evolve, with new, innovative technologies emerging that are drastically changing customer behaviour,” says Adrian Murphy, Vice President of Ipsos Reid and leader of the CSI Study. “But at the end of the day, the financial institutions that stay ahead are the ones who continue to set new standards by providing a positive and very personalized customer experience.”
Ipsos Best Banking Award Recipients for 2014 among All Financial Institutions
Customer Service Excellence: Credit Unions
Value for Money: President’s Choice Financial
Values My Business: Credit Unions
Recommend to Friends or Family: President’s Choice Financial, Tangerine
Interest Rates & Service Charges: President’s Choice Financial, Tangerine
Products & Services Excellence: Tangerine
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: Desjardins, National Bank, President’s Choice Financial, RBC Royal Bank, Tangerine, TD Canada Trust
Online Banking Excellence: President’s Choice Financial, Tangerine
Mobile Banking Excellence: President’s Choice Financial, Tangerine
Automated Telephone Banking Excellence: BMO Bank of Montreal, Credit Unions, Desjardins, National Bank, President’s Choice Financial, TD Canada Trust
Live Agent Telephone Banking Excellence: Credit Unions, Tangerine
Ipsos Best Banking Award Recipients for 2014 among the Big Five Banks
Customer Service Excellence: TD Canada Trust
Value for Money: TD Canada Trust
Values My Business: TD Canada Trust
Recommend to Friends or Family: TD Canada Trust
Interest Rates & Service Charges: BMO Bank of Montreal, CIBC, Scotiabank, 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: TD Canada Trust
ATM Banking Excellence: RBC Royal Bank, TD Canada Trust
Online Banking Excellence: RBC Royal Bank, Scotiabank, TD Canada Trust
Mobile Banking Excellence: CIBC, Scotiabank, TD Canada Trust
Automated Telephone Banking Excellence: BMO Bank of Montreal, CIBC, TD Canada Trust
Live Agent Telephone Banking Excellence: BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, TD Canada Trust
Only those financial institutions which subscribe to CSI may claim an Award and use it for external communication purposes.
Mandatory legal disclaimer to be used by all eligible clients when quoting Award results in any external messaging: Ipsos 2014 Best Banking Awards are based on quarterly Customer Service Index (CSI) survey results. Sample size for the total 2014 CSI program year ended August 2014 was 45,428 completed surveys yielding 68,738 financial institution ratings nationally.
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 stat tested at the 95% confidence level.
Awards sample size requirement: Minimum total unweighted institution count of 400 per financial institution per Awards category.
Ipsos 2014 Best Banking Awards are based on ongoing quarterly Customer Service Index (CSI) survey results. The sample source for CSI is from the Ipsos Online Global Opinion Panel for Canada, using online data collection. Sample size for the total 2014 CSI program year ended August 2014 was 45,428 completed surveys yielding 68,738 financial institution ratings nationally. 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.
For more information on this news release please contact:
Director, Marketing Services
Ipsos in North America
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