August 29, 2017

Ipsos awards top honours for financial services excellence in Canada

Toronto, ON -- Ipsos is pleased to announce the winners of its 2017 Best Banking Awards, an annual program that recognizes Canadian financial institutions for excellence in customer experience.

The overall Customer Service Excellence award for 2017 among all financial institutions in the retail banking sector goes to Canada’s Credit Unions, an aggregate of individual Credit Unions across the country. This is the thirteenth consecutive year that Canada’s Credit Unions have received the award. Including the overall Customer Service Excellence award, Canada’s Credit Unions are the recipients of eight awards in total. Matching its performance last year, Tangerine achieved six awards in 2017, including three solo wins.

RBC Royal Bank and TD Canada Trust share top honours among the Big Five Banks for overall Customer Service Excellence this year and each also received a total of 12 awards, matching their totals in 2016. Scotiabank earned eight wins this year, BMO achieved five awards, up one from its 2016 total, and CIBC received four awards.

“The 2017 Awards reflect the changes in the Canadian banking industry,” says Tim McCutcheon, president, Ipsos Loyalty in Canada. “We continue to witness strong consumer satisfaction with the non-traditional financial institutions, while the Big Five Banks search for ways to re-define the industry, designing new and differentiating experiences for their customers. These new innovative experiences can only continue to benefit the Canadian banking consumer.”

Introduced 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 47,813 completed surveys for the 2017 CSI program year ending with the August 2017 survey wave, and based on a demographically and regionally representative sample of Canadians. The awards are presented across 13 categories.

“Customer experience excellence is a hot topic in 2017, particularly amongst financial services organizations who are facing tougher government regulations and scrutiny along with the digitization of the industry, as consumers continue to migrate to more digital, non-traditional channels,” notes Lesley Haibach, senior vice president, Ipsos Loyalty in Canada and leader of the CSI Study. “There are fewer opportunities for financial institutions to differentiate themselves with face-to-face interactions, creating new challenges in driving loyalty.”

Ipsos Best Banking Award Recipients for 2017 among all financial institutions

Customer Service Excellence: Credit Unions

Value for Money: President’s Choice Financial, Tangerine

Values My Business: Credit Unions

Recommend to Friends or Family: Tangerine

Interest Rates & Service Charges: Tangerine

Products & Services Excellence: Tangerine

Financial Planning & Advice: BMO Bank of Montreal, Credit Unions

Branch Service Excellence: Credit Unions

ATM Banking Excellence: National Bank, TD Canada Trust

Online Banking Excellence: Credit Unions, Tangerine

Mobile Banking Excellence: Credit Unions, Tangerine

Automated Telephone Banking Excellence: Credit Unions, President’s Choice Financial

Live Agent Telephone Banking Excellence: Credit Unions, RBC Royal Bank

Ipsos Best Banking Award Recipients for 2017 among the Big Five Banks

Customer Service Excellence: RBC Royal Bank, TD Canada Trust

Value for Money: BMO Bank of Montreal, RBC Royal Bank, Scotiabank, TD Canada Trust

Values My Business: RBC Royal Bank, Scotiabank, TD Canada Trust

Recommend to Friends or Family: RBC Royal Bank, TD Canada Trust

Interest Rates & Service Charges: BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, TD Canada Trust

Products & Services Excellence: RBC Royal Bank, Scotiabank, TD Canada Trust

Financial Planning & Advice: BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank, TD Canada Trust

Branch Service Excellence: RBC Royal Bank, Scotiabank, TD Canada Trust

ATM Banking Excellence: TD Canada Trust

Online Banking Excellence: BMO Bank of Montreal, RBC Royal Bank, Scotiabank, TD Canada Trust

Mobile Banking Excellence: CIBC, RBC Royal Bank, Scotiabank, TD Canada Trust

Automated Telephone Banking Excellence: BMO Bank of Montreal, CIBC, RBC Royal Bank, TD Canada Trust

Live Agent Telephone Banking Excellence: RBC Royal Bank

 

 

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