Of all the financial institutions in Canada, credit unions continue to provide the best customer service, according to market intelligence firm Ipsos Reid.
The results of the company's 2012 Best Banking Awards in Canada, released on Thursday, recognize Canadian financial institutions with the top ranked customer service for personal banking experience. The rankings are based on quarterly surveys of Canadians, with a total of 43,202 household responses received this year.
Credit unions (an aggregate of individual credit unions across the country) received the award for overall customer service excellence – an award they've received for eight consecutive years – along with awards in four other categories, including an award for financial planning and advice. BMO Bank of Montreal, Desjardins, RBC Royal Bank, Scotiabank and TD Canada Trust also received awards in the financial planning and advice category.
ING DIRECT also stood out in the rankings, receiving awards in five categories.
In a separate category of awards for the Big Five Banks, TD Canada Trust won awards in every category on a solo or shared basis, including the award for overall customer service excellence. This is the fifth consecutive year in which it has received all 11 awards.
"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," said Ray Kong, senior vice president and global financial services practice leader at Ipsos Reid.
Adrian Murphy, vice president at Ipsos Reid and author of the CSI study, noted that Canada's financial sector has changed considerably since the Ipsos Reid study began 25 years ago.
"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," he said. "The Best Banking Awards recognize and celebrate those financial institutions which have excelled in their commitment to customer satisfaction."
Select award recipients among all financial institutions:
- Customer Service Excellence: Credit Unions
- Value For Money: PCF President's Choice Financial
- 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
- Online Banking Excellence: ING DIRECT
Select award recipients among the Big Five Banks:
- Customer Service Excellence: TD Canada Trust
- Value For Money: BMO Bank of Montreal, 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
- Online Banking Excellence: RBC Royal Bank, TD Canada Trust