Global market research company Synovate has released the latest results from its annual Customer Service Index survey for customer service excellence among Canada’s big five banks.

2007 marks the third year in a row that TD has achieved the highest rating among the top five banks for excellence in overall quality of customer service. This year, RBC scored second highest,while Bank of Nova Scotia placed third.

The survey is now in its 20th year of providing the financial sector with an essential pulse on how their customers rate them as well as specific metrics for improving service.

This year’s survey, conducted among a regionally and demographically representative sample of 17,500 Canadians from July through mid-August 2007, shows that the banks in Canada continue to improve their performance in meeting their customers’ expectations, with an average 28% improvement in overall quality of customer service compared with 2002.

Synovate says there is a striking correlation between this year’s financial service award leaders and their respective organic revenue growth rates for their domestic retail and small business operations.

Rob Myers, managing director of Synovate in Canada stated, “We found that the results from the 20th anniversary Customer Service Index as well as prior years surveys are highly correlated with the respective institutions’ organic revenue growth rates, demonstrating that meeting and exceeding customers’ expectations has a direct impact on their financial performance.”

RBC scored a breakthrough by taking two awards, having not seen any top placements last year.

CIBC came on strong by achieving the highest score for interest rates and service charges, whereas the bank did not rate on top for any category in 2006.

Myers further commented: “We have seen great efforts by the banking industry to improve the service that customers receive in-branch and when using ATM’s, online banking and savings or chequing accounts. The trends over time in the Customer Service Index clearly show that this effort is resonating with their customers and evidently has a direct bearing on the banks’ overall financial performance.”

Synovate is the market research arm of Aegis Group plc. It employs over 5,700 staff in 118 cities across 52 countries.