Credit Unions Earn Top Customer Service Ranking

Credit Unions Earn Top Customer Service Ranking Among All Financial Institutions for Seventh Year

Best Banking Awards reveals consistent strength of credit unions in many service categories

August 30, 2011 TORONTO, ON – For the seventh consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Synovate Canada’s annual Best Banking Awards. Credit unions also took sole honours in two other categories: Values My Business and Branch Service Excellence.

“With more than five million members across the country, Canadian credit unions consistently do an excellent job of meeting the needs of our members,” said David Phillips, president and CEO, Credit Union Central of Canada (Canadian Central). “This announcement reafirms what we have always known to be true: while innovative ideas, products and services are an integral component of our co-operative system, Canadian credit unions and caisses populaires never lose sight of what is most important – our dedication to our customers.”

Survey results show that credit unions also tied for first in the following categories among all financial institutions: Financial Planning and Advice; and Telephone Banking Excellence. The above mentioned honours are the same five award categories credit unions were recognized for in 2010.

Rob Myers, Executive Vice President of Synovate North America, said: “Understanding and improving the customer’s experience is one of today’s top priorities for all financial institutions. Over the past couple of years our financial services industry has proven to be strong and reliable. Our study results reaffirm that Canadian financial institutions continue to focus on making improvements for their customers. Congratulations to all of the winners of this year’s Best Banking Awards.”

Launched in 1987, the Synovate Customer Service Index (CSI) quarterly survey generates the winners of the annual Best Banking Awards. The 2011 Best Banking Awards are based on the combined results of ongoing quarterly CSI surveys ending August 2011. Over 40,000 household responses were received among a regionally and demographically representative sample of Canadians.

Canadian Central will be hosting a webinar along with Adrian Murphy, Vice-President of Syndicated Research, Synovate on September 21, 2011 at 1:00 p.m. EDT to discuss the awards and the CSI, Canadian banking habits, customer service metrics, and credit union demographics.