The key to loyal customers is a good customer experience. The Synovate Best Banking Award acts like a report card for our local financial institutions, highlighting their strengths and weaknesses as well as how the industry players are performing overall.
Toronto (Vocus) August 21, 2009
Top global market research firm Synovate today announced the winners of its 2009 Best Banking Awards. The awards are derived from Synovate's Customer Service Index (CSI), an ongoing survey first launched in 1987 covering all aspects of personal banking in Canada. The results provide financial institutions an essential pulse on how their customers view them as well as specific metrics to help them improve their service.
"The recession has created difficult times for all businesses. Industries need to stay competitive and even improve their products. That is what their customers appreciate and look for to overcome the tough times," said Rob Myers, Managing Director of Synovate in Canada.
Synovate's 2009 Best Banking Awards are based on the combined results of ongoing quarterly CSI surveys ended August 2009, which are conducted among a regionally and demographically representative sample of Canadians. Almost 39,000 household responses in total were received for the 2009 CSI program year, providing the financial sector with extremely robust feedback from their customers and allowing for highly detailed analysis of the survey results nationally and by region.
The overall Customer Service Excellence award among all financial institutions in the retail banking sector goes to the Credit Unions, which have won this award for five consecutive years. TD Canada Trust holds the crown among the Big 5 banks group, also winning this award five years in a row.
The list of Synovate Best Banking Award Recipients for 2009 is found in the attached image to the right.
The 2009 Synovate Best Banking Awards compared to previous years:
- Credit Unions achieved the overall Customer Service Excellence award for All Financial Institutions with top ranking in the same six award categories as in 2008.
- For the first time, all of the Big 5 Banks have won an award this year.
- The Financial Planning & Advice award category had the most winners - all five major banks won in the Big 5 Banks grouping.
- For 2008 TD Canada Trust was a solo or shared winner in all award categories among the Big 5 Banks, and this trend continues in 2009. Online Banking and Telephone Banking Excellence are clear strengths of TD Canada Trust as the company won in both groupings, both within the Big 5 Banks and among All Financial Institutions overall.
- BMO Bank of Montreal showed the most improvement in 2009 by winning three awards this year, including Branch Service Excellence; compared to one award in 2008 and none in 2007.
- RBC Royal Bank has won in the category of Branch Service Excellence for three years in a row and Financial Planning & Advice for two consecutive years. This year it also won for Values My Business, bringing their total to three awards in 2009.
- Scotiabank shared five awards this year, including Values My Business and Value For Money, compared to four in the previous year, adding the award for the Products & Services Excellence category this year.
- CIBC shared the Financial Planning & Advice award in 2009 among the Big 5 Banks, making their first win since 2007.
Adrian Murphy, Vice President of Syndicated Research for Synovate in Canada, commented, "The key to loyal customers is a good customer experience. The Synovate Best Banking Award acts like a report card for our local financial institutions, highlighting their strengths and weaknesses as well as how the industry players are performing overall."
Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions. Synovate employs over 6,700 staff across 62 countries. More information on Synovate can be found at http://www.synovate.com.
Direct: +1 647 837-5053
Mobile: +1 647 241-4025