#Better Credit Unions Ranked #1 in Customer Service yet again!

Oct 18, 2017

Once again, the award for overall Customer Service Excellence 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. “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.”

Credit unions were also awarded sole honours for Values My Business for the 10th consecutive year, something we are proud to have!

In total, Canada’s credit unions have received eight awards in the following categories:

  1. First for Customer Service Excellence (13th consecutive year);
  2. First for Branch Service Excellence (13th consecutive year);
  3. First for Values My Business (10th consecutive year);
  4. Winner (tied) for Live Agent Telephone Banking Excellence (fifth year)
  5. Winner (tied) for Mobile Banking Excellence (third time, second consecutive year);
  6. Winner (tied) for Financial Planning and Advice (10th consecutive year);
  7. Winner (tied) for Online Banking Excellence (third consecutive year); and
  8. Winner (tied) for Automated Telephone Banking Excellence; (fifth consecutive year [note: prior to 2013 there was a single Award for total Telephone Banking, which the credit union system shared each year from 2008 to 2012]).

 “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.”

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.