Ipsos Awards Top Honours for Financial Services Excellence in Canada

Toronto, ON, October 11, 2022 – Ipsos is pleased to announce the top honours for its 2022 Financial Service Excellence Awards, an annual program that recognizes Canadian financial institutions for excellence in customer experience. The 2022 edition includes data collected weekly from November 2021 to September 2022 and as such, provides Canadian Financial Institutions an ongoing view into customer perceptions of the banking industry.

“This year, we saw the CSI performance of many financial institutions drop, continuing a decline that began in the last half of 2021,” explains Lesley Haibach, EVP and Leader of Ipsos’ Customer Experience practice.   “With high inflation and a rising cost of borrowing an unwelcome reality, many Canadians are feeling more nervous about their financial situation than ever.  Under these circumstances, Canadians are telling their financial institutions that they can do more and that they can do better.”  

The overall Customer Service Excellence Award for 2022 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 18th consecutive year that Canada’s Credit Unions have received the award, reflecting the continuing high levels of service provided to their member bases. Among the Big 5 banks, RBC Royal Bank takes the overall Customer Service Excellence award, capping a second consecutive year in which the bank achieved 11 awards in total, either shared or solo.

Simplii and Tangerine tied for the honour of most recommended financial institution among all financial institutions. Both Simplii and Tangerine collected a total of three awards, including a shared win for Value for Money and Mobile Banking Excellence.

“Congratulations to all the award winners for 2022.  We know that all financial institutions in Canada will continue to invest in improving the experience for their clients and we look forward to seeing what is to come in 2023.” Says Haibach 

Introduced in 1987, the Customer Service Index (CSI) survey generates the winners of the annual Financial Service Excellence Awards (formerly Best Banking Awards). This year’s awards were based on the combined results of 47,940 completed surveys for the 2022 CSI program year ending September 2022 and are based on a demographically and regionally representative sample of Canadians. The awards are presented across 11 categories.

Disclaimer

Only those financial institutions which subscribe to CSI may claim an Award and use it for external communication purposes. Clients who wish to cite an Award externally must first submit a draft in writing to Ipsos for approval.

Mandatory legal disclaimer to be used by all eligible Award recipients when quoting Award results in any external communication: Ipsos 2022 Financial Service Excellence Awards are based on ongoing quarterly Customer Service Index (CSI) survey results. Sample size for the total 2022 CSI program year ended with the September 2022 survey wave was 47,940 completed surveys yielding 71,731 financial institution ratings nationally.

Notes

Where more than one financial institution shares an Award, it indicates that there was no statistically significant difference between the eligible FI with the highest score and that of one or more other eligible FIs for the relevant Awards category; based on top two box scores tested statistically at the 95% confidence level.

Awards sample size requirement: Minimum total unweighted institution count of 400 per financial institution per Awards category; except for Live Agent Phone Banking, where the sample size requirement is 275.

Methodology

Ipsos 2022 Financial Service Excellence Awards are based on ongoing quarterly Customer Service Index (CSI) survey results. The sample source for CSI includes a representative sample from a blend of the Ipsos Global Panel for Canada and its approved strategic sample partners, using online data collection. Sample size for the total 2022 CSI program year ended September 2022 was 47,940 completed surveys yielding 71,731 financial institution ratings nationally. The sample is representative of the general household population based on Statistics Canada census data.

For CSI, panel members rate their own specific primary and secondary (where applicable) financial institution on a series of statements dealing with all aspects of personal banking. Respondents rate their experience in dealing with their specific financial institution(s) based on detailed questions related to each retail banking channel/touchpoint; including in-branch, online, mobile, ATM as well as live and automated telephone banking.

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