Toronto, ON – Ipsos is pleased to announce the top honours in its 2019 Financial Service Excellence Awards, an annual program that recognizes Canadian financial institutions for excellence in customer experience. The 2019 edition illustrated the importance of delivering on brand promise with 50% of customers indicating a greater likelihood to recommend a financial institution if they provide a ‘better than promised’ experience.
“The banking industry globally is dynamically changing. The growth in digitalization and open banking and the augmentation of traditional interactions with a multitude of touchpoints have created new challenges for the Banking industry”, says Steve Levy, COO, Ipsos Canada. “Excelling in the functional aspects of the customer experience, like improving speed of resolution, optimizing operations, etc. is no longer enough to create a meaningful customer-company relationship in this well-established industry. Financial institutions need to live up to customer expectations of their brand”.
Similar to 2018, the overall Customer Service Excellence Award for 2019 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 fifteenth consecutive year that Canada’s Credit Unions have received the award. Canada’s Credit Unions excellence in Live Agent Telephone and Branch Experience coupled with its strong ability to make customers feel their business is valued has led them to 3 solo awards and 7 awards in total. Direct or Virtual Banks expanded their reach with Tangerine and Simplii Financial both achieving two awards in 2019, including a joint award for Value for Money, and a solo award for Tangerine in the Recommend to Friends and Family category, where they continue to dominate in this category.
RBC Royal Bank and TD Canada Trust continued to share top honours among the Big Five Banks for both overall Customer Service Excellence and Recommend to Friends or Family. RBC swept all 11 award categories, including solo wins for Financial Planning & Advice, Online Banking, and Live Agent Telephone Banking. In all other categories, there were shared wins, with TD achieving seven awards and BMO claiming four awards, two more compared to last year. Meanwhile, Scotiabank earned three wins, and CIBC received two (up one from 2018).
‘2019 results highlight the ever-increasing expectations of customers, with financial institutions no longer just competing against one another, but with leaders across all industries, particularly when it comes to channel performance.’ notes Lesley Haibach, Ipsos Customer Experience Leader for Canada. ‘To continue to move forward, it’s about more than digitalization and about building stronger relationships overall. Empowering customers, sharing social values and treating customers fairly will drive trust and stronger emotional connections overall.”
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 47,746 completed surveys for the 2019 CSI program year ending with the September 2019 survey wave and based on a demographically and regionally representative sample of Canadians. The awards are presented across 11 categories.
Ipsos Financial Service Excellence Award Recipients for 2019 among All Financial Institutions
Customer Service Excellence: Credit Unions of Canada
Value for Money: Tangerine, Simplii Financial
Values My Business: Credit Unions of Canada
Recommend to Friends or Family (NPS): Tangerine
Financial Planning & Advice: Credit Unions of Canada, National Bank
Branch Service Excellence: Credit Unions of Canada
ATM Banking Excellence: National Bank
Online Banking Excellence: Credit Unions of Canada, Desjardins, National Bank, RBC Royal Bank
Mobile Banking Excellence: CIBC, RBC Royal Bank, Simplii Financial
Automated Telephone Banking Excellence: BMO Bank of Montreal, Credit Unions of Canada, Desjardins
Live Agent Telephone Banking Excellence: Credit Unions of Canada
Ipsos Financial Service Excellence Award Recipients for 2019 among the Big Five Banks
Customer Service Excellence: RBC Royal Bank, TD Canada Trust
Value for Money: BMO Bank of Montreal, RBC Royal Bank, Scotiabank, TD Canada Trust
Values My Business: BMO Bank of Montreal, RBC Royal Bank, Scotiabank, TD Canada Trust
Recommend to Friends or Family(NPS): RBC Royal Bank, TD Canada Trust
Financial Planning & Advice: RBC Royal Bank
Branch Service Excellence: RBC Royal Bank, Scotiabank, TD Canada Trust
ATM Banking Excellence: BMO Bank of Montreal, CIBC, RBC Royal Bank, TD Canada Trust
Online Banking Excellence: RBC Royal Bank
Mobile Banking Excellence: CIBC, RBC Royal Bank
Automated Telephone Banking Excellence: BMO Bank of Montreal, RBC Royal Bank, TD Canada Trust
Live Agent Telephone Banking Excellence: RBC Royal Bank
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 2019 Financial Service Excellence Awards are based on ongoing quarterly Customer Service Index (CSI) survey results. Sample size for the total 2019 CSI program year ended with the September 2019 survey wave was 47,746 completed surveys yielding 72,463 financial institution ratings nationally.
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 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.
About the Study
Ipsos 2019 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 it's approved strategic sample partners, using online data collection. Sample size for the total 2019 CSI program year ended September 2019 was 47,746 completed surveys yielding 72,463 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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