Synovate announces winners of 2010 Best Banking Awards
25 August 2010
TORONTO — Leading global market research firm Synovate today announced the winners of its 2010 Best Banking Awards in Canada. This annual award program recognizes Canadian financial institutions with the top ranked customer service based on various key performance indicators for personal banking experience.
"While the financial crisis affected all financial institutions around the world, the Canadian banking sector remains strong and has been globally recognized and praised. Understanding your customers' needs and keeping them happy is essential to stay on top of the game. Congratulations to all of this year's Best Banking winners," said Rob Myers, Managing Director of Synovate in Canada.
Launched in 1987, the Synovate 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 quarterly CSI surveys ending August 2010 and conducted among a regionally and demographically representative sample of Canadians. Almost 39,000 household responses were received for the 2010 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 for 2010 among all financial institutions in the retail banking sector goes to the Credit Unions, while TD Canada Trust takes top honors among the Big 5 Banks. Both have won the same award for six years in a row.
Notes:
- Where more than one financial institution shares an Award, it indicates that there was no statistically significant difference between the highest score and that of one or more other FI's for the relevant awards category; based on top box results at the 95% confidence level.
- Non-subscribers are not eligible to claim an award nor use it for communication or messaging purposes.
The 2010 Synovate Best Banking Awards compared to previous years:
- Credit Unions received top honors among all financial institutions in five of the same award categories as they did in 2009
- The Telephone Banking Excellence award category had the most winners this year with six financial institutions recognized overall compared to four in 2009
- As in the previous two years, TD Canada Trust was a solo or shared winner in all award categories among the Big 5 Banks. In addition, TDCT received four awards among all financial institutions as a whole, one more than in 2009
- BMO Bank of Montreal again shared the Financial Planning & Advice award for the second year in a row, both among all financial institutions and within the Big 5 Banks
- RBC Royal Bank received three awards in the Big 5 Banks grouping and two awards in the All Financial Institutions grouping. Not only is Telephone Banking Excellence a new shared win for the company, but it was recognized in both award groupings for this category
- Scotiabank won among the Big 5 Banks in two of the same award categories as last year, namely Interest Rates & Services Charges and Financial Planning & Advice
Adrian Murphy, Vice President of Syndicated Research for Synovate in Canada, commented: "Overall, there were fewer winners listed this year and this may be due to the financial crisis that affected the industry at the start of the CSI program year. Synovate's Best Banking Awards help financial institutions better understand how effective they have been at meeting customers' needs, especially in challenging times."
Contact(s) for this press release
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Henrietta Sung
Synovate Marketing Manager |
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Telephone: +1 647 837 5053 |
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Synovate generates insights to help clients drive competitive brand, product and customer experience strategies. Now part of Ipsos, with offices in over 80 countries, our approach combines best in class global research capabilities with personalised service, local knowledge and the flexibility to create teams and processes that meet clients' specific requirements. At Synovate, our clients sit at the top of our organisational chart, driving us to continually develop more innovative research solutions that predict actual business outcomes.
For more information on Synovate visit www.synovate.com.