TORONTO–Ipsos announced the winners of its 2018 Financial Service Excellence Awards, an annual program that recognizes Canadian financial institutions for excellence in customer experience.
This year was a year of change for the awards, which were formerly called the Ipsos Best Banking Awards. This re-branding accompanies changes made to the overall program, now measuring the opinions of Canadians on a weekly basis.
The overall Customer Service Excellence Award for 2018 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 fourteenth 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 9 awards in total, with solo wins in Branch Service Excellence, Values My Business and Online Banking Excellence. Tangerine achieved three awards in 2018, including solo wins for Recommend to Friends or Family and Value for Money.
This year RBC Royal Bank and TD Canada Trust 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 which included solo wins for Financial Planning & Advice and Online Banking. In all other categories, there were shared wins, with TD achieving 8 awards, Scotiabank earning five wins, BMO claiming two awards, and CIBC receiving one.
“The new award format for 2018 reflects the changes in the Canadian banking industry that we have been witnessing over the past few years,” says Steve Levy, Ipsos Chief Operating Officer, Canada. “The banks are continuously evolving, providing greater diversity and flexibility in how consumers can interact, while anchoring relationships with traditional programs. Consumers expect the same superior level of service regardless of the channel of interaction, creating a shifting norm for the financial institutions as they strive to meet societal change and to exceed customer expectations.”
“With the digitization of the industry, financial service organizations are looking for opportunities to build trust and an emotional connection across their omni-channel networks” notes Lesley Haibach, SVP, Ipsos Customer Experience, Canada. “This year’s results demonstrate the challenge facing financial institutions, as the differentiation between them lessens when it comes to channel performance.”
The Full Winners List
Customer Service Excellence among ALL Financial Insitutions
Value for Money: Tangerine
Values My Business: Credit Unions
Recommend to Friends or Family (NPS): Tangerine
Financial Planning & Advice: Credit Unions, Desjardins, National Bank
Branch Service Excellence: Credit Unions
ATM Banking Excellence: Credit Unions, National Bank
Online Banking Excellence: Credit Unions
Mobile Banking Excellence: Credit Unions, CIBC, National Bank, RBC Royal Bank
Automated Telephone Banking Excellence: Credit Unions, BMO Bank of Montreal, National Bank, RBC Royal Bank, Scotiabank, TD Canada Trust, Tangerine
Live Agent Telephone Banking Excellence: Credit Unions, National Bank
Ipsos Financial Service Excellence Award Recipients for 2018 among the Big Five Banks Only
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: 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: 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, Scotiabank, TD Canada Trust
Live Agent Telephone Banking Excellence: RBC Royal Bank, Scotiabank, TD Canada Trust
Ipsos 2018 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 2018 CSI program year ended September 2018 was 49,732 completed surveys yielding 75,334 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.