November 9, 2005

Credit unions rank higher than banks and other financial institutions in most customer service measures, according to an independent national survey.

The 2005 Synovate Customer Service Index found credit unions ranked highest in:

• Overall quality of customer service
• Values “my” business
• Staff service at “my” branch
• Information handling and communications
• Financial products and services
• Interest rates and service charges.

“Credit union members appreciate the benefits of being owners, not just customers,” said Joanne DeLaurentiis, president and chief executive officer of Credit Union Central of Canada. “This survey confirms what we in the industry have long known -- people prefer to deal with a financial co-operative.”

The survey has responses from 8,141 people, including 1,047 credit union members. The study was conducted by mail from July 11 to August 24, 2005. Synovate has been conducting the survey annually since 1987.

Canada’s 534 credit unions serve 4.7 million members, control $91 billion in assets and employ 22,000 people.

Synovate is one of the largest full-service marketing research consultancies in Canada. It offers a complete research team including specialists in qualitative and quantitative studies; questionnaire design; sampling; data collection, tabulation and management; and statistical analysis. Its clients include many of the largest companies and organizations in Canada.