Independent survey shows credit unions lead in many service categories among all financial institutions

 August 21,  2009

 TORONTO - For the fifth year in a row, an independent survey of thousands of Canadians has shown that credit unions rank first in overall quality of customer service among all financial institutions.

"We are pleased to see that Canadians continue to rate their experience at credit unions very highly," said David Phillips, president and CEO of Credit Union Central of Canada (Canadian Central).

  "Credit unions have more than five million members across the country and do an excellent job of providing the service people want," Phillips said.  "This is our core mission, meeting the needs of our members."

 Global market research firm Synovate announced its 2009 Best Banking Awards, which are derived from its Customer Service Index. It  found credit unions ranked ahead of all banks and other financial institutions in the following categories: 

• Overall Customer Service Excellence
• Values My Business
• Branch Service Excellence

 Credit unions also tied for first in the following categories: 

• Financial Planning and Advice
• Recommend to Friends and Family
• Telephone Banking Excellence

Adrian Murphy, Vice President of Syndicated Research for Synovate in Canada, commented:

"The key to loyal customers is a good customer experience. The Synovate Best Banking Award acts like a report card for our local financial institutions, highlighting their strengths and weaknesses as well as how the industry players are performing overall."

 The Synovate Customer Service Index survey had almost 39,000 responses among a regionally and demographically representative sample of Canadians. The survey has been conducted annually since 1987. The 2009 Best Banking Awards are based on the combined results of ongoing quarterly Customer Service Index surveys ended August 2009.