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Ipsos Best Banking Awards also reveals consistent strength of credit unions in many service categories

TORONTO, Aug. 23, 2012 /CNW/ - For an eighth consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence among all financial institutions in the 2012 Ipsos Best Banking Awards. Credit unions also took sole honours in two other categories: Branch Service Excellence and Values My Business.

"For over a hundred years, Canadian credit unions have met the personal and business financial needs of their members by focussing on what they believe is most important - putting their members' needs first, and treating them as individuals," explains David Phillips, president and CEO, Credit Union Central of Canada (Canadian Central). "While innovative ideas, products and services are an integral component of our co-operative system, Canadian credit unions and caisses populaires never lose sight of what is most important: our dedication to meeting the individual needs of our over 5 million members," added Phillips.

Survey results show that credit unions took sole honours in Branch Service Excellence for the 8th year in a row and Values My Business for the 5th year in a row. They also tied for first place in the following categories among all financial institutions:

  • Financial Planning & Advice; and
  • Telephone Banking Excellence.

The above mentioned honours are the same five award categories credit unions were recognized for in 2010 and 2011.

"Since 1987, the Customer Service Index study results show that Canada's financial institutions continue to provide high levels of service to their customers," says Ray Kong, Senior Vice President and Global Financial Services Practice Leader at Ipsos Reid. "Our awards program recognizes best in class in several categories. I am happy to acknowledge and congratulate not only the winners of the 2012 Best Banking Awards but all financial institutions for their sustained performance."

Launched in 1987, the Ipsos (formerly Synovate) Customer Service Index (CSI) quarterly survey generates the winners of the annual Best Banking Awards. The Ipsos 2012 Best Banking Awards are based on quarterly Customer Service Index (CSI) survey results. Sample size for the total 2012 CSI program year ended August 2012 was 43,202 completed surveys yielding 63,750 financial institution ratings.

About Credit Union Central of Canada (Canadian Central)

Credit Union Central of Canada is the national trade association for the Canadian credit union system. Canada's credit union system is a vital competitor in the financial services industry. Canadian Central represents five provincial/regional Centrals and one Federation representing 363 credit unions with more than $142 billion in assets and serving 5.2 million members, outside of Quebec. For more information about Canada's credit union system and Canadian Central visit www.cucentral.ca.

For the eighth consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos 2012 Best Banking Awards. Credit unions also took sole honours in Branch Service Excellence and Values My Business. Credit unions tied for first among all financial institutions for Financial Planning & Advice and Telephone Banking Excellence.

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company. With offices in 84 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management. Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe. Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,363 billion (1.897 billion USD) in 2011.

SOURCE: Credit Union Central of Canada