This week, Competitive Intelligence Update takes a closer look at the Ipsos CSI awards, focusing on the five key service metrics trends. The issue also reports on recent studies looking at Canadians' financial perspectives as well as new financial partnerships.
CSI Awards
Credit unions once again led all financial institutions, matching the 2023 tally of six Ipsos Customer Service Index (CSI) Financial Service Awards this year. This included a solo win for Customer Service Excellence, marking 20 years in a row that credit unions have won the service excellence award. View the news release here
Credit unions also achieved a solo win for Values My Business and Branch Service Excellence, and shared wins for Financial Planning and Advice, Online Banking Excellence, and Live Agent Telephone Banking Excellence. The chart, right, shows all of the awards.
Desjardins, National Bank, Tangerine, and Simplii also earned multiple CSI awards amongst all financial institutions, with five, four, and three wins respectively.
Looking just at the big five banks, RBC was the clear leader, securing a win in all eleven categories including four solo wins (down from five in 2023). BMO jumped from two shared awards in 2023 to six this year. However, the big five banks were only represented in the all-financial-institution CSI awards for a shared win in the Automated Telephone Banking Excellence category.
While it is important to celebrate and publicize credit unions’ excellence, it is also important to review the study results for potential opportunities to strengthen credit unions’ member service.
CSI key metrics: trends
Ipsos conducts the CSI survey quarterly and provides trending information on key service metrics. Each metric is scored out of ten, reporting on the top two box results.
Overall, credit unions’ year-over-year results saw improvement in Likelihood to Recommend (NPS) as well as a slight uptick in Values my Business and Financial Planning. Customer Service Excellence and Value for Money remained consistent year-over-year. However on a quarterly basis, all five metrics saw slight erosion.
To read more on this issue and other research hot topics, read this week’s issue of Competitive Intelligence (CI) Update.
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