Ipsos, a global market research and a consulting firm, released the winners of its 2016 Best Banking awards, which included lenders across the mortgage space. Canada’s credit unions were at the top of the list.
Canada’s credit unions took home the overall Customer Service Excellence award among all financial institutions in retail banking, which is the 12th consecutive year that the credit unions have received this honour. Interestingly, neither of the other two big winners, Tangerine and Dejardins, are one of the Big Six banks that most people think of when shopping for a mortgage.
“Canadians continue to benefit from world class banking services,” said Ray Kong, executive vice president, Canada, Ipsos Loyalty. “We should consider ourselves extremely fortunate to have such a wide array of choices in financial services. As more and more banking options become available, our financial institutions keep innovating, making sure that the true winner remains the Canadian consumer.”
While credit unions and Tangerine were winners in most of the categories, big banks BMO, RBC, CIBC, and TD Canada Trust dominated the field of financial planning and advice as well as automated telephone banking. Among the big banks, TD Canada Trust rates highest in Customer Service Excellence.
This year’s Awards were based on the combined results of 47,305 completed surveys gathered from Canadians across various demographics and regions. The awards were given in 13 categories, including: values my business, interest rates and service charges, products and services, financial planning and advice, branch service excellence, online banking excellence, and mobile banking excellence.
“Each year the bar is set higher for customer service excellence,” noted Adrian Murphy, Vice President of Ipsos Marketing/Loyalty and leader of the CSI Study. “Today’s competitive environment makes it even more challenging for financial institutions to differentiate their offering, especially as customers increasingly migrate to online and mobile banking.”
These awards don’t include monline lenders, lenders who specialize in mortgages and mortgage-related products. To see how those lenders measure up, get in touch with your mortgage broker, who has access to the best rates and mortgage terms in the marketplace.

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