Independent survey shows credit unions beat banks in many categories

August 28, 2007
TORONTO – For the third year in a row, an independent survey of thousands of Canadians has shown that credit unions rank first in overall quality of customer service.

“We are pleased that Synovate’s research has again confirmed that Canadians prefer credit unions’ focus on the needs of their members,” said David Phillips, president and CEO of Credit Union Central of Canada.

“Credit unions have more than five million members across the country and do an excellent job of providing the service people want,” Phillips said.

The 2007 Synovate Customer Service Index  found credit unions ranked ahead of all banks and other financial institutions in the following categories:

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

The Synovate Customer Service Index survey was carried out among a sample of 17,500 regionally and demographically representative Canadians between July 3 and August 13, 2007. The survey has been conducted annually since 1987.

The 479 credit unions affiliated with Canadian Central have assets of $96 billion and five million members. Credit unions are provincially regulated financial institutions owned by their member/customers.

Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions. Synovate employs more than 5,700 staff in 118 cities across 52 countries. For more information on Synovate visit www.synovate.com.