Canadian Credit Unions Raising the Bar for Customer Experience in Financial Services

For the 17th consecutive year, Canada’s credit unions sweep the customer service category in the Ipsos Financial Services Awards

Known widely for “putting customer service at the heart of every decision,” Canada’s credit unions have once again dominated the nation’s Ipsos Financial Services Awards competition in Customer Service Excellence. The awards recognize credit unions’ continual “high levels of service provided to their member bases,” serving 5.9 million – or one in five Canadians – for their everyday banking needs. “This recognition is truly a reflection of the member-focused service credit unions provide,” according to Martha Durdin, president and CEO of the Canadian Credit Union Association.

But how are credit unions beating the big banks with their big budgets? According to Savvy New Canadians: “Credit unions use a not-for-profit model and are owned by their customers (members) while banks are profit-driven organizations tasked with maximizing returns.” This operating model prioritizes member needs over profits and emphasizes personal interactions over efficiency. And new data in The Financial Brand supports that focus: “[B]anks and credit unions [may be] overly concerned with providing ‘personalized services’ when, in reality, 34% are looking for more of a personal interaction regarding their finances after the pandemic.”

Especially critical during difficult times, human-centered experiences let members know they matter. CCUA’s Durdin says, “Credit unions have especially demonstrated this through their response to the ongoing COVID-19 pandemic. Even in times of uncertainty and stress, placing their members and communities first has always been a constant priority.” That attention results in member experiences that are customer-centric and human-based. For the latest data, news and trends on CX in financial services, stay tuned to Believe in Banking. To build powerful, customized member-based CX strategies, contact Adrenaline’s banking and credit union experts at info@adrenalineagency.com.