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BMO InvestorLine and CIBC Named Top Canadian Customer Efficient Firms in 2007 by Surviscor
OAKVILLE, ON, Feb. 19 / www.surviscor.com– BMO InvestorLine and CIBC online banking won top honours as the premier online financial services firms in terms of email responsiveness for Canadians, according to the newly released 2007 Surviscor Customer Efficiency Ratings (CERs). BMO InvestorLine took top honours in Canadian online discount brokerage for the 12-month period ending December 31, 2007. In addition, BMO InvestorLine was the only firm in Canada to receive the Platinum designation awarded to firms that average a response time of less than 12 hours. CIBC was the outright winner in Canadian online banking. The analysis indicated a major gap between the top and bottom firms in terms of hours to respond to general email enquiries.
The Customer Efficiency Ratings (CERs) reflect the level of email service provided by online firms. “Email responsiveness is an integral part of the online experience for users and it should not be taken lightly by consumers or firms” said Glenn LaCoste, Surviscor President and CEO. The CER measured the firm’s responsiveness to a 12-month series of emails as compared to other online firms in the industry. Surviscor tracks all correspondence with the firm, the time to respond and the validity of the answer provided. The CER is then determined using a peer-based formula within the industry.
Surviscor is Canada’s premier online services rating and scorecarding firm, and has been collecting email data for nearly two years. The 2007 overall CER results continue to be puzzling. “We are shocked with the lack of attention of firms to the emails they receive. The online discount brokerage industry has traditionally performed better than online banking firms,” added LaCoste. “What is difficult to explain is how some of the larger banks fail to provide adequate email service to the general public. Can you imagine having to wait 5 days, on average, for a simple response?” The average response time for online discount brokerage was 68.29 hours (2.85 days), and online retail banking was 122.28 hours (5.10 days). “Some firms don’t even respond within our 10 day maximum” added LaCoste. Surviscor capped the response time at 10 days in 2007 and has reduced the cap to 5 days for 2008’s analysis.
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