TORONTO, May 22, 2013 /CNW/ - Credit Union Central of Canada (Canadian
Central), the national trade association representing the Canadian
credit union system, commented today on the results of the 2012 finance
and banking needs research report issued by the Canadian Federation of
Independent Business (CFIB) - Battle of the Banks. The survey found credit unions outperformed all banks in serving
small- and medium-sized enterprises (SMEs), with a top-ranking overall
score of 7.4 out of 10. SMEs also rated credit unions higher than banks
in the individual categories of financing, fees and account manager.
"We are thrilled, but not surprised, that Canadian credit unions were
viewed so positively by small businesses," said David Phillips,
president and CEO, Credit Union Central of Canada. "Credit unions are
advocates for small business members, with deep roots in the
communities they serve and a commitment to helping local businesses
prosper. Their success is our success."
Other key findings for credit unions include:
Micro Businesses (1 to 5 employees): Very small businesses rated credit unions higher than banks overall,
with a total score of 7.2 out of 10. Micro businesses also gave credit
unions top marks in each area of interest, including financing, fees,
account manager and service.
Small Businesses (5 to 49 employees): Among small businesses, credit unions achieved an overall score of 7.4
out of 10, and took top honours in the areas of financing, fees and
Mid-Sized Businesses (50 - 499 employees): Medium-sized businesses gave top marks to credit unions, with an
overall score of 8.5 out of 10, with credit unions also leading in the
individual areas of financing and fees.
"The results are a testament to the wide appeal of credit unions among
small businesses of all sizes," said Phillips. "Canadian small
businesses understand that credit unions care about what they care
about - a willingness to lend, reasonable fees that reflect service
level and quality, accessible account managers who understand their
financial needs, and personal service that reflects the human touch.
These attributes are embedded in the nine credit union principles for serving our small business community."
To download a copy of Battle of the Banks, visit the CFIB website.
To learn more about the credit union principles for small business,
visit the Canadian Business Owners Strategy website (CBOS).
About Credit Union Central of Canada (Canadian Central)
Credit Union Central of Canada is the national trade association for the
Canadian credit union system. Canada's credit union system is a vital
competitor in the financial services industry. Canadian Central
represents five regional Centrals and one Federation representing 348
credit unions with more than $152.5 billion in assets and serving over
5.3 million members, outside of Quebec. For more information about
Canada's credit union system and Canadian Central visit www.cucentral.ca.
For the eighth consecutive year, Canadians ranked credit unions first in
overall Customer Service Excellence, among all financial institutions,
surpassing all Canadian banks in Ipsos 2012 Best Banking Awards. Credit
unions also took sole honours in Branch Service Excellence and Values
My Business. Credit unions tied for first among all financial
institutions for Financial Planning & Advice and Telephone Banking
SOURCE: Credit Union Central of Canada
For further information:
Director, Trade Association Services
Tel: (416) 232-3417
Cell: (416) 434-8777