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Essay: Awards – Scotia Bank and the Bank of Montreal

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  • Subject area(s): Miscellaneous essays
  • Reading time: 3 minutes
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  • Published: October 11, 2015*
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  • Words: 642 (approx)
  • Number of pages: 3 (approx)
  • Awards - Scotia Bank and the Bank of Montreal
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On the basis of Industry/Association Awards:
We are taking two banks from the banking sector for the analysis of recognizing which bank is high as compared to the lower one. The two banks are:
Scotia Bank
Bank of Montreal.
We have taken Scotia Bank as higher one and Bank of Montreal as lower one because as follows:
The Scotia Bank has teamed up with Cineplex Entertainment and created a loyalty reward program called as Scene. According to this program, people can sign-up for a special card that grants them points which can be used thereafter to redeem them in the sense of watching free movies or discounts based on points which is basically done to capture high customer satisfaction. A Scene Debit card was launched in early May which gives people points when they are used.
Whereas, The Bank of Montreal does not offer any kind of this facility to its customers.
According to a survey from J.D. Power and Associates, the 1200 small business owners using business banking services in Canada scored the banks on a scale of 1000 in which, Scotia Bank earned 733 points. Whereas, bank of Montreal earned 711 points. This clearly shows that customer satisfaction is more with Scotia Bank.
The Various awards earned by Scotia Bank are as follows:

  • Scotia bank in Antigua & Barbuda was awarded the Corporate Award for Youth Development Partners from the Government of Antigua & Barbuda, Department of Youth Affairs.
  • In 2013, Scotia bank tied for 5th place in Corporate Knights’ Diversity Leadership Index’an annual ranking of the top 10 companies in Canada with visible minority and aboriginal diversity on its Board of Directors
  • Scotia bank ranked third in The Globe & Mail’s annual Board Games 2013 ranking of Canadian companies’ Board of Directors, assessing the quality of their governance practices.
  • In 2013, Scotia bank was named one of the 100 Best Workplaces in Canada by the Great Place to Work Institute for the fourth consecutive year.
  • Scotia bank was also named one of the Best Multinational Companies in Latin America’ranking 23rd place.
  • Scotia bank was named Bank of the Year 2013 in Canada and four Caribbean countries by The Banker, a leading international finance and investment magazine that is part of the Financial Times Group.
  • For the sixth year in a row, Scotia bank in Mexico received the Corporately Responsible Company Award by CEMEFI, an organization dedicated to promoting philanthropy and social responsibility in Mexico.
  • Scotia bank in Antigua received the 2013 Good Corporate Citizen Award from the Eastern Caribbean Central Bank.
  • At the Canadian Business for Social Responsibility Summit Gala on November 6, 2013, Scotia bank received the Excellence in Corporate Responsibility Award.

The Various awards earned by Bank of Montreal are as follows:

  • On January 22, 2015 , for the second year in a row, BMO Financial Group has been named to the Global 100 – a ranking of the most sustainable corporations in the world.
  • On January 20, 2015 , Justine Fedak, Senior Vice President and Head of Brand, Advertising and Sponsorships for BMO Financial Group, North America was honored by the Chicago Business Journal as one of 40 Women of Influence.
  • On December 8, 2014 , BMO Financial Group has been named one of Greater Toronto’s Top Employers by Mediacorp Canada Inc., the publishers of Canada’s Top 100 Employers.
  • November 28, 2014 ‘ BMO InvestorLine has been named Best Online Brokerage for the second year in a row at the 20th annual Morningstar Awards.
  • September 9, 2014 ‘ BMO Harris Private Banking has been named the Best Private Bank in Canada by World Finance for the fourth consecutive year.

References:

  • http://www.bmo.com/home/about/banking/corporate-information/awards-and-recognition
  • http://www.scotiabank.com/ca/en/0,,391,00.html
  • http://www.theglobeandmail.com/report-on-business/small-business/sb-tools/small-business-briefing/scotiabank-tops-customer-satisfaction-survey/article4604533/

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