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Brand Perceptions of Canadian Financial Institutions - August 2012

Canadian financial institutions generally have good reputations, and Canadian financial banking and insurance companies are regarded as some of the safest in the world. However, Canadian banking and insurance consumers have varying opinions about financial services brands and the customer experiences they provide. This report takes a closer look at those perceptions and how institutions can work to develop strategies that are more in line with their desired core branding concepts.

What you need to know:

  • How do Canadians perceive the financial institutions they do business with?
  • How satisfied are they with their current relationships?
  • Do Canadian banks have different brand personalities or qualities that make them more or less attractive to Canadian consumers?
  • How are banks and insurance companies positioning themselves to influence these brand perceptions?
  • What is important to Canadians when they decide on which bank or insurance company to choose?
  • Do different types of customers have different types of financial relationships? If so, do financial institutions have opportunities to target these different segments in ways that will grow their businesses?

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Table of contents

  1. Scope and Themes

      • What you need to know:
        • Data sources
          • Consumer survey data
            • Competitrack
              • Abbreviations and terms
                • Abbreviations
                  • Terms
                    • Companies mentioned in this report:
                    • Executive Summary

                        • Canadian consumers have a number of financial relationships
                          • Figure 1: Type of financial accounts owned, either currently or in the past, April 2012
                        • Credit unions/Caisses Populaire more popular in Quebec
                          • Figure 2: Type of financial accounts owned, either currently or in the past, by province, April 2012
                        • Current banking/credit union provider
                          • Figure 3: Financial institutions with which respondents have present or former relationships, April 2012
                        • Current insurance provider
                          • Figure 4: Current insurance provider, all respondents, April 2012
                        • Canadians staunchly loyal to current bank
                          • Figure 5: Loyalty to current bank, by age, April 2012
                        • Brand Awareness – banks and credit unions
                          • Figure 6: Percentage of respondents unfamiliar with bank and credit union brands, April 2012
                        • Satisfaction with banks and credit unions
                          • Figure 7: Satisfaction with Canadian banks and credit unions/caisses populaire, respondents who have/had and account, April 2012
                        • Satisfaction with insurance companies
                          • Figure 8: Satisfaction with Canadian insurance companies, respondents who have/had and account, April 2012
                        • Brand attributes of banks – features and benefits
                          • Figure 9: Comparison of features and benefits brand attributes for the big five banks, respondents familiar with the brand, April 2012
                        • General brand attributes for banks
                          • Figure 10: Comparison of general brand attributes for the big five banks, respondents familiar with the brand, April 2012
                        • General brand attributes - insurance companies
                          • Figure 11: Comparison of general brand attributes for insurance companies, respondents familiar with the brand, April 2012
                        • Customer relationships and Asians
                          • Figure 12: Provider for current bank accounts, by ethnicity, April 2012
                        • Asian perceptions of current banking relationship
                          • Figure 13: Attributes related to loyalty to current bank, by ethnicity, April 2012
                        • General attitudes about banks and credit unions
                          • Figure 14: General attitudes about banks and credit unions, net agree (top two boxes), April 2012
                        • Brand Innovation
                          • Current marketing strategies
                            • Cluster Analysis identifies most and least satisfied
                                • Figure 15: Satisfaction with Canadian financial service providers, by cluster, April 2012
                              • What we think
                              • Issues in the Market

                                  • Overall satisfaction levels could be improved
                                    • Brand differentiation is lacking
                                      • Asians are a very attractive segment, but are less loyal
                                        • Innovation is key – particularly in branding
                                        • Insights and Opportunities

                                          • Key points
                                            • While most Canadians are loyal, some would make a switch
                                              • The Fully Loaded customer
                                                • The Disengaged Millennials
                                                • Trend Applications

                                                    • Trend: Help Me Help Myself
                                                      • Industry application
                                                        • Trend: Decline of Deference
                                                          • Industry application
                                                            • 2015 Trend – Brand Intervention
                                                              • Industry implications
                                                              • Leading Companies

                                                                • Key points
                                                                  • Canadian banks
                                                                    • Credit unions/caisse populaires
                                                                      • Insurance companies
                                                                      • Innovation and Innovators

                                                                        • Key points
                                                                          • RBC retail stores
                                                                            • ING DIRECT Cafes
                                                                              • Vancity now a part of GABV for sustainable banking
                                                                                • The Richness Project by Scotiabank
                                                                                  • Scotiabank EcoLiving
                                                                                    • Sun Life’s BrighterLife.ca
                                                                                    • Marketing Strategies

                                                                                      • Key points
                                                                                        • Overview
                                                                                          • Print advertising
                                                                                            • BMO online banking
                                                                                              • Figure 16: Bank of Montreal online banking print ad, 2012
                                                                                            • CIBC Savings Account
                                                                                              • Figure 17: CIBC e-Advantage savings account print ad, 2012
                                                                                            • Vancity
                                                                                              • Figure 18: Vancity print ad, 2011
                                                                                            • Direct-mail advertising
                                                                                              • RBC MyProject MasterCard
                                                                                                • Figure 19: RBC MyProject Credit Card direct mail ad, 2012
                                                                                              • Belair Direct Auto and Homeowners Insurance
                                                                                                • Figure 20: Belair Direct P&C insurance direct mail ad, 2012
                                                                                              • Desjardins Auto and Homeowners Insurance
                                                                                                • Figure 21: Desjardins P&C insurance direct mail, 2012
                                                                                              • Online advertising
                                                                                                • RBC Savings Account
                                                                                                  • Figure 22: RBC savings account online ad, 2012
                                                                                                • TD Bank Hours
                                                                                                  • Figure 23: TD Bank general branding online ad, 2012
                                                                                                • Scotiabank Richness Campaign
                                                                                                  • Figure 24: Scotiabank general branding online ad, 2012
                                                                                                  • Figure 25: HSBC mortgage loans online ad, 2012
                                                                                                • Television advertising
                                                                                                  • Figure 26: RBC Blue Water Project, 2011
                                                                                                  • Figure 27: TD Bank mobile banking, 2012
                                                                                                  • Figure 28: Sun Life, 2011
                                                                                                • Television advertising
                                                                                                  • Figure 29: RBC Blue Water Project, 2011
                                                                                                  • Figure 30: TD Bank mobile banking, 2012
                                                                                                  • Figure 31: Sun Life, 2011
                                                                                              • The Consumer – Type of Accounts

                                                                                                • Key points
                                                                                                  • Accounts with financial institutions
                                                                                                      • Figure 32: Type of financial accounts owned, either currently or in the past, overall, April 2012
                                                                                                      • Figure 33: Type of financial accounts owned, either currently or in the past, April 2012, by gender, April 2012
                                                                                                      • Figure 34: Type of financial accounts owned, either currently or in the past, by age, April 2012
                                                                                                      • Figure 35: Type of financial accounts owned, either currently or in the past, April 2012
                                                                                                      • Figure 36: Type of financial accounts owned, either currently or in the past, by province, April 2012
                                                                                                  • Where Canadians Bank and Brand Awareness

                                                                                                    • Key points
                                                                                                      • Banks and credit unions – brand awareness
                                                                                                        • Figure 37: Familiarity with banks and credit unions, overall, April 2012
                                                                                                        • Figure 38: Bank/credit union where current account is located, by province, April 2012
                                                                                                      • Insurance – most are familiar with Sun Life, Manulife, and Great-West
                                                                                                        • Figure 39: Current insurance provider and familiarity with brands, all respondents, April 2012
                                                                                                    • The Consumer Satisfaction with Financial Institutions

                                                                                                      • Key points
                                                                                                        • Satisfaction highest for TD Bank, Sunlife
                                                                                                            • Figure 40: Satisfaction with Canadian banks and credit unions/caisses populaire, April 2012
                                                                                                            • Figure 41: Satisfaction with Canadian insurance companies, April 2012
                                                                                                          • Of the Big Five, TD Bank and RBC lead on attributes
                                                                                                              • Figure 42: Comparison of brand attributes for the big five banks, respondents familiar with the brand, April 2012
                                                                                                              • Figure 43: Comparison of brand attributes for the big five banks, current and former customers, April 2012
                                                                                                            • Desjardins very responsive to customer needs
                                                                                                                • Figure 44: Comparison of brand attributes for banks, credit unions/ caisses populaire, respondents familiar with the brand, April 2012
                                                                                                                • Figure 45: Comparison of brand attributes for banks, credit unions/ caisses populaire, current and former customers, April 2012
                                                                                                              • Comparison of brand attributes for banks/credit unions – radar charts
                                                                                                                • Figure 46: Brand attributes of banks, credit unions/ caisses populaire, comparison chart, April 2012
                                                                                                                • Figure 47: Brand attributes of banks, credit unions/ caisses populaire, comparison chart, April 2012
                                                                                                                • Figure 48: Brand attributes of banks, credit unions/ caisses populaire, comparison chart, April 2012
                                                                                                              • Insurance providers and brand attributes
                                                                                                                  • Figure 49: Comparison of brand attributes for insurance companies, respondents familiar with the brand, April 2012
                                                                                                                  • Figure 50: Comparison of brand attributes for insurance companies, current and former customers, April 2012
                                                                                                                • Comparison of brand attributes for insurance providers – radar charts
                                                                                                                  • Figure 51: Brand attributes of insurance companies, comparison chart, April 2012
                                                                                                                  • Figure 52: Brand attributes of insurance companies, comparison chart, April 2012
                                                                                                              • The Asian Consumer in Canada

                                                                                                                • Key points
                                                                                                                  • Asians are more experienced with banking
                                                                                                                      • Figure 53: Type of financial accounts owned, either currently or in the past, by ethnicity, April 2012
                                                                                                                      • Figure 54: Provider for current bank accounts, by ethnicity, April 2012
                                                                                                                      • Figure 55: Satisfaction with Canadian financial service providers, by ethnicity, April 2012
                                                                                                                      • Figure 56: Comparison of brand attributes for the big five banks, by ethnicity, April 2012
                                                                                                                      • Figure 57: Comparison of brand attributes for banks, credit unions/ caisses populaire, by ethnicity, April 2012
                                                                                                                      • Figure 58: Comparison of brand attributes for insurance companies, by ethnicity, April 2012
                                                                                                                    • Asians not as loyal to banks as whites
                                                                                                                      • Figure 59: Attributes related to loyalty to current bank, by ethnicity, April 2012
                                                                                                                  • The Consumer and General Attitudes about Banks

                                                                                                                    • Key points
                                                                                                                      • Are Canadian banks basically the same?
                                                                                                                          • Figure 60: General attitudes about banks and credit unions, overall, April 2012
                                                                                                                          • Figure 61: General attitudes about banks and credit unions, by gender, April 2012
                                                                                                                          • Figure 62: General attitudes about banks and credit unions, by age, April 2012
                                                                                                                          • Figure 63: General attitudes about banks and credit unions, by household income, April 2012
                                                                                                                        • Loyalty to current primary bank
                                                                                                                            • Figure 64: Attitudes about loyalty to current bank, by age, April 2012
                                                                                                                            • Figure 65: Attitudes about loyalty to current bank, by household income, April 2012
                                                                                                                        • Cluster Analysis

                                                                                                                            • The Fully Loaded
                                                                                                                              • Demographics
                                                                                                                                • Characteristics
                                                                                                                                  • Opportunity
                                                                                                                                    • CU/CP Preferrers
                                                                                                                                      • Demographics
                                                                                                                                        • Characteristics
                                                                                                                                          • Opportunity
                                                                                                                                            • Big Bankers
                                                                                                                                              • Demographics
                                                                                                                                                • Characteristics
                                                                                                                                                  • Opportunity
                                                                                                                                                    • Disengaged Millennials
                                                                                                                                                      • Demographics
                                                                                                                                                        • Characteristics
                                                                                                                                                          • Opportunity
                                                                                                                                                            • Cluster tables
                                                                                                                                                              • Figure 66: Canadian Brand Perceptions clusters, April 2012
                                                                                                                                                              • Figure 67: Type of accounts owned, by cluster, April 2012
                                                                                                                                                              • Figure 68: Financial institution where currently have accounts, by cluster, April 2012
                                                                                                                                                              • Figure 69: Satisfaction with Canadian financial service providers, by cluster, April 2012
                                                                                                                                                              • Figure 70: Attributes of the big five banks, by cluster, April 2012
                                                                                                                                                              • Figure 71: Attributes of banks, credit unions/caisses populaire, by cluster, April 2012
                                                                                                                                                              • Figure 72: Attributes of insurance companies, by cluster, April 2012
                                                                                                                                                              • Figure 73: Importance of factors when choosing bank/credit union/caisse populaire, by cluster, April 2012
                                                                                                                                                              • Figure 74: General Attitudes about banks and credit unions, April 2012
                                                                                                                                                              • Figure 75: Loyalty to current bank, by cluster, April 2012
                                                                                                                                                            • Cluster demographics
                                                                                                                                                              • Figure 76: Gender, age and household income, by cluster, April 2012
                                                                                                                                                              • Figure 77: Ethnicity and region, by cluster, April 2012
                                                                                                                                                            • Cluster methodology
                                                                                                                                                            • Key Drivers Analysis

                                                                                                                                                                • Key driver methodology
                                                                                                                                                                  • Key drivers – Royal Bank of Canada
                                                                                                                                                                      • Figure 78: Key driver analysis of Royal Bank of Canada, April 2012
                                                                                                                                                                    • Key drivers – TD Bank
                                                                                                                                                                        • Figure 79: Key driver analysis of TD Bank, April 2012
                                                                                                                                                                      • Key drivers – Other credit union/Caisse Populaire
                                                                                                                                                                        • Figure 80: Key driver analysis of any other credit union/caisse populaire, April 2012
                                                                                                                                                                      • Key drivers – Sun Life
                                                                                                                                                                          • Figure 81: Key driver analysis of Sun Life, April 2012
                                                                                                                                                                        • Key drivers – Manulife Insurance
                                                                                                                                                                            • Figure 82: Key driver analysis of Manulife Insurance, April 2012
                                                                                                                                                                        • Appendix—Trade Associations and Agencies

                                                                                                                                                                          Companies Covered

                                                                                                                                                                          • Bank of Montreal
                                                                                                                                                                          • Bank of Nova Scotia
                                                                                                                                                                          • Canada Deposit Insurance Corporation (CDIC)
                                                                                                                                                                          • Canadian Banker’s Association (CBA)
                                                                                                                                                                          • Canadian Imperial Bank of Commerce
                                                                                                                                                                          • Canadian Payments Association (CPA)
                                                                                                                                                                          • Credit Union Central of Canada
                                                                                                                                                                          • Great-West Life & Annuity Insurance Company
                                                                                                                                                                          • Great-West Lifeco Inc
                                                                                                                                                                          • Harris Bankcorp, Inc.
                                                                                                                                                                          • Interac Association
                                                                                                                                                                          • Manulife Financial Corporation
                                                                                                                                                                          • Meridian Credit Union Limited
                                                                                                                                                                          • Mouvement des caisses Desjardins
                                                                                                                                                                          • National Bank of Canada
                                                                                                                                                                          • Research In Motion (USA)
                                                                                                                                                                          • Royal Bank of Canada
                                                                                                                                                                          • Sun Life Financial Inc.

                                                                                                                                                                          Brand Perceptions of Canadian Financial Institutions - August 2012

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