Canadian Banks and Credit Unions - April 2010
This report builds on several previous Mintel studies, including Canadian Credit Cards – September 2009, Canadian Banks and Credit Unions – May 2008, US and Canadian Credit Unions – May 2007, and Canadian Banking – January 2007. It examines the trends and opportunities within the Canadian financial sector. It also provides an overview of how Canadian banking products are being received by the Canadian consumer, and makes suggestions about how those consumers will look at those products in the future. This report also provides an in-depth look at consumer attitudes about the financial industry in general—especially as it relates to loyalty, savings and retirement.
Some additional topics discussed in this report include:
- The Canadian banking system is highly concentrated; the top five banks have about an 80% market share
- Recent immigrants are the hottest new market for Canadian banks as the immigrant population is driving the growth of the country
- There is concern in Canada about mounting consumer debt and fast-growing housing prices. However, a replay of the US debacle seems unlikely
- Consumers are loyal to their financial services providers. Nearly 95% say there is less than a 50-50 chance they would switch banks at this stage of their lives, which means that cross-selling to existing customers is extremely important
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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