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Canadian Banks and Credit Unions - October 2012

“The retail banking industry in Canada is strong and the banking system is rated as the safest in the world. However, the global economic climate is troubled and Canadians are concerned. People are starting to hunker down and concentrate on spending less and saving more. Banks and credit unions/caisses populaires that can respond to Canadians’ desire to be more conservative will be in the best position to be successful, at least while the world economy is so challenged.”

– Susan Menke, Vice President Financial Services

Some questions answered in this report include:

  • How are consumers reacting to the changing economic climate?
  • Where is the potential in the banking industry?
  • How can banks maximize the benefits of technology in marketing?

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Table of contents

  1. Scope and Themes

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

                        • The market
                          • Assets of the Big Five continue to grow
                            • Figure 1: Assets of leading Canadian institutions, 2009-11
                          • Market drivers
                            • Canadian debt—and housing prices—are increasing
                              • Figure 2: Canadian debt for persons and unincorporated businesses, 2007 vs. 2011
                            • Companies, brands, and innovations
                              • RBC busy with new product launches
                                • Marketing strategies
                                  • The consumer
                                    • Canadian consumers have multiple accounts
                                      • Figure 3: Number of banking/credit union/caisse populaire relationships, May 2012
                                    • Provider for current/former account
                                      • Figure 4: Percentage of respondents that are current or former accountholders, May 2012
                                    • Products at bank other than primary bank
                                      • Figure 5: Products or accounts at institutions other than primary banks/credit unions, by age, May 2012
                                    • Features of current bank are equally important to customers
                                      • Figure 6: Importance of specific banking services or features, May 2012
                                    • Factors in bank selection
                                      • Figure 7: Factors that primarily influenced bank/credit union choice, May 2012
                                    • Canadians intend to be more cautious with money
                                      • Figure 8: Attitudes about personal financial situation, May 2012
                                    • Attitudes about the economy—risk aversion is rampant
                                      • Figure 9: Attitudes about the economy and the banking system, May 2012
                                    • Advisory services are a differentiator for Asians
                                      • Figure 10: Attitudes about banks, by race/ethnicity, May 2012
                                    • Where Asians bank
                                      • Figure 11: Bank/credit union where current account is located, by ethnicity, May 2012
                                    • Opportunities revealed in cluster analysis
                                      • What we think
                                      • Issues in the Market

                                          • How are consumers reacting to the changing economic climate?
                                            • Where is the potential in the banking industry?
                                              • How can banks maximize the benefits of technology in marketing?
                                              • Insights and Opportunities

                                                • Key points
                                                  • Addressing the challenges currently facing the Canadian banking industry
                                                    • Differentiation is one key strategy
                                                      • Advice is also a key differentiator
                                                        • Taking a holistic view of the customer
                                                        • Trend Applications

                                                            • Trend: Prepare for the Worst
                                                              • Industry application
                                                                • Trend: Help Me Help Myself
                                                                  • Industry application
                                                                    • 2015 Trend—Access Anything Anywhere
                                                                      • Industry application
                                                                      • Market Size

                                                                        • Key points
                                                                          • Canadian domestic banks have assets of C$3.3 trillion plus
                                                                            • Figure 12: Assets of Canadian financial institutions, 2011
                                                                        • Competitive Context

                                                                          • Key points
                                                                            • Large banks making progress since 2009
                                                                              • Figure 13: Assets of leading Canadian banking institutions, 2009-11
                                                                              • Figure 14: Largest credit unions, by asset size (excluding Quebec), Q4 2011
                                                                            • Canada’s banks safest in the world
                                                                              • Figure 15: World Economic Forum ranking of world’s safest banking systems, 2010
                                                                              • Figure 16: World’s 50 safest individual banks, Canada and the U.S., May 2012
                                                                            • Economic uncertainty is a concern
                                                                            • Segment Performance

                                                                              • Key points
                                                                                • The financial industry is growing, up 33% since 2007
                                                                                  • Figure 17: Assets of Canadian financial institutions, 2007-11
                                                                              • Market Drivers

                                                                                • Key points
                                                                                  • The overall marketplace in Canada
                                                                                    • Figure 18: Canadian population by provinces and territories, 2006-11
                                                                                  • Canadian personal debt has grown 30% since 2007
                                                                                    • Figure 19: Canadian debt for persons and unincorporated businesses, 2007-2011
                                                                                  • The Canadian housing boom
                                                                                    • Margin compression and the implementation of Basel III
                                                                                      • Canadians becoming increasingly uneasy about the economy
                                                                                        • Figure 20: Attitudes about the Canadian economy and personal financial situation, 2010-12
                                                                                        • Figure 21: Attitudes about personal financial situation, February 2012
                                                                                    • Leading Companies

                                                                                      • Key points
                                                                                        • Canadian banks
                                                                                          • Credit unions, caisses populaires in Canada
                                                                                            • Figure 22: Largest Credit Unions/Caisses Populaires, by asset size (excluding Quebec), Q4 2011
                                                                                        • Brand Awareness and Satisfaction

                                                                                          • Key points
                                                                                            • Brand awareness
                                                                                              • Figure 23: Familiarity with banks and credit unions, overall, May 2012
                                                                                              • Figure 24: Bank/credit union where current account is located, by province, May 2012
                                                                                            • Customer satisfaction
                                                                                              • Figure 25: Satisfaction with Canadian banks and credit unions/caisses populaires, May 2012
                                                                                          • Innovation and Innovators

                                                                                            • Key points
                                                                                              • RBC MyProject MasterCard
                                                                                                • RBC Shoppers Optimum banking account and debit card
                                                                                                  • Scotiabank EcoLiving
                                                                                                    • Scotia iTrade mobile app
                                                                                                      • BMO video banking
                                                                                                        • BMO mobile PayPass initiative
                                                                                                          • Scotiabank’s NFC-enabled transit shelter ad campaign
                                                                                                            • TD Bank Group and Live Nation marketing alliance
                                                                                                              • RBC multilingual telephone service in branches
                                                                                                                • RBC promotes savings accounts
                                                                                                                  • ING Direct sweepstakes to promote THRiVE chequing account
                                                                                                                    • CIBC creates mobile payments options
                                                                                                                      • Desjardins installs touch screens in ATMs
                                                                                                                        • Social media
                                                                                                                          • Scotiabank’s “Richness Project”
                                                                                                                            • ING mobile apps
                                                                                                                              • Branch design
                                                                                                                                • North Shore Credit Union Financial Spa
                                                                                                                                  • National Bank of Canada flagship store in Toronto
                                                                                                                                  • Marketing Strategies

                                                                                                                                      • Key points
                                                                                                                                        • Print advertising
                                                                                                                                          • Direct mail advertising
                                                                                                                                            • Top bank issuer credit card acquisition campaigns
                                                                                                                                              • Online advertising
                                                                                                                                                • Mobile banking initiatives
                                                                                                                                                  • Television and digital advertising
                                                                                                                                                  • The Consumer—Relationships with Financial Institutions

                                                                                                                                                    • Key points
                                                                                                                                                      • Accounts with financial institutions
                                                                                                                                                          • Figure 42: Incidence of account ownership by account type, overall, May 2012
                                                                                                                                                          • Figure 43: Incidence of account ownership by account type, by gender, May 2012
                                                                                                                                                          • Figure 44: Incidence of account ownership by account type, by age, May 2012
                                                                                                                                                          • Figure 45: Type of financial institution and accounts owned, now or in the past, by age, May 2012
                                                                                                                                                          • Figure 46: Incidence of account ownership by account type, by household income, May 2012
                                                                                                                                                          • Figure 47: Type of financial institution and accounts owned, now or in the past, by household income, May 2012
                                                                                                                                                          • Figure 48: Incidence of account ownership by account type, by province, May 2012
                                                                                                                                                          • Figure 49: Type of financial institution and accounts owned, now or in the past, by region, May 2012
                                                                                                                                                      • Where Canadians Bank

                                                                                                                                                        • Key points
                                                                                                                                                          • The Big Five predominate
                                                                                                                                                            • Figure 50: Incidence of account ownership at specific institutions, overall, May 2012
                                                                                                                                                            • Figure 51: Incidence of account ownership at specific institutions, by province, May 2012
                                                                                                                                                          • Some gender differences emerge
                                                                                                                                                            • Figure 52: Incidence of account ownership at specific institutions, by gender, May 2012
                                                                                                                                                            • Figure 53: Incidence of account ownership at specific institutions, broken out by current and former account holders, by gender, May 2012
                                                                                                                                                          • Higher-income households look to TD Bank, RBC
                                                                                                                                                            • Figure 54: Incidence of account ownership at specific institutions, by household income, May 2012
                                                                                                                                                            • Figure 55: Incidence of account ownership at specific institutions, broken out by current and former account holders, by household income, May 2012
                                                                                                                                                          • Younger bank customers favor TD Bank and CIBC
                                                                                                                                                            • Figure 56: Incidence of account ownership at specific institutions, by age, May 2012
                                                                                                                                                            • Figure 57: Incidence of account ownership at specific institutions, broken out by current and former account holders, by age, May 2012
                                                                                                                                                        • Number of Banking Relationships

                                                                                                                                                          • Key points
                                                                                                                                                            • Half have relationships at two or more banks/CUs
                                                                                                                                                              • Figure 58: Number of banking/credit union/caisse populaire relationships, by age, May 2012
                                                                                                                                                            • Loyalty the lowest among people with highest incomes
                                                                                                                                                              • Figure 59: Number of banking/credit union/caisse populaire relationships, by household income, May 2012
                                                                                                                                                              • Figure 60: Number of banking/credit union/caisse populaire relationships, by province, May 2012
                                                                                                                                                          • Products at Primary Bank

                                                                                                                                                            • Key points
                                                                                                                                                              • Canadians likely to have chequing and savings at primary bank
                                                                                                                                                                • Figure 61: Types of accounts at primary bank/credit union/caisse populaire, by age, May 2012
                                                                                                                                                                • Figure 62: Types of accounts at primary bank/credit union/caisse populaire, by household income, May 2012
                                                                                                                                                                • Figure 63: Types of accounts at primary bank/credit union/caisse populaire, by province, May 2012
                                                                                                                                                            • Products at Other Financial Institutions

                                                                                                                                                              • Key points
                                                                                                                                                                • Canadians likely to have credit cards at other banks
                                                                                                                                                                  • Figure 64: Accounts at institutions other than primary banks/credit unions, by age, May 2012
                                                                                                                                                                  • Figure 65: Types of accounts at institutions other than primary bank or credit union/caisse populaire, by household income, May 2012
                                                                                                                                                                  • Figure 66: Types of accounts at institutions other than primary bank or credit union/caisse populaire, by region, May 2012
                                                                                                                                                              • Preferred Banking Channels

                                                                                                                                                                • Key point
                                                                                                                                                                  • Online banking preferred way to bank
                                                                                                                                                                    • Figure 67: Primary banking channels, by age, May 2012
                                                                                                                                                                    • Figure 68: Primary banking channels, by household income, May 2012
                                                                                                                                                                    • Figure 69: Primary banking channels, by province, May 2012
                                                                                                                                                                • Most Important Banking Features/Services

                                                                                                                                                                  • Key points
                                                                                                                                                                    • Security of transactions most important concern
                                                                                                                                                                      • Figure 70: Importance of specific banking services or features, May 2012
                                                                                                                                                                      • Figure 71: Banking services rated as “very important,” by age, May 2012
                                                                                                                                                                      • Figure 72: Banking services rated as “very important,” by household income, May 2012
                                                                                                                                                                  • Reasons for Choosing a Bank

                                                                                                                                                                    • Key points
                                                                                                                                                                      • Fees and trust are key issues when deciding where to bank
                                                                                                                                                                        • Figure 73: Importance of factors when choosing bank/credit union/caisse populaire, May 2012
                                                                                                                                                                        • Figure 74: Factors rated as “very important” when choosing bank/credit union/caisse populaire, by gender, May 2012
                                                                                                                                                                      • Trust rises to the top of agenda for older people
                                                                                                                                                                        • Figure 75: Factors rated as “very important” when choosing bank/credit union/caisse populaire, by age, May 2012
                                                                                                                                                                        • Figure 76: Factors rated as “very important” when choosing bank/credit union/caisse populaire, by province, May 2012
                                                                                                                                                                      • Primary factors that influenced choice of current bank
                                                                                                                                                                        • Figure 77: Factors that primarily influenced current bank/credit union choice, by age, May 2012
                                                                                                                                                                        • Figure 78: Factors that primarily influenced current bank/credit union choice, by household income, May 2012
                                                                                                                                                                    • Attitudes about Household Finances and the Economy

                                                                                                                                                                      • Key points
                                                                                                                                                                        • Canadians are planning to be more conservative with money
                                                                                                                                                                          • Figure 79: Attitudes about personal/household finances, by age, May 2012
                                                                                                                                                                          • Figure 80: Attitudes about personal/household finances, by household income, May 2012
                                                                                                                                                                        • Concerns about the economy
                                                                                                                                                                          • Figure 81: Attitudes about the economy and the banking system, by age, May 2012
                                                                                                                                                                          • Figure 82: Attitudes about the economy and the banking system, by household income, May 2012
                                                                                                                                                                      • Asians and Banking

                                                                                                                                                                        • Key points
                                                                                                                                                                          • Where Asians bank
                                                                                                                                                                            • Figure 83: Number of bank/credit union/caisse populaire relationships, by race, May 2012
                                                                                                                                                                            • Figure 84: Bank/credit union where current account is located, by ethnicity, May 2012
                                                                                                                                                                            • Figure 85: Importance of factors when choosing bank/credit union/caisse populaire, by ethnicity, May 2012
                                                                                                                                                                          • Asians like big banks, want quality advisory services
                                                                                                                                                                            • Figure 86: Attitudes about banks, big banks and credit unions, by ethnicity, May 2012
                                                                                                                                                                          • Asians want to learn more about investing
                                                                                                                                                                            • Figure 87: Attitudes about household financial situation and the economy, by ethnicity, May 2012
                                                                                                                                                                            • Figure 88: Attitudes about personal finances, by ethnicity, May 2012
                                                                                                                                                                        • Cluster Analysis

                                                                                                                                                                            • Cluster 1: Up and Coming Disillusioned
                                                                                                                                                                              • Cluster 2: Credit Union Middle Incomers
                                                                                                                                                                                • Cluster 3: Big Branch Bankers
                                                                                                                                                                                  • Cluster 4: Young and Disengaged
                                                                                                                                                                                    • Cluster characteristic tables
                                                                                                                                                                                      • Figure 89: Target clusters, May 2012
                                                                                                                                                                                      • Figure 90: Type of financial institution and accounts owned, now or in the past, by target clusters, May 2012
                                                                                                                                                                                      • Figure 91: Type of financial institution and accounts owned, currently and in the past, by target clusters, May 2012
                                                                                                                                                                                      • Figure 92: Attitudes about financial institutions, by target clusters, May 2012
                                                                                                                                                                                      • Figure 93: Attitudes about the economy and household financial situation, by target clusters, May 2012
                                                                                                                                                                                      • Figure 94: Attitudes about banks, the economy and household financial situation, by target clusters, May 2012
                                                                                                                                                                                      • Figure 95: Primary influences in choice of bank/credit union or caisse populaire, by target clusters, May 2012
                                                                                                                                                                                      • Figure 96: Number of accounts held at banks or credit unions/caisses populaires, by target clusters, May 2012
                                                                                                                                                                                      • Figure 97: Types of accounts at primary bank or credit union/caisse populaire, by target clusters, May 2012
                                                                                                                                                                                      • Figure 98: Types of accounts at institutions other than primary bank or credit union/caisse populaire, by target clusters, May 2012
                                                                                                                                                                                      • Figure 99: Importance of specific banking services or features, by target clusters, May 2012
                                                                                                                                                                                      • Figure 100: Primary method of banking, by target clusters, May 2012
                                                                                                                                                                                    • Cluster demographic tables
                                                                                                                                                                                      • Figure 101: Target clusters, by demographic, May 2012
                                                                                                                                                                                    • Cluster methodology
                                                                                                                                                                                    • Appendix: Industry Associations and Agencies

                                                                                                                                                                                      Companies Covered

                                                                                                                                                                                      • Bank of Montreal
                                                                                                                                                                                      • Bank of Nova Scotia
                                                                                                                                                                                      • CIBC World Markets Inc.
                                                                                                                                                                                      • Cisco Systems, Inc.
                                                                                                                                                                                      • Discount Drug Mart Inc
                                                                                                                                                                                      • Facebook, Inc.
                                                                                                                                                                                      • ING Bank, fsb
                                                                                                                                                                                      • MasterCard Incorporated
                                                                                                                                                                                      • Mouvement des caisses Desjardins
                                                                                                                                                                                      • Research In Motion (USA)
                                                                                                                                                                                      • Royal Bank of Canada
                                                                                                                                                                                      • Toronto-Dominion Bank

                                                                                                                                                                                      Canadian Banks and Credit Unions - October 2012

                                                                                                                                                                                      £3,199.84 (Excl.Tax)