Banks and Credit Unions - Canada - February 2015
“The death of the traditional branch network, widely touted a few years back, appears to be greatly exaggerated.”
– Sanjay Sharma, Senior Financial Services Analyst
This report discusses the following key topics:
- Traditional branch networks continue to be thrive in the digital era
- Can credit unions compete successfully against the major banks
- Initiatives to bolster the cross-selling efforts of FIs
- Enhancing the value-add of mobile banking
The Canadian consumer banking industry is dominated by the six major banks, but there is strong competition, not only among them, but from smaller virtual banks, regional banks and credit unions. However, in this highly competitive market, banks cannot stand still. The advent of mobile banking and the threat of new entrants into the retail banking market from non-financial services industries require Canadian banks to stay focussed on providing an excellent customer experience. Banks need to meet the basic needs of their customers, but beyond that they need to know their customers, reward their loyalty and enable them to interact in a seamless way with the bank — when, where and how the customers want.
This report provides a consumer research overview of banks & credit unions in Canada, exploring consumer choices of main financial institution (FI), tenure and satisfaction with main FI, information sources used to research financial products, intention to switch and factors that influence the decision to switch or stay with their main FI as well as attitudes towards banks and credit unions.
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