Canadian Banks and Credit Unions - January 2014
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“Canadians are very loyal to their banks, but quite consistently have accounts at other institutions, which indicates that there are opportunities for institutions with the primary relationship to increase cross-sell efforts. One way to do this is by offering enhanced mobile banking features, since Canadians have yet to adopt mobile banking on a large scale.”
– Susan Menke, Vice President Financial Services
This report looks at the following areas:
Banking technology is moving to the forefront in Canada. However, while Canada is ahead of the US in certain aspects of financial services technology, like chip-and-pin credit and debit cards and contactless payments, it lags in others, such as mobile cheque deposit and envelope-free ATMs.
The Canadian banking industry is also dominated by five large commercial banks and heavily regulated by the government, which prefers an oligopoly to maintain safety and soundness. Canadian consumers seem to prefer it that way, however, even if it means that they don’t see as much price and product competition.
The population of the country overall is growing slowly, with Asian immigration the primary and almost only driver of population growth. Therefore, Asians represent an opportune customer segment for the banking industry.
This report builds on several previous Mintel studies, including Canadian Banks and Credit Unions – October 2012, Canadian Banks and Credit Unions – June 2011, Canadian Credit Cards – April 2011, and Canadian Banks and Credit Unions – April 2010. It examines the trends and opportunities within the Canadian retail banking industry. It also provides an overview of how Canadian banking products are being received by the Canadian consumer and an in-depth look at consumer attitudes towards banks and credit unions.
This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:
What They Want. Why They Want It.
Who’s Winning. How To Stay Ahead.
Size, Segments, Shares And Forecasts: How It All Adds Up.
New Ideas. New Products. New Potential.
Where The White Space Is. How To Make It Yours.
What’s Shaping Demand – Today And Tomorrow.