Consumer Perception of Canadian Financial Brands - Canada - May 2019
Covered in this report
The Canadian consumer banking industry is dominated by the five major banks, but there is strong competition, not only among them, but from digital banks, regional banks and credit unions. However, in this highly competitive market, banks cannot stand still. Digital banking and the advent of Fintech require Canadian banks to stay focused 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
“A vast majority of Canadians prefer a Canadian financial institution with local branches, evidence that globalization has not really made an impact on Canadian consumer banking.”
– Sanjay Sharma, Senior Financial Services Analyst
This Report looks at the following areas:
- Brand awareness of big banks is high
- Big five banks have similar brand perceptions
- Canadians value “local”
- Canadians are generally loyal to their main financial institution
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