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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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Table of contents

  1. Overview

      • Regional classifications
        • Income
        • Executive Summary

            • The issues
              • Brand awareness of big banks is high
                • Figure 1: Brand awareness of selected financial brands, March 2019
              • Big five banks have similar brand perceptions
                • Figure 2: Brand perceptions (average), big five banks vs “other” banks, March 2019
              • Canadians value “local”
                • Figure 3: Canadian banking attitudes, March 2019
              • Canadians are generally loyal to their main financial institution
                • Figure 4: Attitudes related to main FI, March 2019
              • The opportunities
                • Aligning marketing campaigns with brand personalities
                  • Figure 5: Correspondence analysis – Principal map – Brand perceptions, March 2019
                • Increasing trust levels
                  • Younger consumers more likely to recommend and post reviews
                    • Figure 6: Select attitudes related to satisfaction (% agree), 18-44s vs over-45s, March 2019
                  • Branch locations increase brand familiarity
                    • What it means
                    • Market Factors – What You Need to Know

                      • Face of the nation is changing
                        • Acknowledging inclusivity is going beyond what you see
                          • There are more seniors than children
                            • Time-pressed Canadians looking for convenience
                            • The People

                                • The face of the nation is changing
                                  • Canada’s population is growing quickly...
                                    • Figure 7: Population growth by numbers, 1986-2017
                                  • …thanks to immigration
                                    • Figure 8: Proportion of foreign-born population in Canada, 1981-2036
                                  • The net result is an ever-richer cultural mosaic
                                    • More than meets the eye, acknowledging inclusivity is going beyond what you see
                                      • Changing dynamics for working Canadians
                                        • More parents are working full-time
                                          • The population is concentrated in urban areas
                                            • Figure 9: Share of population of Canada, by territory/province, 2018
                                          • Commuting times are getting longer as are working hours
                                            • Consumers will crave more ways to cater to an on-the-go lifestyle
                                              • Canada has more seniors than children
                                                • Figure 10: Population aged 0-14 and 65+, as of July 1, 1995-2035*
                                            • Key Players – What You Need to Know

                                              • Meridian launches digital-only motusbank
                                                • Coast Capital Savings approved to become BC’s first federal credit union
                                                  • Investors Group rebrands to better reflect its value proposition
                                                    • Great-West Life amalgamating its Canadian subsidiaries
                                                      • HSBC surprises clients with global knowledge
                                                      • Innovations & Industry Developments

                                                        • Meridian launches digital-only motusbank
                                                            • Figure 11: motusbank: Our Story, February 2019
                                                          • Coast Capital Savings approved to become BC’s first federal credit union
                                                            • MasterCard to drop its name from logo
                                                              • Meridian Credit Union making more inroads in the GTA
                                                                • Investors Group rebrands to better reflect its value proposition
                                                                    • Figure 12: Welcome Change, October 2018
                                                                  • Great-West Life amalgamating its Canadian subsidiaries
                                                                  • Marketing Campaigns

                                                                    • Simplii Financial launches first-ever campaign
                                                                      • Figure 13: Choosing Simplii Financial means your banking is one less thing to juggle, September 2018
                                                                    • CIBC goes after seasoned travellers with Aventura
                                                                      • Figure 14: CIBC Aventura. The Travelers Travel Card, July 2018
                                                                    • Intact gives Mitch Marner a promotion
                                                                        • Figure 15: Mitch Marner gets promoted | Intact Insurance, March 2019
                                                                      • HSBC surprises clients with global knowledge
                                                                          • Figure 16: HSBC Presents: Let’s Meet 1 on 26, March 2019
                                                                      • The Consumer – What You Need to Know

                                                                        • Brand awareness of big banks is high
                                                                          • Big five banks have similar brand perceptions
                                                                            • Trust, rates, transparency and banking freedom are the top choice factors
                                                                              • Canadians value “local”
                                                                                • Canadians are generally loyal to their main financial institution
                                                                                  • Younger consumers more likely to recommend and post reviews
                                                                                    • Men and older consumers more distrustful of the financial industry
                                                                                    • Brand Awareness

                                                                                      • Brand awareness of big banks is high
                                                                                        • Figure 17: Brand awareness of selected financial brands, March 2019
                                                                                      • Young women have a higher brand awareness
                                                                                        • Figure 18: Brand awareness of financial brands, 18-44s vs over-45s, March 2019
                                                                                        • Figure 19: Brand awareness of financial brands (select), men 18-44 vs women 18-44, March 2019
                                                                                      • Higher income Canadians are more aware of financial brands
                                                                                        • Figure 20: Brand awareness of financial brands, by household income level, March 2019
                                                                                      • Non-Chinese Asian Canadians less aware
                                                                                        • Figure 21: Brand awareness of selected financial brands (select), non-Chinese Asian Canadians vs overall, March 2019
                                                                                      • Branch locations increase brand familiarity
                                                                                      • Brand Personalities

                                                                                        • Big five banks have similar brand perceptions
                                                                                          • Figure 22: Brand perceptions (average), big five banks vs “other” banks, March 2019
                                                                                          • Figure 23: Brand perceptions of selected financial brands, March 2019
                                                                                        • Aligning marketing campaigns with brand personalities
                                                                                          • Correspondence analysis
                                                                                            • Big five banks are perceived as traditional and reliable
                                                                                              • Figure 24: Correspondence Analysis – Principal map – Brand perceptions, March 2019
                                                                                          • Banking Choice Factors

                                                                                            • Trust, rates, transparency and banking freedom are important
                                                                                              • Figure 25: Importance factors when choosing a bank (any rank), March 2019
                                                                                            • Trust is the clear top factor for women
                                                                                                • Figure 26: Importance factors (select) when choosing a bank (any rank), by gender, March 2019
                                                                                              • Increasing trust levels
                                                                                                • Younger consumers place more relative importance on individuality and uniqueness
                                                                                                  • Figure 27: Importance factors (select) when choosing a bank (any rank), 18-44s vs over-45s, March 2019
                                                                                                • Some differences by ethnicity
                                                                                                  • Figure 28: Importance factors (select) when choosing a bank (any rank), Chinese and non-Chinese Asian Canadians vs overall, March 2019
                                                                                              • Canadian Banking

                                                                                                • Canadians value “local”
                                                                                                  • Figure 29: Canadian banking attitudes, March 2019
                                                                                                • Most prefer a Canadian brand
                                                                                                    • Figure 30: Canadian banking attitudes (any agree), 18-44s vs over-45s, March 2019
                                                                                                  • Men more likely to have a soft spot for credit unions
                                                                                                    • Figure 31: Select Canadian banking attitudes (any agree), by gender, March 2019
                                                                                                  • Some differences in preferences by ethnicity
                                                                                                    • Figure 32: Select Canadian banking attitudes (any agree), by ethnicity, March 2019
                                                                                                • Satisfaction with Financial Institutions

                                                                                                  • Around two in five have recommended their bank
                                                                                                    • Figure 33: Attitudes related to satisfaction (% agree), March 2019
                                                                                                  • Younger consumers more likely to recommend and post reviews
                                                                                                      • Figure 34: Select attitudes related to satisfaction (% agree), 18-44s vs over-45s, March 2019
                                                                                                    • Around three in ten are distrustful of the industry
                                                                                                      • Figure 35: Attitudes related to Canadian banking, March 2019
                                                                                                    • Canadians are generally loyal to their main financial institution
                                                                                                      • Figure 36: Attitudes related to main FI, March 2019
                                                                                                    • Encouraging product consolidation to discourage switching
                                                                                                    • General Attitudes

                                                                                                      • Around a third would consider a non-bank alternative
                                                                                                          • Figure 37: “I would consider having a financial product at a non-bank alternative” (% any agree), by age and gender, March 2019
                                                                                                        • Men and younger consumers more distrustful of the financial industry
                                                                                                          • Figure 38: “Financial services companies promote products that are not good for the consumer” (% any agree), by age and gender, March 2019
                                                                                                        • Higher income earners more likely to prefer independent advisors
                                                                                                          • Figure 39: “I prefer to use independent financial advisors instead of those employed at the banks” (% any agree), by income, March 2019
                                                                                                        • For some, brand reputation matters more than cost
                                                                                                          • Figure 40: Attitudes towards financial services (any agree), by age and gender, March 2019
                                                                                                      • Appendix – Data Sources and Abbreviations

                                                                                                        • Data sources
                                                                                                          • Consumer survey data
                                                                                                            • Abbreviations and terms

                                                                                                            Consumer Perception of Canadian Financial Brands - Canada - May 2019

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