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Description

Description

“Boosting multiple product ownership is a double powered engine for financial institutions as it increases profitability through wallet share and also builds loyalty by discouraging attrition.”
– Sanjay Sharma, Senior Financial Services Analyst

This Report looks at the following areas:

  • TD and RBC are the leading choices
  • Tangerine is the top alternative choice
  • Lower chequing fees and higher savings interest are the top switching influencers
  • Rewards programs will encourage more cross-sell

What's included

What's included

Table of contents

Table of contents

  1. Overview

      • ‘Big bank’ definitions
        • Regional classifications
          • Income
          • Executive Summary

              • The issues
                • TD and RBC are the leading choices
                  • Figure 1: Choice of main FI, December 2018
                • Tangerine is the top alternative choice
                  • Figure 2: Switching choice of main FI, December 2018
                • Lower chequing fees and higher savings interest are the top switching influencers
                  • Figure 3: Interest in incentives to switch (any rank), December 2018
                • Rewards programs will encourage more cross-sell
                  • Figure 4: Interest in incentives to buy more products, December 2018
                • The opportunities
                  • Having multiple products at one bank discourages switching
                    • Figure 5: Attitudinal statements relating to loyalty in banking, December 2018
                  • Bundling discounts have wide appeal
                    • Figure 6: Attitudinal statements relating to loyalty (select), 18-44s vs over-45s, December 2018
                  • Branches continue to play an important relationship building role
                    • Figure 7: Attitudes about customer relationships in banking, December 2018
                  • Digital banks mainly used as a supplemental bank
                    • Figure 8: Attitudes about digital banks, Simplii Financial and Tangerine, December 2018
                  • What it means
                  • Key Players – What You Need to Know

                    • Impact of new consumer protection legislation on banks
                      • Meridian Credit Union clears key hurdle to launching new national bank
                        • Coast Capital Savings approved to become BC’s first federal credit union
                          • Meridian Credit Union launches “Price Drop”
                            • Borrowell launches first free AI powered credit coaching tool
                              • Bankers association says Canada needs a digital ID system
                              • Regulatory Developments

                                • Impact of new consumer protection legislation on banks
                                  • Naming and shaming
                                    • Whistleblower protections
                                      • Sales tactics
                                        • Regulatory relief
                                          • Meridian Credit Union clears key hurdle to launching new national bank
                                            • Coast Capital Savings approved to become BC’s first federal credit union
                                            • Industry Developments & Innovations

                                              • Meridian Credit Union launches “Price Drop”
                                                • Borrowell launches first free AI powered credit coaching tool
                                                  • MasterCard to drop its name from logo
                                                    • Bankers association says Canada needs a digital ID system
                                                      • RBC launches new accelerator programme
                                                      • Marketing Initiatives

                                                        • Simplii Financial launches first-ever campaign
                                                          • Figure 9: Choosing Simplii Financial means your banking is one less thing to juggle, September 2018
                                                        • HSBC gets opera singers to pitch its services
                                                          • Figure 10: HSBC Bank Canada | Don’t let your banking become a tragedy, November 2018
                                                        • CIBC adds a personal touch to its multicultural marketing
                                                          • PayPal debuts Xoom in Canada
                                                              • Figure 11: Paypal money go Xoom, December 2018
                                                            • Meridian Credit Union making more inroads in the GTA
                                                              • BMO launching new financial-crimes unit
                                                              • Bundling and Switching Initiatives

                                                                • Scotia’s Momentum Rewards Bundle
                                                                  • Figure 12: Scotiabank’s Momentum banking bundle, September 2017
                                                                • RBC VIP Banking bundle and new account offer
                                                                  • Other banking bundles
                                                                    • Switching offers for new customers
                                                                    • The Consumer – What You Need to Know

                                                                      • TD and RBC are the leading choices
                                                                        • Tangerine is the top alternative choice
                                                                          • Lower chequing fees and higher savings interest are the top switching influencers
                                                                            • No-fee banking is the main selling feature of digital banks
                                                                              • Rewards programs will encourage more cross-sell
                                                                                • Around two in three consumers would recommend their main FI
                                                                                  • Having multiple products at one bank discourages switching
                                                                                  • Choice of Main FI

                                                                                    • TD and RBC are the leading choices
                                                                                      • Figure 13: Choice of main FI, December 2018
                                                                                    • Significant regional differences in market penetration of banks
                                                                                      • Figure 14: Choice of main FI choices (select), Atlantic Canada vs Quebec, August 2016
                                                                                    • One in four Asian Canadians considers TD as their main FI
                                                                                      • Figure 15: Choice of main FI, Asian Canadians vs overall population, December 2018
                                                                                  • Switching Choice of Main FI

                                                                                    • Tangerine is the top alternative choice
                                                                                      • Figure 16: Switching choice of main FI, December 2018
                                                                                    • TD and Scotia are top switching choices of younger consumers
                                                                                      • Figure 17: Switching choice of main FI (select), 18-44s vs over-45s, December 2018
                                                                                  • Incentives to Switch

                                                                                    • Lower chequing fees and higher savings interest are the top switching influencers
                                                                                      • Figure 18: Interest in incentives to switch (any rank), December 2018
                                                                                    • Men value full range of products and digital capabilities more
                                                                                      • Figure 19: Select interest in incentives to switch (any rank), by gender, December 2018
                                                                                    • Higher interest rates matter more to older consumers
                                                                                      • Figure 20: Select interest in incentives to switch (any rank), 18-44s vs over-45s, December 2018
                                                                                    • Lower fees matter less to over-55s
                                                                                      • Figure 21: Interest in incentives to switch (rank #1), by age, December 2018
                                                                                  • Digital Banks

                                                                                    • No-fee banking is the main selling feature of digital banks
                                                                                      • Figure 22: Attitudes about digital banks, December 2018
                                                                                    • 35-54s more enthused about digital banks
                                                                                      • Figure 23: Attitudes about digital banks, by age, December 2018
                                                                                    • Men more likely to be attracted by high interest savings accounts
                                                                                      • Figure 24: Attitudes about digital banks, by gender, December 2018
                                                                                    • Digital banks mainly used as a supplemental bank
                                                                                      • Figure 25: Attitudes about digital banks, Simplii Financial and Tangerine customers, December 2018
                                                                                  • Incentives to Increase Share of Wallet

                                                                                    • Rewards programs will encourage more cross-sell
                                                                                      • Figure 26: Interest in incentives to buy more products, December 2018
                                                                                    • Over-55s generally less interested in incentives
                                                                                      • Figure 27: Interest in incentives to buy more products (select), by age, December 2018
                                                                                    • Higher income earners more interested in most incentives
                                                                                      • Figure 28: Interest in incentives to buy more products, HHI under $50K vs over $50K, December 2018
                                                                                    • Financially stressed parents with young children more interested in incentives
                                                                                      • Figure 29: Interest in incentives to buy more products (select), by parental status, December 2018
                                                                                    • TURF Analysis
                                                                                      • Methodology
                                                                                        • Rewards and a price matching program would appeal to around 60%
                                                                                          • Figure 30: TURF Analysis – Cross-sell incentives, December 2018
                                                                                      • Customer Relationships

                                                                                        • Around two in three consumers would recommend their main FI
                                                                                          • Figure 31: Attitudes about customer relationships in banking, December 2018
                                                                                          • Figure 32: Agreement with statement “I would recommend my main bank/credit union to a friend/family member”, by select FIs, December 2018
                                                                                        • Around seven in ten have a good relationship with their local branch
                                                                                          • Figure 33: Agreement with statement “I have a good relationship with my local bank/credit union”, 18-44s vs over-45s, December 2018
                                                                                        • Desjardins and RBC customers appear to have a stronger relationship
                                                                                          • Figure 34: Agreement with statement “I have a good relationship with my local bank/credit union”, Desjardins customers vs overall, December 2018
                                                                                        • Branches continue to play an important relationship building role
                                                                                        • Loyalty

                                                                                          • Having multiple products at one bank discourages switching
                                                                                            • Figure 35: Attitudinal statements relating to loyalty in banking, December 2018
                                                                                          • Bundling discounts have wide appeal
                                                                                            • Figure 36: Attitudinal statements relating to loyalty (select), 18-44s vs over-45s, December 2018
                                                                                          • Young men more likely to contemplate switching
                                                                                            • Figure 37: Attitudinal statement relating to switching, by age and gender, December 2018
                                                                                        • Appendix – Data Sources and Abbreviations

                                                                                          • Data sources
                                                                                            • Consumer survey data
                                                                                              • Abbreviations and terms

                                                                                              About the report

                                                                                              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:

                                                                                              • The Consumer

                                                                                                What They Want. Why They Want It.

                                                                                              • The Competitors

                                                                                                Who’s Winning. How To Stay Ahead.

                                                                                              • The Market

                                                                                                Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                              • The Innovations

                                                                                                New Ideas. New Products. New Potential.

                                                                                              • The Opportunities

                                                                                                Where The White Space Is. How To Make It Yours.

                                                                                              • The Trends

                                                                                                What’s Shaping Demand – Today And Tomorrow.

                                                                                              Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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