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Description

Description

“It is becoming increasingly important to initiate relationships with immigrants in their home countries prior to their landing in Canada to gain a first mover advantage.”
– Sanjay Sharma, Senior Financial Services Analyst

This report will cover the following areas:

  • New Canadians are “branch-friendly”
  • What should banks do to attract ethnic Canadians?
  • South Asian Canadians more open to technology in insurance

What's included

What's included

Table of contents

Table of contents

  1. Overview

      • Regional classifications
        • Income
          • Ethnic sampling and descriptions
            • New Canadians
            • Executive Summary

                • The issues
                  • TD is the leading choice of South Asian and Chinese Canadians
                    • Figure 1: Choice of main FI, Chinese Canadians, South Asian Canadians vs overall, October 2019
                  • Recommendations, branch locations, fees and parental choice most important
                    • Figure 2: Factors influencing choice of first bank (any rank), South Asian Canadians vs overall, October 2019
                  • Around half of South Asians looking to switch main FI
                    • Figure 3: General attitudes towards financial services (% any agree), Chinese Canadians and South Asian Canadians vs overall, October 2019
                  • South Asian Canadians have a lower ownership of some insurance products
                    • Figure 4: Insurance ownership, Chinese Canadians & South Asian Canadians vs overall, October 2019
                  • Chinese and South Asians are more interested in brand reputation, less in bundling discounts
                    • Figure 5: Attitudes towards buying insurance (% agree), Chinese Canadians and South Asian Canadians vs overall, October 2019
                  • The opportunities
                    • New Canadians are “branch-friendly”
                      • Figure 6: Attitudes towards Canadian banking (% any agree), New Canadians^ vs overall, October 2019
                    • What should banks do to attract ethnic Canadians?
                      • South Asian Canadians more open to technology in insurance
                        • Figure 7: Attitudes towards technology and insurance (% agree), South Asian Canadians vs overall, October 2019
                      • What it means
                      • The Market – What You Need to Know

                        • Immigration is fuelling Canada’s population growth
                          • Face of the nation is changing
                            • Younger demographic profile of new immigrants means increased digital usage
                              • Impact of artificial intelligence
                                • FP Canada works on certification and education
                                • Market Factors – The People

                                  • Immigration is fuelling Canada’s population growth…
                                    • Figure 8: Percent of Canadians who are visible minorities, by age, 2016
                                  • …and Asia is the primary source
                                    • Figure 9: Distribution of immigrants living in Canada, by region of birth, 1996-2036
                                  • The net result is an ever-richer cultural mosaic
                                    • Asian Canadians like Fintech
                                      • Figure 10: Usage of financial tools, Asian Canadians vs overall, August 2019
                                  • The Market – What’s New?

                                    • Application programming interfaces and Open Banking
                                      • Impact of artificial intelligence
                                        • FP Canada works on certification and education
                                        • Key Players – What You Need to Know

                                          • Attijariwafa Bank signs partnership agreement with National Bank of Canada
                                            • Finance Minister to examine changes to mortgage stress tests
                                              • Scotiabank engages with potential newcomers
                                                • Sun Life using technology to lower healthcare costs for customers
                                                  • CIBC Pace It gives credit card clients flexible instalment options to pay off purchases
                                                    • MasterCard to offer cards aimed at transgender and non-binary consumers
                                                    • Key Players – Innovations & Industry Developments

                                                      • Attijariwafa Bank signs partnership agreement with National Bank of Canada
                                                        • Finance Minister to examine changes to mortgage stress tests
                                                          • Scotiabank enhances Scotia eHOME
                                                            • Sun Life using technology to lower healthcare costs for customers
                                                              • Canadian insurers introducing telehealth solutions
                                                                • Borrowell launches Boost, Canada’s first bill-tracker and predictive advance
                                                                  • RBC to ratchet up efforts to turn Ventures users into banking clients
                                                                    • Desjardins expands its voice services and Manulife Bank introduces a chatbot
                                                                      • Mylo raises $10 million Series A from major Canadian financial institutions
                                                                        • Mylo and financial rounding apps
                                                                          • MasterCard to offer cards aimed at transgender and non-binary consumers
                                                                            • New oversight framework for payments companies proposed
                                                                              • CIBC “Pace It” gives credit card clients flexible instalment options to pay off purchases
                                                                                • Apple and Goldman launch a credit card
                                                                                • Key Players – Marketing Campaigns

                                                                                  • Scotiabank engages with potential newcomers
                                                                                    • BMO ad highlights the creation of a soccer field of dreams
                                                                                      • Figure 11: BMO | The Grass of Greatness – Extended Cut, October 2019
                                                                                    • RBC new and minority Canadians campaign
                                                                                      • Figure 12: Meet Arrive: A Platform Supporting Newcomers to Canada, November 2018
                                                                                    • Simplii looks to smooth foreign currency exchanges
                                                                                      • Figure 13: Order your Pesos like you order your food – right from your phone, November 2019
                                                                                    • Belairdirect tags in Georges St-Pierre
                                                                                    • The Consumer – What You Need to Know

                                                                                      • TD is the leading choice of South Asian and Chinese Canadians
                                                                                        • Recommendations and fees matter more to South Asian and Chinese Canadians
                                                                                          • South Asian Canadians have lower ownership of some insurance products
                                                                                            • South Asian and Chinese Canadians more interested in brand reputation, less in bundling discounts
                                                                                              • Around half of South Asians looking to switch main FI
                                                                                                • Most prefer a Canadian brand
                                                                                                • Choice of Main FI

                                                                                                  • South Asian and Chinese Canadians more likely to use TD
                                                                                                      • Figure 14: Choice of main FI, Chinese Canadians, South Asian Canadians vs overall, October 2019
                                                                                                    • Scotiabank is the top choice of New Canadians
                                                                                                        • Figure 15: Choice of main FI, New Canadians vs overall, October 2019
                                                                                                      • Banks can help New Canadians overcome challenges
                                                                                                      • Factors behind Choice of First Bank

                                                                                                        • Recommendations and fees matter more to South Asian and Chinese Canadians
                                                                                                            • Figure 16: Factors influencing choice of first bank (any rank), South Asian Canadians vs overall, October 2019
                                                                                                            • Figure 17: Factors influencing choice of first bank (any rank), Chinese Canadians vs overall, October 2019
                                                                                                          • What should banks do to attract ethnic Canadians?
                                                                                                            • Parental choice is a leading factor for Asians born in Canada
                                                                                                              • Figure 18: Select factors influencing choice of first bank (any rank), Asians born in Canada vs outside of Canada, October 2019
                                                                                                            • Recommendations and low fees are most important for New Canadians
                                                                                                              • Figure 19: Factors influencing choice of first bank (select – any rank), New Canadians vs overall, October 2019
                                                                                                            • Helping New Canadians overcome language barriers
                                                                                                            • Insurance Ownership

                                                                                                              • South Asian Canadians have lower ownership of some products
                                                                                                                • Figure 20: Insurance ownership, Chinese Canadians & South Asian Canadians vs overall, October 2019
                                                                                                              • Asians born outside Canada have higher travel insurance
                                                                                                                • New Canadians generally under-index in insurance ownership
                                                                                                                  • Figure 21: Insurance ownership, New Canadians vs overall, October 2019
                                                                                                              • Buying Insurance

                                                                                                                • Chinese and South Asians are more interested in brand reputation, less in bundling discounts
                                                                                                                  • Figure 22: Attitudes towards buying insurance (% agree), Chinese Canadians and South Asian Canadians vs overall, October 2019
                                                                                                                • New Canadians more open to consolidation
                                                                                                                  • Figure 23: Attitudes towards buying insurance (% agree), New Canadians vs overall, October 2019
                                                                                                                • South Asian Canadians more open to technology
                                                                                                                  • Figure 24: Attitudes towards technology and insurance (% agree), South Asian Canadians vs overall, October 2019
                                                                                                                • New Canadians more willing to purchase through an app
                                                                                                                  • Figure 25: Attitudes towards technology and insurance (% Agree), New Canadians vs overall, October 2019
                                                                                                              • Attitudes towards Canadian Banking

                                                                                                                • Branches are important to all
                                                                                                                  • Figure 26: Select attitudes towards Canadian banking (% any agree), Chinese Canadians and South Asian Canadians vs overall, October 2019
                                                                                                                • South Asian and Filipino Canadians more likely to have a soft spot for credit unions
                                                                                                                  • New Canadians are “branch-friendly”
                                                                                                                    • Figure 27: Attitudes towards Canadian banking (% any agree), New Canadians vs overall, October 2019
                                                                                                                  • Using branches to forge relationships with New Canadians
                                                                                                                  • General Attitudes towards Financial Services

                                                                                                                    • Around half of South Asians looking to switch main FI
                                                                                                                      • Figure 28: General attitudes towards financial services (% any agree), Chinese Canadians and South Asian Canadians vs overall, October 2019
                                                                                                                    • Most prefer a Canadian brand
                                                                                                                      • Chinese Canadians less concerned about Canadian brands
                                                                                                                        • Encouraging product consolidation to discourage switching
                                                                                                                          • New Canadians are more open to Fintech
                                                                                                                            • Figure 29: General attitudes towards financial services (% any agree), New Canadians vs overall, October 2019
                                                                                                                        • Appendix – Data Sources and Abbreviations

                                                                                                                          • Data sources
                                                                                                                            • Consumer survey data
                                                                                                                              • Consumer qualitative research
                                                                                                                                • Abbreviations and terms

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