Canada Multicultural Marketing for Financial Services Market Report 2020
£ 3,695 (Excl.Tax)
Report Summary
“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
Table of Contents
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Overview
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- Regional classifications
- Income
- Ethnic sampling and descriptions
- New Canadians
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Executive Summary
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- 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
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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
- Immigration is fuelling Canada’s population growth
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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
- Immigration is fuelling Canada’s population growth…
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The Market – What’s New?
- Application programming interfaces and Open Banking
- Impact of artificial intelligence
- FP Canada works on certification and education
- Application programming interfaces and Open Banking
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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
- Attijariwafa Bank signs partnership agreement with National Bank of Canada
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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
- Attijariwafa Bank signs partnership agreement with National Bank of Canada
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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
- Scotiabank engages with potential newcomers
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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
- TD is the leading choice of South Asian and Chinese Canadians
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Choice of Main FI
- South Asian and Chinese Canadians more likely to use TD
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- Figure 14: Choice of main FI, Chinese Canadians, South Asian Canadians vs overall, October 2019
- Scotiabank is the top choice of New Canadians
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- Figure 15: Choice of main FI, New Canadians vs overall, October 2019
- Banks can help New Canadians overcome challenges
- South Asian and Chinese Canadians more likely to use TD
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Factors behind Choice of First Bank
- Recommendations and fees matter more to South Asian and Chinese Canadians
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- Figure 16: Factors influencing choice of first bank (any rank), South Asian Canadians vs overall, October 2019
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- 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
- Recommendations and fees matter more to South Asian and Chinese Canadians
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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
- South Asian Canadians have lower ownership of some products
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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
- Chinese and South Asians are more interested in brand reputation, less in bundling discounts
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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
- Branches are important to all
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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
- Around half of South Asians looking to switch main FI
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Data sources
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