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The Branch Banking Experience - Canada - February 2018

“A significant number of banking customers are friendly with branch staff, making it easier to cement stronger client relationships over the long term.”
– Sanjay Sharma, Senior Financial Services Analyst

This Report looks at the following areas:

  • Most customers have visited a branch in the past year
  • Cheque deposits are the most common reason for visiting a branch
  • Canadians are well satisfied with their branch experience 
  • No significant differences in overall satisfaction by FI
  • Older customers love branches

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Table of contents

  1. Overview

      • Regional classifications
        • Income
        • Executive Summary

            • The issues
              • Most customers have visited a branch in the past year
                • Figure 1: Branch visits in the past year (% visited), December 2017
              • Cheque deposits are the most common reason for visiting a branch
                • Figure 2: Reasons for branch visits, December 2017
              • Canadians are well satisfied with their branch experience
                • Figure 3: Satisfaction with branch experiences, December 2017
              • No significant differences in overall satisfaction by FI
                • Figure 4: Satisfaction with branch experiences (% satisfied), by primary FI, December 2017
              • Older customers love branches
                • Figure 5: Attitudes related to branch visits (select), 18-44s vs over-45s, December 2017
              • The opportunities
                • More than two in five customers are friendly with their local bank staff
                  • Figure 6: Agreement with statements related to branch banking (% agree), December 2017
                • Around three in five agree that branch visits help establish long-term relationships
                  • Branches are a source of reassurance and trust
                    • Bank branches of the future
                      • What it means
                      • The Market – What You Need to Know

                        • Ageing population likely to impact on branch visits
                          • Diminished capacity among seniors is a consequence of an ageing population
                            • Blockchain and banking
                              • Artificial intelligence and banking
                              • Market Factors

                                • Ageing population likely to impact on branch visits
                                  • Figure 7: Canadian population, by age, 2016
                                • Diminished capacity among seniors is a consequence of an ageing population
                                  • Blockchain and banking
                                    • Artificial intelligence and banking
                                    • Key Players – What You Need to Know

                                      • Canada's big banks testing Toronto-based digital identity network
                                        • Alexa arrives in Canada
                                          • Blockchain applications
                                            • Visa launches cryptocurrency card in Singapore
                                              • Mogo Finance Technology to lease bitcoin mining machines as part of blockchain initiative
                                                • ATB launches virtual banking assistant on Facebook Messenger
                                                • Industry Developments & Innovations

                                                  • Canada's big banks testing Toronto-based digital identity network powered by blockchain
                                                    • Alexa arrives in Canada
                                                      • Blockchain applications
                                                        • Visa launches cryptocurrency card in Singapore
                                                          • TD Bank acquires enterprise AI firm Layer 6
                                                            • Mogo Finance Technology to lease bitcoin mining machines as part of blockchain initiative
                                                              • Umpqua Bank’s New ‘Human+Digital’ Strategy: a banker in every pocket
                                                                • ATB launches virtual banking assistant on Facebook Messenger
                                                                  • VersaBank building a virtual safety deposit box for cryptocurrencies
                                                                  • Marketing Campaigns

                                                                    • Tangerine ramps up its efforts around investments
                                                                      • Figure 8: Investments that work as hard as you do, January 2018
                                                                    • Ally Bank’s Super Bowl Augmented Reality game
                                                                      • Selected campaigns from Mintel Comperemedia
                                                                        • CIBC offers “free” money transfers to mainland China
                                                                          • Figure 9: CIBC money transfer mobile advertisement, January 2018
                                                                        • TD encourages local branch visits
                                                                          • Figure 10: TD new branch incentive, September 2017
                                                                        • JPMorgan reaches beyond its branches with new mobile account app
                                                                          • Figure 11: Finn by Chase, October 2017
                                                                      • The Consumer – What You Need to Know

                                                                        • TD is the leading banking choice of Canadian consumers
                                                                          • Most customers have visited a branch in the past year
                                                                            • Cheque deposits are the most common reason for visiting a branch
                                                                              • Canadians are well satisfied with their branch experience
                                                                                • Most agree that branch visits help establish long-term relationships
                                                                                  • More than two in five customers are friendly with their local bank staff
                                                                                  • Choice of Main Financial Institution

                                                                                    • TD is the leading banking choice of Canadian consumers
                                                                                      • Figure 12: Choice of primary FI, December 2017
                                                                                    • Around two in five Quebecers name Desjardins as their primary FI
                                                                                      • Figure 13: Choice of primary FI, Quebec vs overall, December 2017
                                                                                    • TD and Tangerine do better among younger consumers
                                                                                      • Figure 14: Primary FI: TD Canada Trust & Tangerine, 18-44s vs over-45s, December 2017
                                                                                  • Branch Visits

                                                                                    • Most customers have visited a branch in the past year
                                                                                      • Figure 15: Branch visits in the past year (% visited), December 2017
                                                                                      • Figure 16: Branch visits in the past year (% visited), by age and gender, December 2017
                                                                                      • Figure 17: Branch visits in the past year (% visited), by region, December 2017
                                                                                    • A quarter of customers visit more than once a month
                                                                                      • Desjardins customers have a lower branch visit frequency
                                                                                        • Figure 18: Branch visits in the past year (% visited), by primary FI, December 2017
                                                                                        • Figure 19: “I visit my local branch more than once a month on average” (% agree), by primary FI, December 2017
                                                                                    • Reasons for Branch Visits

                                                                                      • Cheque deposits are the most common reason for visiting a branch
                                                                                        • Figure 20: Reasons for branch visits, December 2017
                                                                                      • Over-55s more likely to visit for financial planning and investments
                                                                                        • Figure 21: Reasons for branch visits (select), by age, December 2017
                                                                                      • A third of 18-24s visit a branch for money transfers
                                                                                        • Chinese Canadians more likely to visit for financial planning and credit card application
                                                                                          • Figure 22: Reasons for branch visits (select), Chinese Canadians vs overall, December 2017
                                                                                        • The future bank branch
                                                                                        • Satisfaction with the Branch Experience

                                                                                          • Canadians are well satisfied with their branch experience
                                                                                            • Figure 23: Satisfaction with branch experiences, December 2017
                                                                                          • Older customers are generally more satisfied
                                                                                            • Figure 24: Satisfaction with branch experiences (select), by age, December 2017
                                                                                          • No significant differences in overall satisfaction by FI
                                                                                            • Figure 25: Satisfaction with branch experiences (select), by primary FI, December 2017
                                                                                          • Key driver analysis
                                                                                            • Methodology
                                                                                              • Quality of advice is a key driver of satisfaction
                                                                                                • Figure 26: Key drivers of satisfaction with branch bank experiences, December 2017
                                                                                              • Quality of advice and problem resolution are among attributes that TD needs to focus on in order to drive satisfaction
                                                                                                • Figure 27: Key drivers of satisfaction with TD Canada Trust, December 2017
                                                                                              • Promptness of service is a key driver of overall satisfaction for RBC
                                                                                                • Figure 28: Key drivers of satisfaction with RBC Royal Bank, December 2017
                                                                                              • Promptness of service is a key driver of overall satisfaction for CIBC
                                                                                                • Figure 29: Key drivers of satisfaction with CIBC, December 2017
                                                                                            • The Branch Experience

                                                                                              • Capitalising on branch relationships
                                                                                                • More than two in five customers are friendly with their local bank staff
                                                                                                  • Figure 30: Agreement with statements related to branch banking (% agree), December 2017
                                                                                                • 18-24s are increasing the frequency of branch visits more than others
                                                                                                  • Desjardins and BMO customers more likely to report significant changes in branch layout
                                                                                                    • Figure 31: Agreement with select statements related to branch banking (% agree), by FI, December 2017
                                                                                                  • Older customers love branches
                                                                                                    • Figure 32: Attitudes related to branch visits (select), 18-44s vs over-45s, December 2017
                                                                                                  • Around three in five agree that branch visits help establish long-term relationships
                                                                                                    • Quebecers differ in their attitudes towards branches
                                                                                                      • Figure 33: Agreement with select statements related to branch banking (% agree), Quebec vs overall, December 2017
                                                                                                  • Customer Perceptions

                                                                                                    • Credit unions banking on their reputation for friendly service
                                                                                                      • Figure 34: Attitudes related to bank customer perceptions, December 2017
                                                                                                    • Desjardins customers more likely to agree that credit unions have a friendlier reputation
                                                                                                      • Figure 35: “Credit unions have a reputation for being friendlier” (% agree), Desjardins vs overall, December 2017
                                                                                                    • Digital bank and Desjardins customers more likely to look for answers online
                                                                                                      • Figure 36: “I prefer to look online for answers about my financial accounts rather than visit a branch” (% agree), by primary FI (select), December 2017
                                                                                                    • Over-55s more likely to agree that digital banks cannot deliver all their banking needs
                                                                                                      • Over-65s more likely to feel valued
                                                                                                        • Figure 37: “I feel that my primary financial institution values me as a customer” (% agree), by age, December 2017
                                                                                                    • Appendix – Data Sources and Abbreviations

                                                                                                      • Data sources
                                                                                                        • Consumer survey data
                                                                                                          • Abbreviations and terms
                                                                                                          • Appendix – Key Driver Analysis

                                                                                                                • Figure 38: Level of satisfaction with TD Canada Trust, RBC Royal Bank, and CIBC – Key driver output, December 2017
                                                                                                                • Figure 39: Level of satisfaction with TD Canada Trust – Key driver output, December 2017
                                                                                                                • Figure 40: Level of satisfaction with RBC Royal Bank – Key driver output, December 2017
                                                                                                                • Figure 41: Level of satisfaction with CIBC – Key driver output, December 2017

                                                                                                            The Branch Banking Experience - Canada - February 2018

                                                                                                            US $4,395.00 (Excl.Tax)