Credit Unions and Retail Banking - Canada - February 2017

Credit Unions and Retail Banking - Canada - February 2017

  • Mintel
  • February 2017
  • Banking
  • 0 pages

Report Description

Family relationships are an influential factor behind choice of first bank so incentivizing parents to open accounts for their children is a sound strategy.

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Table of Content

OVERVIEW

Regional classifications
Income

EXECUTIVE SUMMARY
The issues
TD and RBC are the top two primary bank choices
Figure 1: Choice of primary financial institution, November 2016
Family and branch locations are dominant factors in first bank choice
Figure 2: Top reasons for choice of first bank (%), November 2016
Low fees rated as the top essential feature
Figure 3: Importance of primary financial institution features (% who rated feature as essential or preferred), November 2016
Seven in 10 consumers agree that face-to-face access helps build long-term relationships
Figure 4: Attitudes related to customer relationships, November 2016
Women and older customers have higher trust levels
Figure 5: Attitudes related to trust, November 2016
The opportunities
Incentives for parents to set up children’s accounts might help in new customer acquisition
Mobile banking apps can be made more user-friendly
Increasing trust levels
What it means

THE MARKET – WHAT YOU NEED TO KNOW
Chatbots and banking customer service
Robo-investment advisors
Digital disruption in lending
Canadian banks react to the fintech challenge
Canadian economy finishes 2016 on a strong note

Success Stories

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