Credit Unions and Retail Banking - Canada | Market Research Report - MRH

“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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This report will cover the following areas:

TD and RBC are the top two primary bank choices
Family and branch locations are dominant factors in first bank choice
Low fees rated as the top essential feature
Seven in 10 consumers agree that face-to-face access helps build long-term relationships
Women and older customers have higher trust levels

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

MARKET FACTORS
Chatbots and banking customer service
Robo-investment advisors
Digital disruption in lending
Canadian banks react to the fintech challenge
Real estate sales activity in 2017 to mainly decline, according to the CREA
Canadian economy finishes 2016 on a strong note

KEY PLAYERS – WHAT YOU NEED TO KNOW
Credit Karma crosses the border to Canada
Peer-to-peer Lending Loop returns to the market
Hollis Wealth sold by Scotiabank to Industrial Alliance
Coast Capital going national
Erica: Bank of America’s first Artificial Intelligence voice banking system
Air Canada and CIBC launch multicurrency prepaid card for travellers
MasterCard’s bot for banks

INDUSTRY DEVELOPMENTS
Servus launches new lower interest payday loan alternative
Canadian credit unions set to benefit from Grow and Celero partnership for digital banking solutions
Credit Karma crosses the border to Canada
Peer-to-peer Lending Loop returns to the market
Coast Capital going national
Hollis Wealth sold by Scotiabank to Industrial Alliance
Canada's first ski-thru ATM opens on Whistler Mountain
Bay Street fintech fund tops $100 million mark
Fintech firm buys home improvement financing assets from TD Bank

INNOVATIONS
Marcus, Goldman Sachs’s online lender for the masses
Air Canada and CIBC launch multicurrency prepaid card for travellers
Erica: Bank of America’s first Artificial Intelligence voice banking system
Lucy launched by Thinking Capital
MasterCard’s bot for banks

MARKETING CAMPAIGNS
Select campaigns from Mintel Comperemedia
HSBC offers a cash incentive for new advance customers
Figure 6: HSBC advance chequing account mail advertisement, December 2016
BMO targets new Canadians
Figure 7: BMO New Canadian offer, Print advertisement, October 2016
Prospera markets to parents
Figure 8: Prospera credit union youth savings account mail, September 2015

THE CONSUMER – WHAT YOU NEED TO KNOW
TD and RBC are the top two primary bank choices
Family and branch locations are dominant factors when selecting first bank
Value for money among top two factors with regard to primary Financial Institute
Around half of consumers use mobile banking
Seven in 10 consumers agree that face-to-face access helps build long-term relationships
Women and older customers have higher trust levels

CHOICE OF PRIMARY FINANCIAL INSTITUTION
TD and RBC are the top two primary bank choices
Figure 9: Choice of primary financial institution, November 2016
Desjardins and Tangerine appeal to a younger clientele, BMO to older consumers
Figure 10: Choice of primary FI (select), age differences, November 2016
TD is the clear favourite among Asian Canadians
Figure 11: Choice of primary FI, overall population vs Asian Canadians, November 2016
Credit Unions and small banks play a larger role in the US

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REASONS INFLUENCING CHOICE OF FIRST BANK
Family and branch locations are dominant factors
Figure 12: Top reason for choice of first bank (%), November 2016
More than half of 18-24s influenced by parents/friends
Figure 13: Choice of family related reason as #1 factor for choosing their first bank account, by age, November 2016
Branch locations increase brand familiarity

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