- Mobile is now the preferred channel for routine transactions for around a tenth of consumers, and this proportion will rise as older consumers adopt mobile banking in greater numbers
- Branch location is of greatest importance to post-families; over half of younger consumers also cited this as a factor.
- Although branches are being used progressively but less for transactional activities and remain vital for sales-led activities.
Ken research declared its recent production on “Retail Banking Country Snapshot: Canada 2016” which offers insight on retail banking sector in Canada, which is highly concentrated upon the current account, savings, mortgage, and personal loans markets which includes both market-level data and information from global retail banking insight survey. Furthermore, the report offers an in-depth analysis of consumer approach towards the financial sector and how it has evolved over a period of time including who are dominating the market and what factors persuaded them to make such decisions. Likewise it includes the shrewd investigation of the extent of consumers using internet and mobile channels to do their research on financial products. This report will help you learn the impacts which new incumbent and distribution channels will have on the market.
Canada possess the 10th or 15th-largest economy across the globe, and is one of the world’s wealthiest nations, moreover, it is a member of the Organization for Economic Co-operation and Development and Group of Seven. 85.8% of the population in the nation uses internet. The Canadian economy is dominated by the service industry, which employs about three quarters of Canadians. Canada is a global leader in the production of many natural resources, for example gold, nickel, uranium, diamonds, lead, and lately crude petroleum, which, with the world’s second-largest oil reserves, is taking an expanding prominent position in natural resources extraction. Several of Canada’s largest companies are based in natural resource industries, such as EnCana, Cameco, Goldcorp, and Barrick Gold.
Banking in Canada is hugely acknowledged as one of the safest banking systems across the world, ranking as the planet’s soundest banking system for the last six years according to reports by the World Economic Forum. Global finance magazine in October, 2010 had put Royal Bank of Canada at number 10 among the world’s safest banks and Toronto-Dominion Bank at number 15.
Opting for providers on the basis of reputation, branch presence, and pricing were observed widely by the people of Canada, conservative preferences were not only observed in the post-family consumers but by the pre- and younger families as well. Mobile is the newest banking channel and has yet to reach maturity, it’s still a long way to go as around 80% of post-family consumers have never used the channel, although branches are being used progressively but less for transactional activities, they remain vital for sales-led activities.
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Ankur Gupta, Head Marketing & Communications