Canadian Banks and Credit Unions - US: Industry Report

Canadian Banks and Credit Unions - US

Product Type: Market Research Report
Published by: Mintel International Group Ltd.
Published: May 2008
Product Code: R560-3336

Description

The Canadian financial industry is growing and changing rapidly. In this report you will learn about some of the major developments impacting this industry including:

The imminent retirement of the Baby Boomer generation that will require cash management services and products as opposed to cash acquisition services and products from financial institutions.
Evolving Canadian financial services consumers that over the last several years have migrated from fiercely loyal to their "main" financial institution to "cherry-picking" products and services for each of their financial needs, and from different sources.
Fierce competition within the sector: driven by consumers showing less loyalty; more financial services providers setting up shop in Canada; and the sub-prime mortgage and CDO fallout from the U.S. leaving many to ask, "Can it happen in Canada?"

In addition, this report investigates potential drivers for growth:

Market players and experts exclusively interviewed for this report believe that growth for most Canadian banks must come from expansion into foreign markets-as there are barely enough consumers in the population of Canada to justify the existence of five big banks.
Growth for credit unions may come in the form of targeting small business loans.

Table of Contents

Scope and Themes: What you need to know; Scope of this report; Data sources and methodology; Consumer survey data; Abbreviations and terms
Executive Summary: Industry highlights; Segment performance—banks; Segment performance—credit unions; Securitization in Canada—an update; Marketing channels; Marketing on the Internet; Market drivers; The Canadian banking consumer
Market Size and Forecast: Banks—key points; Credit union—key points
Competitive Context: Key points; Competitive threats; Credit union technological advances; The U.S. financial crisis becomes global; The nascent Canadian sub-prime market; Can it happen in Canada?; The growth of the HELOC
Segment Performance: Key points; The Canadian financial sector
Segment Performance—Banks: Preferred method of banking; Mobile banking; The three ‘L’s; Expansion outside of Canada; Competition from online banks
Segment Performance—Credit Unions: Credit unions today; The merger of the two Centrals; The benefits of a merger; Growth for the credit union sector; Provincial differences; Ties to corporations; Credit union income; Credit union mortgage market; Securitization in Canada—an update; Key points; The U.S. CDO Fallout; Confirmation of quality; A nervous marketplace; An unintended side effect
Marketing Channels: Traditional channels; Key points; Financial marketing—A history lesson; Marketing tools; Customer relationship marketing; Marketing events; Today’s solution; Training sessions in a new type of market; Marketing on the Internet; Key points; Internet banking—summary statistics; The online channel; The advantage of modifiers; By geographic region; By level of service desired; By place in the buying cycle; Word-of-mouth marketing
Market Drivers: Key points; Canada’s shifting financial health; Retaining the younger credit union customers; Aging of the population; Retirement; A healthy financial education; Growth from immigration; Immigration growth for credit unions; Canadian debt service ratios; The Western Canadian debt load
Innovation and Innovators: RBC Next Great Innovator Challenge; TD Money Lounge; Access to comparative information; Credit unions; Online innovation
Competitive Strategy—Heatmap: Practices in target populations; Age; Income; Geography
Advertising and Promotion: Notable banking direct mail campaigns; RBC; Toronto-Dominion Bank; Bank of Montreal; Notable print advertisements; RBC; Toronto-Dominion Bank; CIBC; Television advertising
The Consumer—Banks and Products Used: Key points; Where do you bank?; Types of financial products owned/used; Primary method of banking
The Consumer—Online Banking (or not): Banking online; Activities not performed online and why
The Consumer—Bank Switchers: Who are the switchers?
Appendix: Canadian Domestic Banks: Foreign banks operating in Canada; Provincial co-operative credit associations; Trust companies; Loan companies; Bank snapshots; Royal Bank of Canada; Toronto-Dominion Bank; Scotiabank; Bank of Montreal; CIBC; National Bank of Canada
Appendix: Trade Associations

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