What Is Retail Banking For Individual And Business Clients
The Canadian retail banking system is among the safest ones worldwide. Over the last three years, it has taken a top position in view of safety. Two of the largest and best-known banks in Canada are in top 15. Some 8,000 branches operate in Canada, and there is a dense network of ATMs.
Since the Canadian government banned large bank mergers, these institutions started to expand and operate on an international level
There are five big Canadian banks – RBC, TD Bank, Bank of Montreal, Scotiabank, and CIBC. The Royal Bank of Canada has close to 100,000 employees and about 17 million clients globally. Headquartered in Toronto, the bank has 1,209 branches in Canada alone. It has two subsidiaries as well. The Dominion Securities is an investment brokerage company, while the RBC Capital Markets deals with corporate clients worldwide. The retail banking segment of the RBC, however, comprises just 22.6 percent of its total revenue. Scotiabank is also one of the five big banks, providing a large array of commercial, corporate, retail, and investment services. Bank of Nova Scotia features a variety of services and products, including electronic banking, mortgages, credit cards, and much more. Given the diverse products and services offered, Scotiabank prides itself in being one of the largest North American banks.
Checking and savings accounts are still at the core of clients’ relationships with retail banks in Canada. Many bank clients use banks, credit unions, and other establishments for products like credit cards, investment products, insurance packages and more. A recent study shows that a lot of clients also use banks for borrowing, investment and insurance via an affiliated establishment. It has been found out that 76 percent of top five bank clients have taken out a loan at a banking institution where they hold a savings or checking account, 40 percent have invested in different investment products, and 20 percent have bought some insurance product. In terms of the middle market, around 70 percent of clients have a loan as well as a deposit. Another 27 percent of bank clients have investment products and 16 percent have insurance products. Most banks aim to develop their relationships with customers through retail banking and eventually enhance them to include further bank services, thus giving clients an incentive to move all their financial assets and holdings to the bank in question. This is a perfectly achievable goal, especially considering the level of safety the Canadian bank sector provides. Banks feature reliable products and innovative services, including electronic statements and no-fee banking, helping them enlarge their client base.
According to the abovementioned study, Toronto Dominion has received the highest marks when it comes to satisfaction. Several factors have been used to measure client satisfaction, including fees, products, transactions, account setup, and problem resolution. In terms of middle-size retail banks, the highest marks go to President’s Choice Financial. Learn more about the Royal Canadian Mint the minting of gold coins and the gold standard.
