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
The five biggest banks in Canada are RBC, TD Bank, Bank of Montreal, Scotiabank, and CIBC. RBC has around 17 million clients and almost 100,000 staff throughout the world. 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. Bank of Nova Scotia is another big bank, offering the full range of investment, corporate, commercial, and retail services. Bank of Nova Scotia features a variety of services and products, including electronic banking, mortgages, credit cards, and much more. With a large variety of services offered, the Bank of Nova Scotia takes pride in being one of the biggest banks on the North American continent.
Savings and checking accounts are among the most popular products when it comes to retail banking. A lot of customers also use banks and other financial institutions for services like insurance, investment products, credit cards, and more. According to a new study, many Canadians use financial institutors for insurance, investment, and banking via an affiliated entity. Some 76 percent of Top 5 bank clients have a loan at the bank where they also have a checking or savings account, 20 percent have some sort of an insurance product, and another 40 percent dispose of investment products. 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 provide innovative services and reliable products, such as no-fee banking and electronic statements, and thus help expand client relationships with the establishment.
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.
What does deposit insurance in Canada mean and what is a bank run? Find the answers to all these questions here.
