Canadian Bankers Association

Canadian Bankers Association

October 09, 2013 08:26 ET

Canadians Well-Served by Competition, Choice and Innovation in Banking: CBA President

OAKVILLE, ONTARIO--(Marketwired - Oct. 9, 2013) - In a keynote breakfast speech to the Oakville Chamber of Commerce, Canadian Bankers Association (CBA) president Terry Campbell today emphasized how competition among banks in Canada leads to choice and innovation for bank customers in Oakville and across the country.

"With the intense competition among Canada's banks, they are listening to their customers," said Mr. Campbell. "Bank customers in this country want ample choice provided by trusted providers in a competitive marketplace. They want innovation as well as confidence and security in their relationship with banks. And they want a fair and simple process to take care of problems should they occur. Banks deliver on all of these."

Canada's strong, sound banks - benefitting customers

Mr. Campbell compared the Canadian banking system to others around the world. The World Economic Forum has recognized the Canadian banking system as the soundest system in the world for six years in a row. During the global financial crisis, some banks in other countries either failed or required government bailouts, Canadian banks did not. He argued that Canadian businesses benefitted from the financial stability that Canadian banks extended to their customers during that time.

"Canadians recognize that we have banks that are there when we need them. We have banks that we can depend on - depend on for keeping our deposits safe; depend on for loans to buy a home or grow a business; and depend on for investment advice for retirement planning, said Mr. Campbell."

Banks are responsive to the needs of customers

Mr. Campbell discussed the changing needs of bank customers and how banks have regularly kept up with customers' demands. From updating new technology to revamping the current in-branch experience, banks are finding new and innovative ways to meet the needs of Canadians. Twelve years ago only eight per cent of Canadians used Internet as the preferred method of banking, today nearly half (47 per cent) use it.

"Whatever the size and scale of your business, it's always critical to be innovating on all fronts of the customer experience," he stated. "Whether it's in the use of new technology or in-person in the familiar retail space, you have to be constantly re-balancing to keep pace with changing demands."

Competition in banking means choice for customers

Mr. Campbell spoke about the intense competition banks face to attract and retain customers. He argued that at the same time, consumers are also more informed than ever and can use the choice and competition to their advantage.

"When it comes to financial services, Canada has 80 different banks, 40 of which provide services to retail customers. And that's not including credit unions, trust companies, and other financial services players, all of whom are vying for a share of the same market," Mr. Campbell noted. "Frankly, you'd be very hard pressed to think of any other sector where there is as much real competition and where consumers have such clout - as well as the means to use it."

The full text of Mr. Campbell's speech can be found on the CBA's website at the following link:
http://www.cba.ca/en/component/content/publication/68-speeches-and-presentations

About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 57 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 275,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca

Follow the CBA on Twitter: @CdnBankers

Watch videos: Youtube.com/CdnBankers

Follow the CBA on LinkedIn

Contact Information

  • Kate Payne
    Canadian Bankers Association
    (416) 362-6093, ext. 219
    Cell: (416) 587-7733
    kpayne@cba.ca