The Canadian retail banking system is probably the safest ones worldwide. Actually, it’s been in top position among world banking systems when it comes to safety within the last 3 years. A couple of Canada’s best-known banks rank within the top 15. You will find 8,000 bank branches, with lots of more ATMs around the territory of Canada.
Because the Canadian government banned large bank mergers, these institutions began to grow and work on an worldwide level.
The 5 greatest banks in Canada are Toronto Dominion Bank, RBC, Bank of Quebec, the Canadian Imperial Bank of Commerce, and Bank of Montreal. RBC has around 17 million clients and almost 100,000 staff around the world. Headquartered in Toronto, it’s 1,209 branches in Canada alone. It’s two subsidiaries too. The Country Securities is definitely an investment brokerage company, as the RBC Capital Markets handles corporate clients worldwide. The retail banking segment from the RBC, however, comprises just 22.6 % of their total revenue. Bank of Quebec is yet another big lender, providing the full-range of investment, corporate, commercial, and retail services. The financial institution features a number of lending options, including charge cards, mortgages, electronic banking, money transfers, and much more. With quite a number of services provided, the financial institution of Quebec takes pride in becoming among the greatest lenders around the United States continent.
Checking and savings accounts continue to be fundamentally of clients’ relationships with retail banks in Canada. Lots of customers also employ lenders along with other banking institutions for services like insurance, investment products, charge cards, and much more. Research conducted recently shows that many clients also employ banks for borrowing, investment and insurance with an affiliated establishment. Some 76 percent of 5 Best bank clients possess a loan in the bank where they likewise have a checking or checking account, 20 % have some kind of an insurance coverage product, and the other 40 % get rid of investment products. With regards to the middle market, around 70 % of clients possess a loan in addition to a deposit. Another 27 percent of bank clients have investment products and 16 percent have insurance products. Most banks try to develop relationships with customers through retail banking and finally enhance these to include further services, this provides you with clients a motivation to maneuver all of their financial assets and holdings towards the bank under consideration. This can be a perfectly achievable goal, especially thinking about the amount of safety the Canadian bank sector provides. Banks provide innovative services and reliable products, for example no-fee banking and electronic statements, and therefore help expand client relationships using the establishment.
Based on the study, TD Canada Trust will get the greatest marks when it comes to customer happiness among the top five. Satisfaction is measured by a number of factors, including transactions, products, charges, problem resolution, and account setup. When it comes to middle-size retail banks, the greatest marks visit President’s Choice Financial.