'Good banking' survey shows that as self-serve banking options eclipse
branches, Canadians' overwhelming priority is lower fees
TORONTO, Oct. 1, 2013 /CNW/ - Canadians have various complaints about
banking, but nothing comes close to paying fees, according to a Leger
survey conducted for PC Financial®. And while almost four in five Canadians (79 per cent) identify low or
no fees as the definition of good banking, just 35 per cent say their
bank is delivering.
The survey, commissioned by PC Financial as it launches its new "good banking" platform, shows that Canadian
banking habits are changing, with 83 per cent saving time by banking on
the Internet compared with just 61 per cent visiting their bank
branches even occasionally. With fees topping Canadians' list of
frustrations (71 per cent), followed by "surprise costs" (42 per cent),
it's not surprising that a majority (59 per cent) say they would switch
banks to save money.
"Canadians are busier than ever, and they want to spend less time
banking and more time enjoying the good things in their lives with
their families," said Barry Columb, President of President's Choice
Bank. "With Canadians moving online and looking to save both time and
money, it's not surprising that so many are switching banks. At PC Financial, we believe that keeping choices simple, offering a no fee bank account
and rewarding our customers with PC® points is just good banking."
Among the survey's other key findings:
The top three frustrations that Canadians have about banking are fees
(71 per cent), surprise costs (42 per cent) and spending time waiting
for services - be it on hold or in line (25 per cent)
According to Canadians, a good bank is one that saves them money or
offers no fee banking (79 per cent) and makes banking easy and helps
simplify their lives (49 per cent)
The top reasons that would entice Canadians to switch their bank would
be one that saves them money or offers no-fee banking (59 per cent) and
offers rewards (31 per cent)
Despite their aversion paying fees, only 35 per cent of Canadians
currently bank at a financial institution that saves them money or
offers no fee banking. This creates an opportunity for financial
services offerings such as those from PC Financial.
When it comes to banking, almost three-quarters (74 per cent) of
Canadians describe their "banking personality" as organized, claiming
that they "know where their money is and why they've put it there." But
while Canadians consider themselves well-organized when it comes to
managing their financial needs, they are still looking for help in
simplifying their banking - and their lives.
"Like everyone else, I want to spend my time doing the things I love,
with the people I love," said author and TV personality Kathy
Buckworth, Chief Family Advisor for President's Choice Financial and herself a mother of four. "Having a bank that takes out the clutter
and complexity helps me to organize my banking, so that I can use that
time for the good things in life."
PC Financial has been the pioneer in no fee banking for 15 years. The brand has
enjoyed steady growth thanks to its simple choices, no fee bank
account, the no annual fee PC Financial® MasterCard®, and PC points rewards that make it easy for customers to choose what's good. PC Financial customers have redeemed over a billion dollars in PC points since 1998.
About the survey
The President's Choice Financial survey was completed online using
Leger's online panel, Leger Web, with a representative sample of 1,502
Canadians between September 16 and September 18, 2013. A probability
sample of the same size would yield a margin of error of ± 2.5%, 19
times out of 20.
President's Choice Financial
President's Choice Financial services are a unique financial service
offering designed by Loblaw Companies Limited. The President's Choice
Financial MasterCard is provided by President's Choice Bank, while
banking services are provided by the direct banking division of CIBC.
For more information visit www.pcfinancial.ca or follow us on Twitter @pcfinancial.
About Loblaw Companies Limited (TSX: L)
Loblaw Companies Limited, a subsidiary of George Weston Limited, is
Canada's largest food retailer and a leading provider of drugstore,
general merchandise and financial products and services. Loblaw is one
of the largest private sector employers in Canada. With more than 1,000
corporate and franchised stores from coast to coast, Loblaw and its
franchisees employ more than 134,000 full-time and part-time employees.
Through its portfolio of store formats, Loblaw is committed to
providing Canadians with a wide, growing and successful range of
products and services to meet the everyday household demands of
Canadian consumers. Loblaw is known for the quality, innovation and
value of its food offering. It offers Canada's strongest control
(private) label program, including the unique President's Choice®, no
name® and Joe Fresh® brands. In addition, the Company makes available
to consumers President's Choice Financial® services and offers the PC®
points and PC Plus™ loyalty program.
SOURCE: President's Choice Financial
For further information:
For more information or to schedule an interview:
President's Choice Financial
416-204-2600, ext. 411029
416.968.7311 Ex. 246