Retail Banking For Individual And Business Clients

Nov. 1, 2011 - PRLog -- The retail banking system in Canada is one of the safest in the world. 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. There are 8,000 bank branches, with many more ATMs on the territory of Canada.

In addition, banks have increased their global presence after the government banned the merger of large banks

There are five big Canadian banks -  Toronto Dominion Bank, RBC Royal Bank, Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, and BMO. RBC has around 17 million clients and almost 100,000 staff throughout the world. The bank is headquartered in Toronto and operates through 1,209 branches nationwide. There are two subsidiaries. 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. The bank features a variety of financial products, including credit cards, mortgages, electronic banking, Western Union money transfers, and a lot more. Given the diverse products and services offered, Scotiabank prides itself in being one of the largest North American banks.

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. 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 not difficult to achieve given the high level of safety and security offered by the bank sector in Canada. 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. Satisfaction is measured by several factors, including transactions, products, fees, problem resolution, and account setup. Finally, when it comes to mid-size banks, President's Choice Financial has received the highest marks.

Learn more about Interac in Canada (http://www.canadabanks.net/default.aspx?article=Interac ) and bank account types (http://www.canadabanks.net/default.aspx?article=Canadian+...).

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