How to fight a client’s bank loyalty

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It may seem obvious that Canadians would jump ship from their current banks if they knew they could save money, but crunched the numbers and discovered just how much savings would be required for the vast majority to make the switch.

A recent survey by the mortgage comparison site found that 84 per cent of consumers would consider switching banks if they could save an average of $644.43; good news for brokers who have often battled with the consumer loyalty when competing for mortgage business.

“Canadians highly value trust and convenience when managing their money,” says Penelope Graham, Editor at “It is perhaps the perception that they have history with their primary lender that makes them hesitant to shop around for the best products from multiple banks - a practice that is proven to save consumers money.”

The survey also found that 53 per cent of Canadians have been with their current institution for over ten years; however, 27 per cent said they “didn’t know” if their bank’s products and services were satisfactory.

The survey also found that:
  • Canadians identify their “main bank” as where they do their chequing, with 91 per cent holding an account at their primary bank.
  • 74 per cent also hold a savings account with their primary bank.
  • 61 per cent of Canadians have a credit card with their main bank, with 30% of those holding more than one.
  • 34 per cent of Canadians reported choosing their main credit card because it is offered by their primary bank, rather than a sign-up incentive or promotional offer.
  • Despite this, 37 per cent said they weren’t sure if their primary credit card offers the best everyday value.
  • 61 per cent of respondents consider switching banks to be a hassle.
  • 72 per cent would consider it if it meant saving $200 or more, and 22 per cent said they’d need to save over $1,000 to switch their banking
  • Ross Kay on 2014-08-20 12:09:06 PM

    Education requires a captive and engaged audience. In Canada for homeowners that is So the question is, now that it is possible to advertise beside those listings at very very very low rates, why are MBs not doing it??

  • Daniel McKay on 2014-08-20 4:02:04 PM

    The best way to win over clients from their bank is to offer value and great service. Most brokers paying to advertise on rate sites don't, and no wonder why they have to undercut rates so much to take business away from the banks.

  • broker on 2014-08-20 8:36:14 PM


    You said "now that it is possible to advertise beside those listings..."

    Which listing? Where can people advertise? Do you have a link?


  • Ross Kay on 2014-08-21 8:38:59 AM

    CREA launched a service to it's members 2 years ago called the DDF. This allows any agent to offer their own website. These sites are allowed to market other services on them.

    Generally these sites are superior to in the display of property and the only contact info is the agent whose DDF site is live.

    MBs need to "partner" or "sponsor" those DDF sites for Agents or Brokerages in that MBs micro-market. Offering local rates and tips on mortgage financing alongside all the local listings.
    These DDF sites are legally allowed to be operated on trademarked domains.

    So simply agree to sponsor those sites. Cost can be as little as $200 per year.
    BTW you also get access to the past client base of the agent brokerage you are sponsoring.
    This is really a quadruple wammy for MBs. The problem as usual no one knows this is possible.

    My name is my url dot com

  • James F. Tracy on 2014-09-24 8:36:38 PM

    Interesting! Maybe Ross is correct... I did not know this!
    James F. Tracy

  • Ross Kay on 2014-09-25 8:26:54 AM

    Look MBs and all service providers necessary to complete the purchase of real estate or maintain it's ownership must understand how little the average real estate agent understands about their own industry because the organizations that are suppose to represent them keep them in the dark.

    In 2014 Canadians are staying in their homes over 12 years before moving. That means an average of more than 3 mortgage renewals before they move. In 2007 they were moving every 9.5 years.

    Ontario was moving every 8.5 years and now over 10.

    MBs wonder if the market is so busy were are the mortgages? You are listening to CREA and TREB instead of knowing the facts.

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