This week's issue of Competitive Intelligence Update reviews recent marketing campaigns to attract investors. Wealthsimple is trying to tempt new deposits with a bonus, while Scotiabank is leaning into advice and financial planning.
New research finds that while most newcomers to Canada stick with their first bank, they may be open to switching. The research looks at newcomer demographics and the financial products they acquire, with lower usage rates of some financial products suggesting opportunities for financial institutions.
This week's issue also explores new research on financial wellness which underscores Canadians worries about their financial situation and fear of potential job loss. The research examines the influence of the rising cost of living on Canadians ability to handle unexpected expenses while also contributing to their savings. The study highlighted that three-in-five Canadians say they “can’t keep up with the cost of living” despite slower inflation.
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