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Deposit Promotions in Canada – A Race to the Bottom?

Banks need to clarify their deposit needs over the next few years and overhaul the metrics, skills and strategies used to drive deposit gathering.

Historically, deposit gathering followed a familiar pattern for Canadian banks: prices were set franchise-wide, creating a closely-followed national market for the largest institutions and a relatively tight band of deposit rates. With most players essentially casting the same nets, advanced pricing skills were not an absolute requisite. But multiple forces are shaking the picture. Consumers are making much greater use of web and mobile channels to shop for banking products and providers, increasing general price sensitivity and the propensity to switch. Meanwhile disruptive players such as EQ Bank and Zag are making headlines with high-rate offers, influencing customer expectations at ...

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