‘Whether you talk to the Big Five or you talk to the next tier ... newcomers penetrating that market segment is super important’
Canada is banking on newcomers to help keep the economy humming along, while banks themselves are eying the hundreds of thousands of people coming to the country every year as a key source of client growth.
“Whether you talk to the Big Five or you talk to the next tier after that, or even the credit union segment, newcomers penetrating that market segment is super important.” Some student visa classes require students to put down cash deposits, and the program allows those to seamlessly be transferred to an RBC account in Canada. The program is starting with students but RBC wants to later expand the pipeline of account transfers to a wider field.
“We know that the international students segment is one of the fastest growing segments within different visa classes. So we’re really excited about the fact that we are going to be tapping into a growing segment.” Other banks have also been ramping up their efforts, such as Simplii Financial last year rolling out a digital identity verification program that allows clients to open accounts before they even land in the country.
“We support them with micro-financing. And we provide that with financing at favorable terms. And we look really beyond just credit history. We consider what their ambition, character determination and things like that.”
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