THE CANADIAN FINANCIAL SERVICES SWITCHING
AND RETENTION STUDY
The Authoritative Voice of Switching in Canada
The "Switching Study" has become the authoritative source for understanding financial services switching in Canada. It is one of the ‘most trusted and used' syndicated products ever offered in Canadian financial services. One major Canadian FI conducted over 15 internal presentations over the course of a year based on its contents.
First conducted in the early 90s, the study has been repeated bi-annually ever since. A total of 3000 switchers of personal financial services in seven product categories are examined. The study concentrates on switching dynamics, gain-loss information by financial institution, motivations for switching by product category and sub-category and media and marketing support programs switchers most associated with the switch. It is the authoritative source for identifying changes in switching patterns.
Make No Mistake -- Canadians Switch Often
Canadians are always on the move. In a typical year, between 15% and 20% of the population switches one or more financial services products. If you thought that switchers were revolving-door price shoppers, think again. The average financial services switcher in Canada has been with his or her old financial institution for over 8 years. As we like to say, switching lies at the intersection between consistent delight and continual disappointment, and it's important to know where you lie on this spectrum.
Research with Many Uses
Over the years, we have found that this study has quite a range of uses. It is helpful in understanding where markets are headed over time. For example, is service becoming more or less important? What is the impact of the online banks on financial services overall? The Switching Study is an excellent tool for ensuring that what you are planning at a product level speaks directly to switchers' core motivations. Is my new credit card feature in line with those characteristics that actually motivate a switch? What drives switching in mortgages? How am I trending in terms of appealing to a certain important group over time?
Understanding switching is critical. While 85% of your customers are not going to change their purchasing patterns, at least in the short run, the other 15% are going to significantly impact business outcomes in the short to medium term. There is tremendous leverage to be had, therefore, in better understanding this key group.
What Our Clients Say About the Switching Study
Here’s what some of our recent clients have said about the Switching Study and how they use it:
- "The best and most comprehensive Canadian financial services switching study"
- "[HRI’s Switching Study] enabled us to understand all the dynamics of switching for both us and our competitors"
- "The Switching Study is an incredibly useful study that gets used across all corners of our retail bank."