This is why the next battleground in retail banking is in multicultural market since this is where growth is occurring quickest.  Stats Canada predicts that the non-Canadian born population could grow 4 times faster than the rest of the population and, by 2031, the visible minority will become the majority in such large urban centers as Toronto and Vancouver.

Since bankers know how to chase money, several banks, such as RBC and Scotiabank, now have multicultural markets departments who’s role is to basically attract soon to immigrate or new immigrant money. Without a life-time of branding, the immigrant market is basically green-field to banks which has both its advantages and disadvantages. Since a recent immigrant may not have any connotations of what one bank is over another (especially if a bank had no presence back home), no bank has an inherent advantage over the other and it quickly becomes a race to see who can get to the most desirable clients first.

The potential  benefit to all banking customers, and the double-edged sword for banks, is that many clients from other parts of the world simply won’t put up with the fee regime in Canada (which speaks to the relatively docile nature of the Canadian consumer). In other parts of the world, banking fees are either relatively modest or non-existent.

For example, the commission for foreign remittances, a frequent area of fee abuse, fell once American financial institutions began chasing the Latin American market. One wonders as the multicultural banking market grows whether the same positive effects will occur here. I would take lower fees over trinkets and trash any day of the week.

This is why the next battleground in retail banking is in multicultural market since this is where growth is occurring quickest.  Stats Canada predicts that the non-Canadian born population could grow 4 times faster than the rest of the population and, by 2031, the visible minority will become the majority in such large urban centers as Toronto and Vancouver.

Since bankers know how to chase money, several banks, such as RBC and Scotiabank, now have multicultural markets departments who’s role is to basically attract soon to immigrate or new immigrant money. Without a life-time of branding, the immigrant market is basically green-field to banks which has both its advantages and disadvantages. Since a recent immigrant may not have any connotations of what one bank is over another (especially if a bank had no presence back home), no bank has an inherent advantage over the other and it quickly becomes a race to see who can get to the most desirable clients first.

The potential  benefit to all banking customers, and the double-edged sword for banks, is that many clients from other parts of the world simply won’t put up with the fee regime in Canada (which speaks to the relatively docile nature of the Canadian consumer). In other parts of the world, banking fees are either relatively modest or non-existent.

For example, the commission for foreign remittances, a frequent area of fee abuse, fell once American financial institutions began chasing the Latin American market. One wonders as the multicultural banking market grows whether the same positive effects will occur here. I would take lower fees over trinkets and trash any day of the week.

This is why the next battleground in retail banking is in multicultural market since this is where growth is occurring quickest.  Stats Canada predicts that the non-Canadian born population could grow 4 times faster than the rest of the population and, by 2031, the visible minority will become the majority in such large urban centers as Toronto and Vancouver.

Since bankers know how to chase money, several banks, such as RBC and Scotiabank, now have multicultural markets departments who’s role is to basically attract soon to immigrate or new immigrant money. Without a life-time of branding, the immigrant market is basically green-field to banks which has both its advantages and disadvantages. Since a recent immigrant may not have any connotations of what one bank is over another (especially if a bank had no presence back home), no bank has an inherent advantage over the other and it quickly becomes a race to see who can get to the most desirable clients first.

The potential  benefit to all banking customers, and the double-edged sword for banks, is that many clients from other parts of the world simply won’t put up with the fee regime in Canada (which speaks to the relatively docile nature of the Canadian consumer). In other parts of the world, banking fees are either relatively modest or non-existent.

For example, the commission for foreign remittances, a frequent area of fee abuse, fell once American financial institutions began chasing the Latin American market. One wonders as the multicultural banking market grows whether the same positive effects will occur here. I would take lower fees over trinkets and trash any day of the week.

This is why the next battleground in retail banking is in multicultural market since this is where growth is occurring quickest.  Stats Canada predicts that the non-Canadian born population could grow 4 times faster than the rest of the population and, by 2031, the visible minority will become the majority in such large urban centers as Toronto and Vancouver.

Since bankers know how to chase money, several banks, such as RBC and Scotiabank, now have multicultural markets departments who’s role is to basically attract soon to immigrate or new immigrant money. Without a life-time of branding, the immigrant market is basically green-field to banks which has both its advantages and disadvantages. Since a recent immigrant may not have any connotations of what one bank is over another (especially if a bank had no presence back home), no bank has an inherent advantage over the other and it quickly becomes a race to see who can get to the most desirable clients first.

The potential  benefit to all banking customers, and the double-edged sword for banks, is that many clients from other parts of the world simply won’t put up with the fee regime in Canada (which speaks to the relatively docile nature of the Canadian consumer). In other parts of the world, banking fees are either relatively modest or non-existent.

For example, the commission for foreign remittances, a frequent area of fee abuse, fell once American financial institutions began chasing the Latin American market. One wonders as the multicultural banking market grows whether the same positive effects will occur here. I would take lower fees over trinkets and trash any day of the week.

This is why the next battleground in retail banking is in multicultural market since this is where growth is occurring quickest.  Stats Canada predicts that the non-Canadian born population could grow 4 times faster than the rest of the population and, by 2031, the visible minority will become the majority in such large urban centers as Toronto and Vancouver.

Since bankers know how to chase money, several banks, such as RBC and Scotiabank, now have multicultural markets departments who’s role is to basically attract soon to immigrate or new immigrant money. Without a life-time of branding, the immigrant market is basically green-field to banks which has both its advantages and disadvantages. Since a recent immigrant may not have any connotations of what one bank is over another (especially if a bank had no presence back home), no bank has an inherent advantage over the other and it quickly becomes a race to see who can get to the most desirable clients first.

The potential  benefit to all banking customers, and the double-edged sword for banks, is that many clients from other parts of the world simply won’t put up with the fee regime in Canada (which speaks to the relatively docile nature of the Canadian consumer). In other parts of the world, banking fees are either relatively modest or non-existent.

For example, the commission for foreign remittances, a frequent area of fee abuse, fell once American financial institutions began chasing the Latin American market. One wonders as the multicultural banking market grows whether the same positive effects will occur here. I would take lower fees over trinkets and trash any day of the week.