Retail banks are experiencing a major systemic shift across the world. Changing technology, evolving regulations, shifting demographics, volatile consumer behavior, rising cryptocurrencies, and emerging FinTechs are transforming the banking landscape at an unprecedented rate.
Our research paper takes a detailed look at the Canadian retail banking market to identify how large banks are performing in terms of deposits growth, retail bank revenue, and operating expense considering these key trends. Virtusa also examines the correlation between overall performance and deposit base and how their investments in digital and mobile technologies are improving efficiency and profitability.
We identify many key findings, such as:
- Annual deposit growth for the Big Five Canadian banks is growing faster than the overall Canadian market
- Efficiency ratios of the Big Five have been improving, but there are still large differences between top and bottom performers
- The Big Five have closed 5% of branches
Download the research paper to learn more.
Findings are authored by Virtusa’s Bob Graham, EVP and Global Head of Transformation Services, and Padmanabh Munje, Director of Business Consulting.