Credit unions have a market share in Saskatchewan exceeding that of any other financial institution, according to survey commissioned by SaskCentral.

SaskCentral a financial services co-operative, providing support and financial liquidity management to Saskatchewan’s 61 credit unions.

According to the survey, 53% of respondents deal with one or more credit union. The Royal Bank of Canada has the next highest market share at 28% while TD Canada Trust has 21%, CIBC has 17%, Bank of Montrel has 16% and Bank of Nova Scotia follows with 15%. Only 6% of residents deal with an online bank.

Most individuals surveyed (67%) reported dealing with more than one financial institution, which is why the market share numbers add to more than 100%.

The survey also showed that people who deal exclusively or primarily with a credit union are generally more satisfied with the service than those who deal exclusively or primarily with a bank.

Satisfaction of credit union members remains strong at 95% – the same as in 2006, while satisfaction of bank customers is at 92% compared to 91% in 2006.

“Financial services are highly competitive”, says Pam Skotnitsky, SaskCentral executive vice president. “The results of this survey help credit unions understand the needs and satisfaction levels of both their members and potential members.”

Saskatchewan residents aren’t shy about taking their business elsewhere. Fifty-five per cent said they have switched financial institutions in the past. The main reasons for switching are: preferred another financial institution they’ve dealt with, a more convenient location, better products and services, lower service charges and convenient hours of operation.

Canwest Opinion Research of Regina was commissioned by SaskCentral to conduct provincial market research on financial institutions in Saskatchewan. One thousand and two Saskatchewan residents participated in the survey.

IE