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.
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.
The efforts come as Canada has been welcoming record numbers of newcomers, with an aim to bring in 432,000 permanent residents this year, rising to 451,000 by 2024, while the first half of the 2010s saw the average number of newcomers sit around 260,000. “As part of our agreement, ICICI Bank Canada will refer all newcomer clients to RBC over time, making it easier for them to open a bank account upon arrival,” said McKay.
And while many students will only be in Canada temporarily, a growing number return as potential long-term clients. Statistics Canada says about three in 10 international students become landed immigrants within 10 years of arrival. Efforts once people arrive in Canada also continue to evolve. Banks, such as CIBC at Toronto Pearson International, have established themselves at airports to be a first point of contact, while banks have also worked to expand and adapt their product offerings, including credit cards without a need for credit history, which is a key stumbling block for many.
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