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Email this4:49 pm
January 9, 2011
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Quite a scathing G & M newsletter by Rob Carrick about this just arrived, I hope this can be opened:
https://secure.campaigner.com/csb/Public/show/e7a4-2xkj0w--19ypbl-gzq14p45
And of course I hope his conclusion that National has no interest (sic) in this market is wrong.
My memory's not as sharp as it used to be. Also, my memory's not as
sharp as it used to be.
11:00 am
April 6, 2013
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Unfortunately, the reality is that National Bank has no interest in the digital-only banking business.
National Bank owns the Motive trade names now. So, National Bank could have kept the Motive branded accounts.
In contrast, CIBC was interested in keeping the PC Financial branded digital-only banking business from their venture with Loblaw. When the venture ended in 2017, CIBC rebranded the products as Simplii products and kept them going to this day.
The digital-only banking business is small even after 20 years. The November 2024 statistics from McVay and Associates indicate that the "direct banks" have around 6.5% of the personal deposits and about 4.6% of the personal mortgages and loans in Canada.
1:48 pm
January 12, 2019
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.
Interesting Stats ⬆, Norman.
I knew the Big Banks were still the Biggest Part of the banking world here in Canada, but I had No idea how small the Digital-Only FIs remain to this day.
In the end, even though they're a Big part of banking for us here on these forums, the Digital-Onlys are still just 'Small Potatoes' compared to the Brick & Mortars.
- Dean
" Live Long, Healthy ... And Prosper! "
5:26 pm
November 18, 2017
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dougjp: I had no problem reading that Rob Carrick piece, though much on that site is paywalled.
RetirEd
5:30 pm
January 12, 2019
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.
Ditto ⬆
Thanks Dougjp,
- Dean
" Live Long, Healthy ... And Prosper! "
10:04 am
April 6, 2013
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Dean said
…In the end, even though they're a Big part of banking for us here on these forums, the Digital-Onlys are still just 'Small Potatoes' compared to the Brick & Mortars.
The 6.5% of personal deposits and 4.6% of personal mortgages and loans of all the "direct banks" combined is small.
In contrast, TD has 15% of the personal deposits and 16.6% of the personal mortgages and loans. Royal Bank has 18% of the personal deposits and 18% of the personal mortgages and loans.
Please write your comments in the forum.