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Annual Research and Mystery Shopping Packages
Each year Central 1’s Research department produces a variety of research pieces to help credit unions keep abreast of current market trends and product developments.
The Research team leverages its industry knowledge and research skills to cost effectively provide credit unions with value-added information. This industry knowledge, together with access to specialist information resources, guarantees that your credit union’s competitive intelligence requirements will be satisfied quickly and more effectively than by using in-house resources or external consultants. The following describes research available within the current Annual Research Package.
Mystery Shops
The four mystery shops examine the offerings and pricing of home equity lines of credit (Apil), unsecured lines of credit (May), student loans (August), and RRSP term deposits (November). As part of these reports, the mystery shopper will visit each competitor’s branch (where possible), make an email request of each financial institution and telephone each financial institution’s telephone banking representatives. The final report examines not only the rates offered, but also the products promoted by each of the bank’s sales representative, additional cross-selling opportunities capitalized upon or missed, the service provided, and consistency amongst the various bank representatives.
Benchmarking Studies
The marketing budget survey is an online survey sent to participating credit unions asking about annual marketing budgets (excluding and including salaries), number of full time employees, number of members/owners when marketing budget was approved, assets when the marketing budget was approved, formula for determining its marketing budget, and details regarding areas/activities included in marketing budget.
The January/February 2010 RRSP campaign survey is also an online survey and will explore the total number of new RRSPs, the total RRSP deposits, the average contribution amount of new RRSP money, the number of existing RRSP term deposits retained, the overall total of mutual fund RRSP deposited and redeemed, the total redemptions retained at the credit union and transferred out, and the total number of RRSP accounts transferred out. The survey looks at the January/February time frame for 2010 compared to 2009.
Service Charges Market Survey
Throughout the year the Research Department surveys the major banks, a variety of credit unions and a number of virtual and non-traditional competitors regarding fees and product features relating to personal and business chequing accounts, savings accounts, credit cards, loans and mortgages.
Mortgage Promotions Survey
At the beginning of each month, for a four-month period (April to July), subscribing credit unions receive a detailed review of new mortgage products and promotions available from banks and credit unions.
Spring & Summer Term Deposit & Interest Rate Survey
As financial institutions attempt to move maturing funds away from the competitive RRSP season, many members will have deposits maturing after February and before the fall deposit-gathering season. Each issue of the Spring and Summer Terms Product and Interest Rate Weekly Survey will report on new product introductions, rate changes, and promotional efforts by the banks, non-traditional competitors, and credit unions. Credit unions from across the province are surveyed to provide a balanced view.
Fall Deposit Campaign Preparation Report
In preparation for the fall term deposit gathering season, this report provides a review of the previous year’s campaign and will analyze new products and trends that will impact the current years deposit campaign.
Fall Term Product and Interest Rate Weekly Surveys
Each issue of the Fall Term Product and Interest Rate Weekly Survey reports on new product introductions, rate changes, and promotional efforts by the banks, non-traditional competitors, and credit unions. Credit unions from across the province are surveyed to provide a balanced view.
This competitive information is invaluable to branch staff who deal with members on a day-to-day basis.
RRSP Camapign Preparation Report
This report reviews the previous year’s RRSP campaign, including sales data, popular products, and market conditions. To assist credit unions in their preparation for the coming RRSP season, new product developments and economic and demographic trends are also examined.
RRSP Products and Interest Rate Weekly Surveys
Starting the second week of January and ending with the RRSP deadline for the current tax year, this survey provides weekly updates on current RRSP products and rates. The major banks, a selection of non-traditional competitors, and a wide variety of credit unions throughout the province are surveyed.
RRSP Loan Survey
This survey will examine RRSP loans available from a wide variety of credit unions and banks.
Bank Promotional Synoposis
Four times a year subscribing credit unions receive detailed promotional information regrading Canada’s major banks.
High Interest Savings Account Survey
Each week a survey detailing the rates and features of high interest savings accounts offered by banks, credit unions and virtual financial institutions such as ING and PC Financial is sent to subscribing credit unions.
In response to credit union demand for additional primary research, Central 1’s Research team developed a series of four mystery shops as well as benchmarking studies.
Reports can be purchased individually or as a package with a discount.
For more information as well as pricing, please contact:
Jim Walker
JWalker@central1.com
Research Manager
Phone: 604.730.6445
Janet Daniel
jdaniel@central1.com
Manager, Research
Phone: 905.238.9400
