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Financial Services Review
The Research department at Central 1 provides a service which analyses a credit unions products and services offerings in respect to their competitive environment.
The purpose of conducting a Financial Services Review is to evaluate the service offering, discover any gaps or opportunities which may exist and provide recommendations for service improvements or additions.
The Research department at Central 1 will conduct a products and services review after an initial analysis of the economic, demographic and competitive environment has been completed. This is done to ensure that any recommendations which are put forth are relevant to the credit unions trade area.
The department will analyze all facets of the organizations operations as it relates to the retail banking side of the business. Services reviewed can include:
- Demand Accounts
- Term Deposits
- Credit Cards
- Personal Loans
- Personal Mortgages
- Small Business Account Services
- Miscellaneous Service Fees
The following components outline the various stages of the review process. The review would take into account environmental factors such as the local economy, demographics and competition (including online competitors).
Economic Overview
- Review of the economic climate of the credit unions trade area is completed to gain an understanding of the areas economic reality, potential and long term outlook.
Demographic Overview
- Review of the demographic profile of the region to understand whether it is experiencing population growth or decline, what age groups are being affected and the long term population outlook.
Membership Analysis
- Review of the credit unions membership to discover if demographic gaps exist as compared to age distribution of the population in the region which they operate. Discover if the credit union’s current services are prepared to meet the trade areas population in the near and long term future.
Product & Service Analysis
- Conduct competitive analysis of credit unions products and services as compared to other financial institutions operating in the area.
- Identify product and service gaps that may exist.
- Identify opportunities for product and service development.
- Conduct a service charge review to identify fees which are not inline with the competition.
Recommendations
- Provide a range of recommendations which the credit union can implement to remain competitive, become more competitive or become and then maintain a leadership role in their community.
Deliverables
The credit union will be provided with a full written report as well as a power point presentation outlining key points for discussion with senior executives and staff.
If you are interested in more information on conducting a Financial Services Review please contact:
Jim Walker
JWalker@central1.com
Research Manager
Phone: 604.730.6445
Janet Daniel
jdaniel@central1.com
Manager, Research
Phone: 905.238.9400
