Word on the street has it that some 30 new applications for banking and trust licences are patiently waiting for the seal of approval from the Office of the Superintendent of Financial Institutions Canada.
It feels like everywhere we go these days, we find someone else trying to cash in on the financial services niche to increase their bottom line. Already we have retail cards and credit cards offering special offers and rewards to get our spending dollars. Canadian Tire MasterCard being at the top of the list, but for over a decade, Loblaws has been offering no service fees on bank accounts and encouraging shoppers to add an unbeatable, eatable mortgage to their grocery list.
Enticing customer loyalty by offering specialized credit card offers or other financial services is not a new trend in Canada. With 30 potential new players in the field Canadians are bound to see a few more balance transfer and consolidation offers arriving in the mailbox, both from current institutions trying to hold onto their market, and new arrivals hoping to build a business.
Well, there is one good thing about new competition: the consumer always wins. That’s why it is important to work with a professional mortgage broker to negotiate a great rate on your next mortgage.
