What Do Newcomers Want From Their First Canadian Bank?

What Do Newcomers Want From Their First Canadian Bank?

In the next three years, Canada will welcome 1.2M immigrants from all over the world. The first thing on a newcomer’s checklist is to open an account with a Canadian bank. The sooner they start a relationship with the bank, the better. According to settlement organizations, opening a Canadian bank account should be done within the first two weeks of arrival. It’s necessary for managing money, building a credit history, and paying bills.

A recent study by ETHNIHUBTM, the diverse audience intelligence platform, shows us what newcomers want from their first Canadian bank.

Let’s dive in!

 17% wish for additional incentives
16% care about security and fraud protection

Newcomers are just starting to build their financial future in Canada. What they can save from not paying extra fees could be used for buying their basic needs. That’s why Canadian banks that offer a reprieve from paying bank fees are one of the things that newcomers seriously consider when choosing a bank.

 22% Bad Customer Service
21% Complicated Banking Requirements

How they are treated by their banks and complex processes are factors that make newcomers think of going to another Canadian bank. But unreasonable banking fees are the deal breaker.

Only 13% do not set aside money for savings.

Did you know? 39% of newcomers that were polled say that they’ve become thriftier and budget-conscious when they moved to Canada. Lack of employment opportunities, the large expense of settling in that includes paying for a home, buying furniture, etc., and managing a household with extended family members living under one roof, affect the financial well-being of newcomers.

With limited income and slowly dwindling savings, it’s no surprise that newcomers are tightening their belts. But it’s also worth noting that they still make savings a priority.

1 TD Bank (Toronto-Dominion Bank)
2 RBC (Royal Bank of Canada)
3 CIBC (Canadian Imperial Bank of Commerce)

Among the Big 5, TD Bank comes out on top as the bank preferred by newcomers.

RBC Canadian Women Entrepreneur Awards

Filipino Canadian Woman Nominated for RBC Canadian Women Entrepreneur Awards

AV Communications (AVC) CEO Joycelyn David joins the ranks of visible minority women who are making their mark in Canada. A Filipino-Canadian, she has been recently nominated at the RBC Canadian Women Entrepreneur Awards. The prestigious national awards program celebrates the achievements of the most accomplished and impactful women in the country.

Over the last 29 years, the program has honoured over 190 women for demonstrating excellence across multiple sectors. And this year, David is making history by becoming one of only a handful of Filipino women who have landed a place in this coveted spotlight.

Born in Canada, Raised Filipino

Proud of her Filipino roots, David was the first of her family to be born in Canada after her parents emigrated from the Philippines in the 1970s. She grew up between Winnipeg and Edmonton, learning about her culture through the stories shared by her relatives. But learning the culture was not enough. David yearned to see another Filipino face right here in her home.

“I can still remember the first time I saw a Filipino in a TV commercial here in Canada,” David recalled. “It was a student recruitment spot, and they were inviting internationally trained students to enroll. I distinctly remember the ad and the feeling that ‘Ah… I can see myself, my sister, and my culture represented on TV. I was 25 years old at the time. Why has it taken so long for me to see myself reflected in the media this way?”

This question on her mind motivated David to champion the representation of black, indigenous, and people of colour (BIPOC) in mainstream media. Especially for the Filipino ethnic group that’s the third-largest in Canada. The Filipino population is expected to reach 1M by 2021, representing a 150% growth rate. They’re also the number one source of immigrants to Canada.

Rising to the Challenge 

With the rise of the Black Lives Matter movement, and call for representation for BIPOC, consumers are demanding diversity and authenticity. Multiculturalism is mainstream. This has been David’s battle cry since taking the reins at AVC in 2019. Aside from keeping its Filipino heritage alive, David is taking the 17-year-old agency to greater heights.

Today, the award-winning multicultural agency has expanded its business globally. Growing international brands and reaching multicultural audiences south of the border (USA), even as far as the Philippines and Mexico.

AVC is also expanding through partnerships and research and development with the launch of its insights platform ETHNIHUBTM  in October 2020. This project landed David a coveted spot in the Microsoft-backed Women in Cloud Accelerator.

Lead with Diversity. Invest in Multicultural.

David aims to push brands to revisit their brand and marketing campaigns and account for visible minorities in their communications. And though she has shattered Filipino stereotypes through her latest achievement, David knows her work has only just begun.

“It’s time for companies to walk the talk. If they truly embrace diversity and inclusion (D&I) it will be reflected in all aspects of their business, including marketing. When I began in this industry nearly 20 years ago, multicultural marketing budgets were often less than 5% of a campaign budget. It’s now 2021, and unfortunately, we haven’t moved the needle enough. I look forward to the day when a campaign brief LEADS with diversity and puts the right investment into multicultural audiences as well.”

If you would like to talk to Joycelyn about some of her current endeavors, future passion projects or how she can help you boost your brand in the multicultural space, drop her a message at linkedin.com/in/joycelyndavid/

Birthday and a New Tattoo: The (Her)story Behind AVC's Rebirth

Birthday and a New Tattoo: The (Her)story Behind AVC's Rebirth

It has been a little over a year since Owner and CEO Joycelyn David took the helm of AV Communications in 2019. Learn More

It really is a rebirth of sorts for the 17-year-old multicultural agency as it went head-to-head with COVID-19, closed its doors temporarily at Spadina Ave. to work-from-home, and helped brands keep its head above water during a global pandemic.

All this happened shortly after the agency has undergone a big change itself.

If you’re curious to hear how it all started, then check out Jason Swenk’s interview with David in his Smart Agency Master Class Podcast. It’s the number one podcast where real agency owners share trade secrets for growing their agencies.

Listen to the podcast here: Click here.

And if you want to know how a historic birthday, quitting a successful corporate job, and getting a new tattoo has to do with running an independent agency, contact @Joycelyn David.

Research Game-Changer: AVC CEO Joycelyn David talks to Strategy about its multicultural insight platform, ETHNIHUBTM

Research Game-Changer:
AVC CEO Joycelyn David talks to Strategy about its multicultural insight platform, ETHNIHUBTM

“My role in the multicultural space is trying to get everyone on a level playing field of understanding.”

AVC CEO Joycelyn David shares this bold vision in a recent interview with Strategy for AV Communications’ proprietary digital research platform, ETHNIHUBTM.

Borne out of a need to get into the minds of multicultural consumers faster and easier than employing traditional market research methods, ETHNIHUBTM aims to be a game-changer for brands who want to understand ethnic consumers, right now. Not later.

David tells Strategy, “Knowledge is power. But not if it takes months to analyze and then act on.”

Launched in October 2020, David says that ETHNIHUBTM is designed to connect marketers with real-time multicultural insights that not only give voice to the consumer but also verify the authenticity of insights.

“Validating insights is so important in multicultural, and if you don’t have consumer-generated feedback, it’s easy to fall into cultural biases,” David further explains.

She ends the interview by stressing the importance of always being on when engaging with diverse communities.

“It’s great you want to do a Diwali or Chinese New Year campaign and you’re recognizing it’s a season to connect with those audiences, but it’s not the only time to connect. You need to be always on, as the market is always on,” David tells Strategy.

To read the full article, click here.

For agencies and brands interested in an ETHNIHUBTM demo, contact @Shaharyar Irfan or @Gideon Lin for more information.

Respondents can sign up for free at www.ethnihub.ca.

Four for Four: AVC Takes Gold at the 2020 Summit International Awards (SIA)

Four for Four: AVC Takes Gold at the 2020 Summit International Awards (SIA)

AVC bags a winner in all four categories entered at the 2020 Summit International Creative Awards (SIA). The team took home 1 Gold for the new AVC logo and 3 Silvers for creative work in TV commercials, website and original print creative.

The Summit Creative Award recognizes and celebrates the creative achievements of small and medium sized advertising agencies worldwide with annual billings under $30 million. They have established themselves as an arbiter of creative excellence by providing validation of award-winning work over the past 26-years and functions as a respected, international, industry-wide critique.

This year’s panel of judges included communication experts across disciplines. They are former Summit winners, designers, agency owners, authors, scholars, and industry experts from across the world. Using a blind judging process to assess entries between others in their category, they use their vast experience and knowledge to identify the best of the best, season after season.

Congratulations to our Creative Art Director Hassan Iqbal, Business Director Shaharyar Irfan and the entire AV Communications Inc. and Arbor Memorial Inc. Team!