32% OF NEWCOMERS WANT ‘NO BANKING FEES’  
 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.

39% SAYS ‘UNREASONABLE BANKING FEES’ TRIGGERED THEM TO SWITCH BANKS
 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.

87% OF NEWCOMERS ARE SAVING MONEY
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.

3 MOST POPULAR BANKS AMONG NEWCOMERS
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.

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 ETHNIHUB^TM  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/