Canadians love to participate in loyalty programs and this has resulted in one of the most vibrant markets in the world in this regard. Marketers have used loyalty programs to influence the shopping habits of consumers and have made the pursuit of loyalty rewards an everyday activity in the lives of most Canadians. As consumers are inundated with offers, it is important for loyalty marketers to understand the features that consumers value and how to design a program that resonates with their target segment.

Financial institutions also pay a great deal of attention to the topic of customer retention and how to distinguish their program from their competitors. This report aims to tie in these two themes by examining the reasons behind why customer switch financial institutions, their participation in loyalty programs, features they value most and general attitudes around the theme of customer loyalty. It also examines how loyalty programs influence shopping decisions and how satisfied customers are with loyalty program tracking and communication.

Methodology

Mintel conducted online consumer research in February 2015 using a nationally representative sample of 2,001 internet users aged 18+. This was supplemented by online qualitative research as indicated throughout the report.

Abbreviations

AIR All Inclusive Rate
BC British Columbia
BMO Bank of Montreal
CAA Canadian Automobile Association
CIBC Canadian Imperial Bank of Commerce
CMHC Canadian Mortgage & Housing Corporation
CDN Canadian
FI Financial Institution
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