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Credit Unions in Canada: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Credit Unions in Canada Market Research Report | NAICS 52213CA | Mar 2016

Bank on it: Consolidation and a larger asset base will allow credit unions to compete with banks

IBISWorld’s Credit Unions market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$14bn
Annual Growth 11-16
-1.1%
Annual Growth 16-21
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Profit
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Employment
27,237
Businesses
647
Industry Analysis & Industry Trends

Despite financial uncertainty and a tighter lending environment, credit unions have managed to achieve moderate growth over the past five years. Nevertheless, rising external competition is leading credit unions to consolidate, which has enabled them to reduce labour costs and take advantage of new technologies. Over the next five years, consolidation will continue to help credit unions achieve economies of scale and increase their asset base. With increased size, they will be able to compete better on fee pricing and interest spreads... purchase to read more

Industry Report - Industry Analysis Chapter

Credit unions are not-for-profit financial cooperatives. While they are similar to commercial banks in terms of the services they provide, there are some key differences between credit unions and commercial banks. A credit union’s depositor, each of which is also a member of the credit union, technically owns the enterprise. Each depositor gets one vote in electing the board. Any income generated is passed onto the members in the form of lower interest rates on loans and higher savings rates on deposits. Conversely, a bank is a for-profit financial enterprise. It is owned by its stockholders, whose voting rights are proportional to the amount of equity they hold in a bank... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Credit Unions Industry?

This industry consists of financial institutions known as credit unions and caisses populaires. These institutions are member owned and provide banking services, mainly deposit taking and lending, to these same members.

Industry Products
Residential mortgagesConsumer loansBusiness loans
 
Industry Activities
Accepting members' share depositsOffering members consumer loans


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