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Credit Unions have the best overall knowledge of their farm customers business

Farmers reported big differences across institutions in the Account Managers’ understanding of their farm. Almost half of farmers gave their account manager a high score for “Overall knowledge of your farming business”, but some financial institutions are much better than others.

In 2018 Stratus interviewed 800 farmers from across Canada about their financial institutions.

Credit Unions are the best at having an overall knowledge of their customers’ farming business; perhaps because they tend to be both local and full-service. 

FCC is all about agriculture, but they don’t look after all of a farm’s banking needs and therefore don’t have as much knowledge of the whole farm. 

Banks score well overall, but there are big differences from bank to bank, ranging from 25% to 57% of customers rating their account manager highly for knowing the farm business.

Canadian farmers generally see the Account Managers from various financial institutions as similar, but having a comprehensive knowledge of the farmer’s business sets an Account Manager apart.

The report includes detailed data comparing individual financial institutions such as ATB, BMO, CIBC, National Bank, RBC, Scotiabank, TD Canada Trust, FCC, Desjardins and other credit unions.

For more information about “The Performance of Financial Institutions in the Canadian Agriculture Sector”, contact:

Kent Fraser

403-257-8906

kentfraser@stratusresearch.com

By Vice-President

Clients recognize Kent for his experience and skills in brand positioning - helping clients to refine how they tell their stories.  Kent uses his extensive marketing knowledge and practical experience on the inside of North American agribusiness to translate market research into ideas that clients can use to make decisions.

T:  403.257.8906 E:  KentFraser@StratusResearch.com