Report
340
Number
Sep 12 2014

Segmenting Canadian and American Immigrant Prospects

Immigrants come from a variety of backgrounds – different countries, ethnicities, education, and experiences. North America has a proud and storied history of welcoming people from all over the world. For financial services, this presents a continual opportunity to engage.  

In fact, in both Canada and the United States, immigrants represent an increasingly important potential financial services market, expected to account for 80% of all population growth in Canada by 2031. Drawing on data from surveys of immigrant groups, interviews, and data shared by a handful of credit unions, this report identifies five key market segments, measuring the potential market in terms of membership and value and then laying out the products that each segment needs.

In Canada, the research finds that:

  • New arrivals represent about 250,000 people a year with a market value estimated at $35.1 million (M)
  • Unbanked and underbanked immigrants represent 1 million people with a market value estimated at $178M
  • Renters represent 1 million people with a market value estimated at $156M

In the United States, the research finds that:

  • New arrivals represent about 1.5 million people a year with a market value estimated at $228M
  • Unbanked and underbanked immigrants represent 15.7 million people with a market value estimated at $3.2 billion (B)
  • Renters represent 10.5 million people with a market value estimated at $1.7B

This report aims to segment Canadian and American immigrant populations based on their distinct financial product needs.

Filene thanks our generous supporters for making this important research possible. 

Report Number 340