Open banking and consolidation reshape the primary financial relationship

What changed

An S&P Global review connected Canadian credit union consolidation, digital investment, and Consumer-Driven Banking as strategic pressures. It estimates that roughly 360 Canadian credit unions hold $764 billion in assets and serve 11.4 million members, down from approximately 1,500 institutions in the mid-1980s.

Loyalty and rewards implications

Consumer-driven banking will weaken passive retention based on switching friction. Credit unions will need to earn primary-account status through visible, ongoing value. Open financial data can identify activity held elsewhere, while targeted incentives can encourage deposit switching, product consolidation, and the next behaviour that deepens the relationship.