Loan Administration, Cheque Cashing & Other Services in Canada
Over the five years to 2019, consumption-based growth, a significant portion of which is debt-financed, drove Canada's economy. Canadian consumers' appetite for debt has boosted the Loan Administration, Cheque Cashing and Other Services industry in Canada by sustaining demand for consumer financing, mortgages and cash services for businesses. GDP growth in Canada has largely been driven by trends in consumption. As interest rates have remained low over the past five years, Canadians have continued to demand industry products. Increased external competition from commercial banks, credit unions and emerging financial technology companies will put downward pressure on industry services such as cheque cashing, money order issuance, travellers' cheque issuance and payday loans over the five years to 2024.
Operators in this industry service loans, most notably mortgages. It does not originate loans, which includes legally arranging and issuing the loan. Servicing loans includes performing all of the administrative aspects of the loan. The industry also performs money transmission services, which includes selling and cashing traveller’s cheques, money orders and cashier’s cheques, while also renting safe deposit boxes.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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