Evaluating Your Portfolio in an Uncertain Market – An eBook for Lenders of All Sizes
Know Your Competitive Market Standing
Do you know your competitive market standing? If not, now is the time to find out.
According to Fast Company, market share is the most effective metric that businesses can use to judge the effectiveness of marketing campaigns, branding initiatives, advertising, customer relationship management (CRM) programs, and any other revenue-generating effort.
In order to track the effectiveness of your marketing and brand management efforts, you need to know where you stand amongst your competitors.
This is especially important in the Canadian financial industry where recently the market share of alternative lenders has increased.
BNN Bloomberg reported that in 2018, there were 200 to 300 active alternative lenders in Canada, holding $13 billion to $14 billion of outstanding Canadian mortgages. That figure was up from $11 billion to $12 billion in 2017 and $8 billion to $10 billion in 2016.
In the March 2019 Teranet Market Insight Report, we examined the mortgage market share of Ontario’s banks and lenders following the implementation of the mortgage stress test. Data showed that after the mortgage stress test came into effect in 2018, the market share of the Big-5 banks decreased by 2.7% between 2017 and 2018.
The gain went to credit unions, private lenders and trust companies, with each increasing market share by about 0.8%.
However, market share has historically been difficult to determine, particularly in the Canadian financial industry. It has been challenging to aggregate and expensive to analyze.
A new tool is making it much more accessible using existing data in the Ontario land registry.
LendView, powered by Teranet, offers mortgage lenders and financial professionals a strategic analytics tool that provides insights into performance against the overall market.
With LendView, you can create customized dashboard views of unique data across Ontario. From this, you can:
- Access a comprehensive and up-to-date view of each lender’s market position in the Ontario mortgage marketplace.
- Analyze key markets for growth.
- Review market data against portfolio performance.
- Create or modify rules regarding risk tolerance thresholds.
- And much more.
This data can be used to adjust strategies for customer segmentation and engagement, formulate stronger business strategies, move into new markets, and beyond.
In order to be more competitive, you need to know where you currently stand in the overall market. When you have that knowledge, you can use your insights to plan a growth strategy and track how it is performing.
LendView is making this possible for mortgage lenders and financial professionals across Ontario. Access it today. Learn more at https://www.lendview.ca/lendview/ or by contacting sales at 1-855-787-8439.« Back to Blog