Briefing

Loblaw banks on everyday accounts with PC Financial

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The Loblaw subsidiary launched a no-monthly-fee bank account linked to its loyalty program. It marks PC Financial’s first move back to everyday banking since it and CIBC severed ties in 2017. (The Globe and Mail)

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Talking point: The new account links to Loblaw’s PC Optimum loyalty program. The retailer merged two existing programs—Shoppers Optimum and PC Plus—in 2018, and it’s since grown it to some 18 million consumers. The new bank accounts will allow customers to earn loyalty points on every dollar they spend, online bill payments over $50, setting up direct deposit and other moves. PC Financial president Barry Columb said consumer research has shown customers want “rewards.” Building loyalty helps Loblaw retain customers and boost profits. It can also mine the data to deliver targeted ads, among other things.