A few months ago the first propositions for banks operating under Shariah law hit the newsstands and it seems accommodation, whether reasonable or not, has stepped it up a notch.

This isn’t the only sign of a growing multicultural (no longer just a key word covering for a nation of white immigrants) Canadian society.

CIBC banks in Toronto are now equipped with plaques announcing trilingual customer service: English, Punjabi and Hindi. Popular advertisements for banks are now adapting to social stereotypes, grumpy people for Quebeckers, happy for the Chinese.

Other banks are now opening credit systems for immigrants with no previous Canadian-built credit, giving landed immigrants considerably more financial leverage than they would of encountered a few years ago.

So why are banks adapting to the growing ethnic diversity of Canada’s population? As the novelty of the investment sector wears off with new risks cropping up, they’ve identified new money: the private customer. Satisfying the public sector means big bucks for banks and, according to Sonia Baxendale, senior executive vice-president of retail markets at CIBC, immigrants are a bank’s best target.
Baxendale believes that within the next decade Canada’s population growth will mostly come from immigrants. To banks, immigrants are a chance to emphasize personal banking with a twist.

Banks aren’t only trying to meet language requirements: they’re also looking to cushion immigrants’ arrival by answering questions on where to send their kids to school, what neighborhood to live in or what realtor can get them a good deal.

By working for particular ethnic communities, banks are cashing in on Canada’s ethnic diversity while developing new networking opportunities dependant on tight communities.

By emphasizing a community feel in banking services, banks are sucking in clients through word of mouth – which means money without risky investment - while enriching and facilitating the Canadian immigrant’s experience.