Environics Research Acquires Hay Research International

Environics Research is proud to announce the acquisition of Hay Research International and its Canadian Financial Services Switching Study, an industry-leading tracker of consumer behavior and brand performance in the financial services sector.

Heidi Wilson Joins Environics Research – Leading Switching Study

News Release | July 2025

For over 25 years, the Canadian Financial Services Switching Study has become a go-to benchmark for institutions seeking to stay competitive in a rapidly evolving landscape. It tracks market share movement, acquisition and attrition dynamics, and switching intent across Canadian banks and fintech challengers. Environics Research welcomes industry veteran Heidi Wilson to their practice, to lead this initiative.

Switching Study

We’ve always focused on delivering actionable insights that matter to financial services brands. We believe the Switching Study will bring a unique value-add that complements our existing suite of products, guiding our clients to continue to think more strategically about customer engagement.

David MacDonald

Group VP, Financial Services & CRIC Fellow

Marketers constantly ask how to improve their efforts – whether through better service, promotions, or onboarding. The Switching Study helps validate whether planned strategies align with what actually drives switching in real-life situations, offering a reality check against assumptions.

Switching behaviour in retail banking is complex, shaped not just by rates or service features, but by how customers see themselves in relation to the brands they choose. With digital transformation accelerating and fintech challengers gaining traction, the next few years will be pivotal for customer acquisition and retention.

Heidi Wilson

VP, Retail Banking & Financial Services

About the Study

The Switching Study helps financial institutions target the 1 in 4 Canadians who switch products each year, offering detailed insights into their behaviours, motivations, and decision-making triggers. It supports smarter marketing, product development, and promotional strategies by focusing on real-world actions rather than intentions. Additionally, it acts as an early warning system for market shifts—highlighting the rise of fintechs and revealing where and why consumers are moving.

45,000 screener surveys conducted online
5,000+ full interviews in English and French
20-minute surveys with over 5,000 verified switchers
Deliverables: 1 Main Report + 9 Product-Specific Reports

From Hay Research International

Environics Research is uniquely positioned to evolve the study and keep it relevant in a rapidly changing landscape. By layering Social Values onto the study’s robust dataset, it will equip financial institutions with tools to understand why customers switch and how to retain and win them more effectively.

Al Hay

President at Hay Research International

About Environics Research

Founded in 1970, Environics Research brings 55 years of experience in research and consulting, specializing in providing clients with data-driven, strategic advice.

Environics Research is a leading Canadian-owned and operated market research and consulting firm that provides organizations with actionable, evidence -based solutions to real business problems. We unlock human insights to help organizations make better decisions, empowering them to act with creativity and confidence.

Our financial services practice at Environics Research is a dedicated team of experts specialized in providing high-quality, actionable research and consulting to clients across the financial sector. Our expertise helps clients identify, understand, and act on opportunities involving investors, advisors, and stakeholders. We deliver deep insights into the behaviours and attitudes of both consumer and B2B constituents, informing the strategies and decisions that drive business success.