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Canadian Challenger Bank Equitable Bank on Open Banking

13th of May 2019
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Canadian challenger bank Equitable Bank on open banking – Chief Information Officer Dan Dickinson will be speaking at the upcoming Mobey Day Toronto on 11-12 June. Join us to hear more about his thoughts!

 

  1. How is EQ Bank’s approach to customer needs different from incumbent banks? In short, we’re a bank that was born digital, for customers who think digital first. We’re not trying to be the bank for everyone. Want a paper statement or a chequebook? We’re not for you. But we try to give customers what they value instead of what most banks seems to value. For example, we don’t force them into the construct of a chequing account (where they can move money, but earn no interest) and savings account (where they can earn a bit of interest, but can’t make transactions). We have a single account where you can make unlimited transactions but also earn 2.3%. No minimums, no time-based offers, no tiered rates…one rate for everyone. All to say: we try to provide products and services that make sense to customers, not to legacy banks.

 

  1. How do you see open banking’s potential in Canada? Rife with possibility. Possibility for customers – clearer choice of services, better tools to understand their finances, etc. – as well as possibility for the industry as a whole. We see Open Banking as of a piece with Payments Modernization and Digital Identity – together all of these things will help make the Canadian financial system not just more secure, but actually progressive and globally competitive, for years to come.

 

 

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