As the banking sector continues its march toward full digitization, EQ Bank provides a solid example of responding to customer needs.
Known as Canada’s “Challenger Bank,” the internet-based financial institution has grown to become one the country’s largest independent banks with a mandate to “drive real change in Canadian banking to enrich people’s lives.”
Equitable Bank launched in 2016 after Equitable Group, which has been around for half a century, recognized where the financial market was headed: online. Today, the bank employs nearly one thousand people and serves a quarter million Canadian customers.
Andrew Moor, CEO of EQ Bank, believes his company is on a promising growth trajectory. According to the firm’s latest earnings report, digital banking customers are up 79% year-over-year, while online transactions doubled over the same period.
“With the tailwinds of an improving economy and the positive impact of service expansions, Equitable is in a great position to realize its objectives this year and beyond,” he noted.
When EQ Bank first launched, Moor said the aim was to bring “convenient everyday banking right to the fingertips of our customers.” Today, the bank offers savings accounts, GICs, and more—with virtually no barriers to entry.
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Like other digital-only financial platforms in Canada, EQ aims to reduce the friction of traditional banking while also stripping away the gimmicks that incumbent institutions often confuse customers with. The company website describes its service as “seamless digital banking where all of our customers get the same best rates—without nonsense like promo rates, paperwork and lineups.”
Moreover, without the cost of owning physical branches, Moor said that “we can focus on our customers first, helping them achieve their savings goals faster.”
Fast-forward five years from founding and EQ Bank has more customers—and employees—than ever, with over $6 billion in deposits. Safe to say that the Canadian company achieved its own goals, too.
Equitable Bank anticipates sustained future growth, which is why the company is actively hiring at the Tech Talent Canada Virtual Job Fair on September 15. This job fair is a unique recruiting event that connects fast-growing companies directly with tech talent. Best of all, it’s free to attend. Don’t miss out!