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!
- 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.
- 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.