Shift in the banking industry finds new digital solutions entering the marketplace
Deloitte Digital is a proud partner of EQ Bank, a new digital banking solution for Canadians
Toronto, February 1, 2016 – The current shift away from traditional branch banking towards digital banking solutions in Canada has resulted in the development of EQ Bank, a new digital banking solution launched by Equitable Bank. Developed with support from Deloitte Digital, the online/mobile solution delivery partner, EQ Bank provides Canadians with an innovative online and mobile banking experience, making banking simpler, more flexible and cost-efficient than ever.
"Each year, Canadians are leaving billions of dollars of interest on the table. Our goal is to ensure they get the most out of their hard-earned money," said Andrew Moor, President and CEO, Equitable Bank. “Without the cost of traditional branches, we can focus on our customers first, helping them achieve their savings goals faster.”
By investing in a seamless online and mobile banking experience instead of costly branches, EQ Bank is able to help customers reach their goals faster. EQ Bank's first product, the EQ Bank Savings Plus Account, allows customers to pay bills, transfer money to friends and family, and also earn a competitive interest rate – all from one account.
“Digital banking solutions like EQ Bank offer alternative ways for Canadians to manage their finances that work for them, providing flexibility and simplicity in today’s busy environment,” said John Wang, Partner at Deloitte Digital. “That’s the key to great digital experiences – they seamlessly integrate into people’s lives in an intuitive way.”
“The banking industry is changing and with that, consumer expectations for innovative mobile and social applications continue to grow,” said Hooman Bahador Co-Founder of Konrad Group, a strategic partner of Deloitte Digital. “Increased consumer demands are why applications like EQ Bank are ever so important.”
“We’re thrilled to be able to offer Canadians an intuitive and secure digital banking experience and mobile application that will really help them reach their savings goals” said Dan Dickinson, Vice President, Digital Banking, Equitable Bank. “Working with Deloitte Digital since the beginning has been terrific. Incredibly collaborative.”
To sign up or learn more visit eqbank.ca or download the EQ Bank mobile app (available on the App Store and Google Play).
About Deloitte Digital
From strategy to delivery, Deloitte Digital, combines cutting-edge creative with trusted business and technology experience to define and deliver solutions. Deloitte Digital creates digital experiences for the connected enterprise from B2B, B2C, or B2E. Understanding the digital space and preparing for what’s next is at our core. We help clients reimagine how profits are made, how relationships are created and managed, we reshape how work gets done, and rewire the competitive fabric of entire industries.
Deloitte and Konrad Group work together to offer deep capabilities in both the enterprise and consumer technology spaces. Together, we provide strategy, design, development and application management services, with an emphasis on building compelling user experiences.
Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients’ most complex business challenges. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
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About Equitable Bank
Equitable Bank is Canada's ninth largest independent Schedule I bank and offers a diverse suite of residential lending, commercial lending and savings solutions to Canadians. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $17 billion of assets under management. Most recently, Equitable Bank launched a digital banking operation, EQ Bank, along with its flagship product the EQ Bank Savings Plus Account. Equitable Bank currently employs over 500 employees across the country, and was named one of Canada's best employers for 2016 by Aon. For more information about Equitable Bank and its products, please visit equitablebank.ca .