Unlocking Personal Banking’s Digital Future with Mahima Poddar, Group Head of Personal Banking at Equitable Bank:
Mahima Poddar shed light on EQ Bank’s unique position as a challenger bank in Canada, operating in a market where the majority of assets are held by the big five banks. With a focus on challenging the status quo and delivering unparalleled value to customers, EQ Bank has embarked on a journey of constant innovation and product differentiation.
Innovative Product Offerings
High-Interest Checking Account: Mahima highlighted EQ Bank’s core product, a high-interest checking account that challenges the traditional dichotomy between checking and savings accounts. Offering a 3% interest rate with no fees, this innovative approach allows customers to freely transact while earning attractive interest, thereby eliminating the fees associated with traditional banking.
Payment Card Innovation: Another noteworthy product innovation is EQ Bank’s payment card. Unlike traditional debit cards, this card provides users with a 0.5% cashback on all transactions, no fees at any ATM in Canada, and no foreign exchange premium for international usage. Mahima emphasized the commitment to providing customers with a cost-free, convenient, and rewarding banking experience.
Small Business Banking: EQ Bank is addressing the challenges faced by small businesses in Canada by introducing a 100% digital onboarding process for high-interest checking accounts. Eliminating minimum balances and hidden fees, this initiative aims to revolutionize small business banking and provide frictionless experience for entrepreneurs.
Customer-Centric Approach
Mahima stressed the importance of valuing customers’ time and treating them with respect. EQ Bank aims to answer every customer call within 20 seconds, with an eventual goal of instantaneous response, ensuring a seamless and efficient experience for account holders.
Technology Shaping the Future
Mahima highlighted the increasing emphasis on personalization. Leveraging robust customer data, EQ Bank aims to deliver customized experiences through the integration of artificial intelligence and machine learning models. The goal is to provide instantaneous, lower-cost solutions that enhance customer experience.
Strategic Fintech Partnerships
Mahima emphasized EQ Bank’s strategic approach to fintech partnerships, focusing on owning core competencies such as deposits and collaborating with best-of-breed partners for ancillary services. Partnerships with firms like WISE for international transfers and NESTA for the mortgage marketplace exemplify EQ Bank’s commitment to offering a diverse range of top-tier financial services.
Machine Learning in Banking
Mahima outlined 2 key areas of focus on machine learning. Firstly, EQ Bank aims to streamline customer service through chat using generative AI. Secondly, the bank intends to leverage machine learning for financial advice, providing customers with data-driven insights for informed decision-making.
Shaping the Future of Banking
As the banking industry evolves, EQ Bank’s customer-centric approach, commitment to innovation, and strategic partnerships position it as a key player in shaping the future of banking in Canada.
Read more:
EQ Bank: Redefining Canadian Banking through Innovation
