Canadian credit union unveils digital bank

Canadian credit union unveils digital bank

Ontario's biggest credit union, Meridian, is spreading its wings across Canada through the launch of a full-service digital bank.

Having secured regulatory clearance, motusbank will launch in the spring, promising online and mobile access to a full range of products and services, including no-fee savings and chequing accounts, loans and lines of credit, investments, and mortgages.

But the new venture is also promising a credit union ethos, with members, not customers, and prices that are kept low because there are no shareholders.

Motusbank is also insistent that digital does not mean impersonal, with members having access to real people through a call centre and given the chance to shape products and services through feedback tools.

In order to win over users from Canada's big six lenders, the upstart is dangling an exclusive "incredibly low" mortgage rate for new members.

Bill Maurin, president and CEO of Meridian and motusbank, says: "We are building on Meridian's unique, member-centric focus and bringing the Meridian experience to all Canadians. Motusbank will treat members as true partners, offering an exceptional digital experience, along with some of the most competitive rates and fees in the country."
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