For the last five years we have seen countless startups enter into the FinTech arena as they try to disrupt Canada’s Big 5 banks – CIBC, TD, BMO, Scotiabank and RBC. We now have a new entrant, motusbank who is launching their full-service digital bank to Canadians today.
One thing that could be a strategic advantage is that motusbank has been created and owned by Meridian, which is Ontario’s largest credit union. That level of financial experience and funding comes from an institution with such deeps.
“This is a truly momentous and exciting day, not only for our organization, but also for the millions of Canadians who have told us they are eager for an attentive, competitive and digitally-friendly alternative to the Big 5 banks,” says Bill Maurin, President and CEO of Meridian and motusbank. “
Part of the promise that motusbank is looking to deliver will be a more customized approach to their offering such as giving our members an opportunity to choose what mortgage term fits their needs best.
What does motusbank need to do to disrupt the Big 5 Canadian banks?You have reached content that is available to Pro+, Essential, Premium or Platinum members only.
Want to Read the Full Article?
- Access member-only content
- Breaking news alerts
- Save hundreds of dollars on Profectio awards and events