Meridian, Ontario’s largest credit union, and the third largest in Canada, is launching motusbank, a full-service digital bank.
The Office of the Superintendent of Financial Institution is granting regulatory approval and Motusbank will debut in the spring.
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According to Meridian, the new digital sub-brand offers what it terms “a new movement in banking.”
It claims that motusbank members will benefit from better pricing and services due to its mutuality business model.
The digital sub-brand promises to deliver superior member service regardless of the distribution channel. Members will also have a say on ideas for new products and features.
Meridian members at the centre of launch
“Canadians are ready to experience a digital bank that puts its members at the centre of everything,” says Bill Maurin, President and CEO of Meridian and motusbank.
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By GlobalData“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. This means offering an exceptional digital experience, along with some of the most competitive rates and fees in the country.
“This is a smart banking option with the purpose of helping all Canadians live better, happier lives.”
The new bank will offer no-fee savings and current accounts, loans and lines of credit.It will also offer investment and mortgages products.
Maurin says that motusbank will offer Canadians the most advanced and comprehensive digital mortgage platform in Canada.
“We are seeing some fundamental changes in what people expect from their financial institutions and how financial services are being delivered,” says David Baldarelli, motusbank COO.
motusbank-making banking feel good
“We’ve responded to what Canadians want. We are developing a simple and intuitive digital platform that makes banking feel good. And it is an experience that makes people feel valued and secure.
“motusbank members will have the right tools, competitive rates and great service to manage their finances, overall health and wellbeing.”
As for the choice of sub-brand, Meridian says the word motus literally means movement or motion. The branding represents a new movement in banking to help progress the lives of motusbank members.
The bank will launch with a low mortgage rate, exclusively for new Meridian members.
Meridian has C$20.6bn in assets under management and around 300,000 customers/members.
The Meridian branch network comprises 91 outlets across Ontario.
