Meridian has been given the green-light by the Office of the Superintendent of Financial Institutions to move ahead with its new digital bank, Motusbank.
The digital bank, set to open this spring, and will allow Canadians to access their bank accounts, investments, and mortgages online, while offering digital customer service from real people. Through Meridian, members will also receive access to one of Canada’s largest no-fee ATM networks.
“We are seeing some fundamental changes in what people expect from their financial institutions and how financial services are being delivered,” said David Baldarelli, COO at Motusbank. “We’ve responded to what Canadians want by developing a simple and intuitive digital platform that makes banking feel good, and 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 and overall health and wellbeing.”
According to Motusbank, its members will have a say involving features and products. They will have access to a feedback tool to help contribute to new ideas. The bank also promises to deliver digital, not impersonal, customer service regardless of communication channel.
Banking services, available online and through mobile devices, will include savings and chequing accounts, loans and lines of credit, investments and a digital mortgage platform.
“We are building on Meridian’s unique, member-centric focus and bringing the Meridian experience to all Canadians,” said Bill Maurin, president and CEO of Meridian and Motusbank. “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.”
In celebration of the new opening, Motusbank said it will launch with a low mortgage rate, exclusive to new Motusbank members.