Meridian, Ontario's largest credit union, and the third largest in Canada, is set to launch a full-service digital bank in the spring at which members will have a say on ideas for new products and features.
Meridian's new subsidiary, motusbank, has received official approval from the Office of the Superintendent of Financial Institutions (OSFI) to move forward.
Meridian says motusbank will combine a full retail product line with friendly and professional customer service. motusbank customers will benefit from better pricing and services because there are no shareholders expecting quarterly returns, says the company. It promises to deliver superior member service regardless of communication channel.
"We are building on Meridian's unique, member-centric focus and bringing the Meridian experience to all Canadians,” says 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.”
Digitally savvy Canadians can do all of their banking online and on their mobile devices with easy access to no-fee savings and chequing accounts, loans and lines of credit, investments and even mortgages. In fact, motusbank will offer Canadians the most advanced and comprehensive digital mortgage platform in Canada.
In addition to offering full digital capabilities, motusbank will provide full member support through its contact centre and access to one of Canada's largest no-fee ATM networks.