FinTech Profile: Canadian challenger bank Tangerine
FinTech magazine continues to run profiles on the most prominent challenger banks of 2019. Here, we take a look at Canadian challenger bank, Tangerine...
FinTech magazine continues to run profiles on the most prominent challenger banks of 2019. Here, we take a look at Canadian challenger bank, Tangerine.
Tangerine Bank, a subsidiary of ScotiaBank (the third-largest financial institution in Canada), was acquired in 2012, making it one of the oldest digital banks to reach prominence in the last few years. With the backing of a larger bank, Tangerine offers users a wider range of services than the traditionally specialised offerings from independent banks.
Five key features of Tangerine:
Smooth wallet integration: Tangerine Client Card and Money-Back Credit Card can be added to a customer’s Apple Pay, Google Pay, and Samsung Pay mobile wallets to be used where contactless payments are accepted.
High interest savings and free chequing: Tangerine's savings account comes in several variations: a regular savings account, RRSP and TFSA versions, RIF accounts and a US$ account. Its Chequing account offers interest from the first dollar submitted into the account onwards.
Easy deposit of cheques: Instead of going to a bank, cheques can be submitted by taking a picture within the section on the app called “Cheque-in”.
Access to ABM: Tangerine clients receive free access to Scotiabank's 3,500+ location ABM network. The Tangerine website also provides a search engine on where to find these locations.
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MoneyBack credit card: This credit card offers 2% back on two of the following categories: groceries, dining, furniture, accommodation, fuel, medication, recurring bills, entertainment and transport.
Did you know?
Tangerine has cafe locations across Canada in Downtown Toronto, Toronto North, Vancouver, Montreal and Calgary, where customers can go and speak to specialists with any queries or issues.
Frictionless banking, the Salesforce way
Alan Donnelly has enjoyed a long and successful career in the IT and financial services industry. He has worked with banks, insurers, payments companies, fintechs and more in support of business transformation programmes for some of the biggest names in the business for the past 27 years.
Today, he’s head of financial services for Salesforce UK, the leading global, cloud-based CRM platform that integrates customers and companies. Donnelly is also currently leading the Salesforce operation that is digitally transforming the UK arm of the Madrid-based Santander Group.
“I have had the pleasure of working with many financia
l institutions over many years,” he says. “Typically, it was involved in helping customers build big banking systems and banking platforms that ran what we would call systems of record. But now, as I've moved into Salesforce and we're building our financial services business, we are really now helping our customers engage with their customers.”
The partnership withSantander is a multi channel operation that sees Salesforce helping the bank to engage better with corporate clients and retail customers via their branches and the internet, says Donnelly.
“We're also helping them with customers, who maybe wish to acquire mortgages and mortgages for the life events. I guess it's a multi connectivity environment. But in every case, Santander needs to understand the customer's requirements and better serve those customers in the right time and the right fashion,” Donnelly explains
He adds, “I also think the ability to contact customers whenever they need help and support, as we've seen in the recent pandemic, has proven critical - so I think technology is definitely much more connectable and effective than it was before.”