Where Can EQ Bank Go From Here?

Let’s talk about EQ Bank—not from a purely analytical angle, but from the bigger question of what this bank truly means to people and where it might go next. The Canadian banking landscape has long been dominated by a few massive players, leaving most customers with limited choices and outdated systems.

Institutions like EQ Bank often end up labelled as “challengers” rather than genuine category-creators. Yet, in a world where people now expect real transparency, fairness, and partnership from their financial services, there’s a growing opportunity to do more than compete on interest rates or convenience.

I’m taking a different lens here: starting with customers’ experiences and feelings and then working backward to business strategy. If you’re looking for operational metrics or a product teardown, that’s not what I aim for.

Instead, I want to explore a deeper truth behind EQ Bank’s success and suggest a bold idea: Openness as a category-defining principle—one that could reshape our expectations of what banking can be in Canada.

With technology and regulatory shifts already disrupting the status quo, there may never be a better time for EQ Bank to move beyond its “challenger” roots and define a new era of financial services.

From Challenger to Creator

EQ Bank first burst onto the scene as a lean, transparent option in a landscape typically controlled by the Big Five. The big draw? High interest rates, zero fees, and a smooth digital interface. No wonder it grabbed attention—it was a breath of fresh air for customers tired of hidden costs and complicated bank procedures.

But EQ Bank isn’t just a scrappy startup anymore. With over 513,000 customers and $8.3 billion in deposits, it’s grown well beyond “newcomer” status. So the real question now is: Should EQ Bank keep positioning itself against the big players—or aim higher by creating something fundamentally different?


Understanding EQ Bank Customers: The 95/5 That Matters

We know EQ Bank’s success didn’t happen by accident. Sure, they filled a gap in the market, but there’s more to it than just rates and fees. If you talk to real customers, you find loyalty and connection rare in the banking world. Many of us don’t gush about our banks—yet EQ Bank seems to spark enthusiasm.

The 95%: What Brings Customers In
  • High Interest Rates: In an era of low returns, even a modestly higher rate stands out.
  • No Fees: No monthly surprises, no “gotcha” charges. A big relief in an industry where fees can be endless.
  • Digital Convenience: People don’t need to line up at branches or juggle paper forms; everything’s done online, which feels modern and hassle-free.

These perks make up that “visible 95%”—the practical reasons customers start an account. But they’re not the entire story.

The 5%: Why Customers Stay

Behind the scenes, there’s this emotional resonance—a deeper level that keeps people around:

  • Trust in Transparency: No hidden traps, no fine print that gives you heartburn. That sense of honesty is a huge deal.
  • Empowerment Through Simplicity: EQ Bank’s interface and processes don’t leave you feeling like you need a finance degree. For many, that feels empowering.
  • A Sense of Belonging: If you’re a newcomer, a freelancer, or a younger saver, it’s easy to feel overlooked by big banks. EQ Bank offers a refreshing alternative that “gets it.”

This intangible 5% often does the real heavy lifting in terms of loyalty. It’s where customers say: “Yeah, I’m sticking around because this bank genuinely aligns with how I want to handle my money.”


Deepening the Connection: Moving Beyond Features

High interest rates and zero fees do a great job of attracting attention, but people often want more than just a good deal—they want to feel understood. Picture a customer who’s paying off student loans, finding that EQ Bank’s simple interface actually eases the stress of managing money.

When you share stories like that—stories of personal milestones or small financial victories—you show there’s a human touch behind the platform. This turns a basic banking interaction into something more supportive and reassuring.

Of course, banking can easily feel transactional, so why not build deeper relationships? Think of small nudges or personalized guidance that help customers budget or save in a more thoughtful way.

Maybe it’s a helpful tip about optimizing an emergency fund, or an invitation to test-drive a new app feature. By asking people for their input or feedback, EQ Bank taps into a sense of collaboration—reminding users that this isn’t just a one-way exchange.

And then there’s the inclusivity angle. EQ Bank has already made strides in welcoming newcomers, freelancers, and younger customers. Doubling down on this could mean offering multilingual resources or flexible savings tools designed for unpredictable incomes.

Younger savers might appreciate a bit of gamification—a simple way to track progress or celebrate small wins. It’s not about gimmicks; it’s about recognizing that different people have different needs, and a little extra understanding can go a long way.


The Strategic Reality: EQ Bank as a Deposit Engine

Behind the curtain, EQ Bank powers Equitable Bank’s deposit growth. This is great for the business side (and lines up nicely with high rates and a no-fee approach). The challenge is ensuring this operational role doesn’t overshadow the brand’s bigger potential—staying a bank people choose not just for rates but because they connect with its ethos.


Standing Out Without Trying to Do It All

Rather than mimic the Big Five—offering every product under the sun—EQ Bank can keep championing the core principles people already love:

  • Simplicity and Trust: In a sea of fine print and endless up-sells, being straightforward is a breath of fresh air. You don’t have to be everything to everyone—just reliable, clear, and honest.
  • Purpose-Driven Banking: More and more, customers pick brands whose values match their own. Standing for fairness and openness can resonate stronger than offering a laundry list of half-baked features.

This approach means EQ Bank doesn’t have to replace someone’s entire banking setup. It can serve as the go-to place for savers who value better rates and minimal friction—without the bloat of products they don’t really need.

If users want investment accounts or complex mortgages, they can keep those at another institution. EQ Bank’s focus remains creating a refreshingly different experience—not “like a Big Five bank, but cheaper.”

It’s a subtle but important shift: success doesn’t hinge on duplicating every service your competitors have. Instead, it comes from owning the specific spaces where you truly excel and where customers feel most empowered.

And when we talk about empowerment—about transparency, collaboration, and breaking free from the industry’s usual constraints—that’s where Openness becomes more than just a buzzword. It becomes a guiding principle that can shape EQ Bank’s future in ways far beyond a traditional “primary bank” label.


Why Openness?

Let’s talk about Openness for a second. It’s not just about regulatory “open banking” or connecting APIs. It’s about humans and a mindset:

  • Transparent Rates and Policies: Say what you mean, mean what you say. No hidden fees. No nonsense.
  • Accessible Products: Keep it simple, keep it intuitive, and design for people who might otherwise feel shut out.
  • Collaborative Ecosystem: Partnerships like the one with Wise show EQ Bank is all about joining forces to improve the customer experience.

Openness resonates both emotionally and strategically, setting up EQ Bank to lead a new kind of banking conversation.


Openness in Action

Openness isn’t just a catchy slogan; it’s how EQ Bank can bring its values to life. Start with Openness to Customers—people want clarity and inclusivity above all else. Imagine a newcomer to Canada who no longer feels overwhelmed by complicated accounts or a gig worker who finds an easy way to manage irregular income.

Simple interfaces, gamified savings, and straight-up language can transform what feels like “just another bank” into a genuine ally. One user might say, “Finally, a bank that doesn’t speak in cryptic fee structures and tiny print,” and that’s where openness begins to change the game.

Then there’s Openness to Innovation, which is more than just having a slick app. EQ Bank’s cloud-based infrastructure allows it to integrate cutting-edge fintech ideas at a pace traditional banks can’t match.

Maybe a partnership with a budgeting startup gives customers immediate spending insights, or a new fintech collaboration instantly expands the range of financial tools on offer.

In other words, innovation isn’t about novelty for its own sake; it’s about freeing customers to explore and manage their money in ways that feel relevant and modern.

Finally, Openness to the Future means staying humble enough to keep asking, “What’s next?” Whether it’s updating products based on real customer feedback or staying ahead of new regulations, EQ Bank can’t rest on today’s achievements.

A truly open mindset treats every shift—be it tech, demographic, or cultural—not as a threat but as an invitation to evolve. That’s how a bank remains flexible, curious, and able to serve the changing needs of the people who trust it with their money.


How Openness Defines a Category

Embracing the idea of Openness isn’t just about meeting regulatory standards or making banking more “user-friendly.” It’s a chance for EQ Bank to redefine what modern finance can look like and step out of the shadow of “challenger status.” Picture a world where banking feels more like a collaboration than a transaction—where customers and the institution share an ongoing dialogue about what works, what’s missing, and what could be possible.

Take, for instance, a user who’s excitedly posting on social media, saying:

“I never thought I’d have a real voice at my bank, but EQ Bank asked for feedback on a new feature and actually implemented my suggestions!”

That’s the kind of moment that transforms customers into advocates. People aren’t just there for the rates; they’re there for the shared vision—one that goes beyond interest percentages or app speed and speaks to the deeper human need for transparency, respect, and genuine partnership.

Owning a category means standing for something bigger (deeper, resonant and relevant) than a list of features. It’s telling a story that resonates with real life: the freelance photographer who finally feels understood by her bank, the newcomer who finds an ally in navigating unfamiliar systems, or the tech-savvy saver who loves contributing ideas for future improvements. When these voices merge, they start a movement—one where customers feel like co-creators, not just account numbers.

In this sense, Openness becomes more than a concept; it’s the spark that propels EQ Bank from being “the bank with good rates” to a true leader shaping how people think about and engage with finance. And when that happens, it’s not just about making banking better—it’s about reinventing it altogether.


Finally.

What might the future look like if EQ Bank goes all-in on Openness? For starters, it means breaking down barriers for people who’ve traditionally felt sidelined by big banks—newcomers unsure how to navigate Canadian banking, freelancers juggling unpredictable income, or young savers still figuring out their first steps in personal finance.

When a user says, “I can’t believe a bank finally designed an account that fits my gig lifestyle,” that’s the moment Openness moves from concept to real-life impact.

It also means expanding beyond what’s possible in-house. Instead of trying to build every tool from scratch, EQ Bank could keep teaming up with fintech innovators—budgeting apps, AI finance assistants, even niche investment platforms—to offer a truly holistic experience.

Imagine a single app where you can seamlessly manage savings, track expenses, and explore new money goals. That’s how Openness creates an ecosystem, not just a product.

And perhaps most importantly, Openness is a conversation, not just a checkbox. Sure, we’ve all heard about open banking regulations and compliance.

But real Openness goes deeper: it’s about a bank that’s constantly listening, adapting, and responding to the people it serves. Think of it as an open invitation—“Tell us what you need, and we’ll work with you to make it happen.”

Ultimately, EQ Bank has already proven it can stand toe-to-toe with the big players. But the real potential lies in shifting from a challenger mindset to that of a creator, redefining how Canadians think about banking altogether.

It’s no longer just “the bank with good rates”; it’s the place that’s transparent, collaborative, and truly welcoming to all. In an industry that often feels stuck in its ways, embracing genuine

Openness might just be the most valuable currency there is—because it speaks to something far bigger than money. It speaks to trust, possibility, and the feeling that this bank is actually on your side.


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