{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/5ab6fe42bb6ddf45527e077e/5fac70c7dc1e8f4560f39098?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Eq Bank with Mahima Poddar | E149","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/5ab6fe42bb6ddf45527e077e/1605136567765-e3724dfddfbbe7e589e01f39fff74845.jpeg?height=200","description":"<p>In this 149th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Mahima Poddar, the Senior Vice President of Digital Banking Strategy at Equitable Bank and head of EQ Bank!</p><p><br></p><p>Episode Highlights:</p><ul><li>0:40 – Mahima Poddar introduces Equitable Bank and EQ Bank.</li><li>1:15 – How did Mahima get to her current career?</li><li>2:10 – What was the genesis of the decision to move to a Challenger bank?</li><li>5:05 – Jason breaks down the banking system in Canada.</li><li>6:55 – Mahima discusses the problems with lending/depositing with big banks.</li><li>10:15 – Jason and Mahima vent about the dark patterns that big banks have with their accounts.</li><li>15:30 – Challenger banks could have made the COVID-loan processes much simpler.</li><li>17:02 – How does EQ collaborate with other players in the Challenger space?</li><li>21:07 – Jason and Mahima dive into the willingness of the Canadian people to make a banking change.</li><li>24:08 – What are the biggest concerns with open banking in different countries?</li><li>29:37 – Mahima talks about EQ Bank’s efforts to cause changes within the big banks.</li><li>33:12 – What are all the ways that EQ Bank provides great value to its customers?</li><li>33:43 – If Mahima could change one thing in banking, what would it be?</li><li>35:25 – What has been the biggest challenge in EQ Bank’s growth?</li><li>38:30 – What motivates Mahima to battle the glaring issues of big banking?</li></ul><p><br></p><p>3 Key Points</p><ol><li>Equitable Bank chose to never be a brick-and-mortar organization and to go the route of a digitized Challenger bank.</li><li>EQ Bank offers zero monthly fees, free check deposits, bill-pay, interest-earning checking accounts, and more as ways to differentiate itself from the big banks.</li><li>For the benefit of the Canadian people, EQ Bank aims to go beyond bringing people to its doors and cause real change in the banking system.</li></ol><p><br></p><p>&nbsp;Tweetable Quotes:</p><ul><li>“We are trying to develop lending products that are serving needs that are underserved by the big banks.” – Mahima Poddar</li><li>“They don’t make it easy. They don’t understand it, but Equitable does.” – Mahima Poddar</li><li>“There’s no business account that doesn’t have a larger-than-life fee attached to it.” – Jason Pereira</li><li>“Friction is not a way to keep your clients. Friction is a way to piss them off and guarantee that when they see a better way, they’re going to leave.” – Jason Pereira</li><li>“Canadians are starting to become more value-conscious and realize that there are better options available.” – Mahima Poddar</li></ul><p><br></p><p>Resources Mentioned:</p><ul><li><a href=\"https://www.facebook.com/jason.pereira\" rel=\"noopener noreferrer\" target=\"_blank\">Facebook</a> – Jason Pereira’s Facebook</li><li><a href=\"https://www.linkedin.com/in/pereirajm?trk=org-employees_mini-profile_title\" rel=\"noopener noreferrer\" target=\"_blank\">LinkedIn</a> – Jason Pereira’s LinkedIn</li><li><a href=\"https://www.fintechimpact.co/\" rel=\"noopener noreferrer\" target=\"_blank\">FintechImpact.co</a> – Website for Fintech Impact</li><li><a href=\"https://jasonpereira.ca\" rel=\"noopener noreferrer\" target=\"_blank\">JasonPereira.ca</a> – Sign up for Jason Pereira’s newsletter</li><li><a href=\"https://www.woodgate.com/\" rel=\"noopener noreferrer\" target=\"_blank\">Woodgate.com</a> – Website for Woodgate Financial</li><li><a href=\"https://www.eqbank.ca/index\" rel=\"noopener noreferrer\" target=\"_blank\">Eqbank.ca</a> – Website for EQ Bank</li><li><a href=\"https://www.linkedin.com/in/mahima-poddar-73b1b430/?originalSubdomain=ca\" rel=\"noopener noreferrer\" target=\"_blank\">LinkedIn</a> – Mahima Poddar’s LinkedIn</li></ul>","author_name":"Jason Pereira"}