As EQ Bank marks its 20th anniversary since the digital banking model went public in 2004, Andrew Moor, president and CEO of EQ Bank, believes the landscape of Canadian banking will continue seeing major shifts in the coming years, as Canadians gravitate towards more digital convenience amidst their financial decisions. 

“Many people want to still have the convenience of a bank branch to get that personal touch,” he told BNN Bloomberg during a television interview on Monday. “But there’s many other people that would actually rather explore their financial options online, transact in a less stressed environment, at the time of the day they want to — when their kids are in bed and you can think about sitting down with your partner and working through your financial affairs.”

“So that’s certainly the demographic that we think could find the bank branch less relevant.”

According to Moor, EQ Bank’s customer base grew 38 per cent last year, reaching 440,000 customers across Canada. Moor says the bank’s demographic mostly extends to major Canadian cities. 

“We tend to be more focused on Canada’s major cities — (the) Montreals, Torontos, Vancouvers of this world — it’s where we can get our message out to consumers more easily, but we certainly could be a great application for anybody throughout the country,” he explained. 

Part of EQ Bank’s success, Moor said, is its versatility of service. 

“We have a brilliant offering if you want to send money around the world,” he told BNN Bloomberg, also mentioning options for interest-free chequing accounts. 

“The traditional (banking) model was you had your mortgage and your credit card and everything all at one bank,” he said. “Today, the best approach is: ‘Where’s the best place I can get my payroll going? Where can I get the best mortgage? Where can I get the best credit card that maybe lines up with my loyalty needs and the airline I use the most?’ And we see that continuing to be the trend.”

Moor mentioned that the digital infrastructure that banking services like EQ Bank offer allow consumers to adapt to decentralized financial systems. 

“It’s going to be easier to bank in more places at the same time and pick the best solution for you,” he said. 

“We’re super excited about where it can go.”

For the rest of Moor’s interview with BNN Bloomberg, watch the video above.