Eq Bank with Mahima Poddar | E149

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! Episode Highlights: 0:40 – Mahima Poddar introduces Equitable Bank and EQ Bank. 1:15 – How did Mahima get to her current career? 2:10 – What was the genesis of the decision to move to a Challenger bank? 5:05 – Jason breaks down the banking system in Canada. 6:55 – Mahima discusses the problems with lending/depositing with big banks. 10:15 – Jason and Mahima vent about the dark patterns that big banks have with their accounts. 15:30 – Challenger banks could have made the COVID-loan processes much simpler. 17:02 – How does EQ collaborate with other players in the Challenger space? 21:07 – Jason and Mahima dive into the willingness of the Canadian people to make a banking change. 24:08 – What are the biggest concerns with open banking in different countries? 29:37 – Mahima talks about EQ Bank’s efforts to cause changes within the big banks. 33:12 – What are all the ways that EQ Bank provides great value to its customers? 33:43 – If Mahima could change one thing in banking, what would it be? 35:25 – What has been the biggest challenge in EQ Bank’s growth? 38:30 – What motivates Mahima to battle the glaring issues of big banking? 3 Key Points Equitable Bank chose to never be a brick-and-mortar organization and to go the route of a digitized Challenger bank. 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. 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. Tweetable Quotes: “We are trying to develop lending products that are serving needs that are underserved by the big banks.” – Mahima Poddar “They don’t make it easy. They don’t understand it, but Equitable does.” – Mahima Poddar “There’s no business account that doesn’t have a larger-than-life fee attached to it.” – Jason Pereira “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 “Canadians are starting to become more value-conscious and realize that there are better options available.” – Mahima Poddar Resources Mentioned: Facebook – Jason Pereira’s Facebook LinkedIn – Jason Pereira’s LinkedIn FintechImpact.co – Website for Fintech Impact JasonPereira.ca – Sign up for Jason Pereira’s newsletter Woodgate.com – Website for Woodgate Financial Eqbank.ca – Website for EQ Bank LinkedIn – Mahima Poddar’s LinkedIn Hosted on Acast. See acast.com/privacy for more information.