Canada’s Equitable Bank launches digital-only EQ Bank

Temenos, the banking and finance software provider, confirmed the successful go-live of EQ Bank, the new digital banking operation of Canada’s Equitable Bank. EQ Bank uses Temenos’ RetailSuite – covering areas such as core banking, analytics and channels – to power its highly differentiated customer proposition.

Equitable Bank decided to launch a digital bank and offer Canadians a different option in the marketplace. Developing a digital-only bank within the parameters of many banks’ existing systems infrastructure is complicated and requires significant re-engineering. As such, Equitable, like many other banks, opted to start from scratch. Working together with Temenos and its partner Deloitte, Equitable was able to implement the technology platform, design the processes, hire the people and launch a new digital bank in 18 months.