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EQB is a digital-first, mid-sized Canadian bank that acts as an alternative to the big six. It caters to niche audiences like entrepreneurs, immigrants, and self-employed individuals that the traditional banks may overlook. These groups often face challenges with traditional lending despite having strong creditworthiness. It offers a digital experience for banking, with no fees on everyday banking, which can target younger demographics. EQB also offers attractive deposit and mortgage rates. Also, without any physical branches, EQB has lower operating costs and this allows it to offer competitive pricing.
EQB owns Concentra Bank, a key partner for many Canadian credit unions. It supports open banking, creating opportunities to collaborate with fintechs and financial institutions, including credit unions. (5iResearch)
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