Customer Story: EQ Bank

One of North-America’s largest banks leverages Berkeley’s Banking-as-a-Service (BaaS) Platform to build a disruptive day-to-day banking account solution for their savings banking customers, and provide them with instant access to funds in their account..

Overview

EQ Bank has grown tremendously fast as one of North-America’s best savings banks; Providing customers with incredibly high interest rates for short and long term savings. Customers now have the flexibility of day-to-day banking with unlimited free transactions, zero monthly fees plus 2.5% interest on every dollar.

The Challenge

EQ Bank wanted to offer complete day-to-day banking capabilities to their clients without having to spend many years and millions of dollars building the capabilities internally

EQ Bank needed to partner with a company that not only had the technology platform and the experience but also had the credibility, and the proven history of providing white-labeled, fully-branded solutions for other banks and financial institutions

EQ Bank needed a solution that could out-compete tier-1 bank solutions in quality, service, offering, and customer benefits

The Solution

EQ Bank leveraged Berkeley’s existing, multi-tenant, tier-1, PCI compliant platform, to build a bank-account linked card solution for their clients, that while running on the Berkeley platform, looks, feels, and acts like it is a core technology of EQ Bank. They are able to issue cards linked to clients’ existing savings accounts, enabling clients to continue to benefit from the high interest rates EQ Bank provides its clientele, while simultaneously being able to spend off of the savings account, like a debit-card, anywhere Mastercard is accepted globally. Cardholders can use ATM, pay bills, move money in real-time and spend at merchants with ease; all through the EQ Bank Card Program.

The Result

While still a new program for them, EQ Bank has reported the fastest account growth of any new product launch in their history, along with a phenomenal increase in new customer acquisition and deposits under management at EQ Bank. For the first time ever, EQ Bank clients can do ALL of their banking with EQ Bank, and EQ Bank gets to wrap their arms around their customers and build far superior customer relationships than they ever have before. Berkeley is proud to be a partner of EQ Bank in this amazing and innovative program.