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Equitable Bank's 2024 Public Accountability Statement

Equitable Bank, known as Canada's Challenger Bank™, has recently published its Public Accountability Statement (PAS) for the fiscal year 2024. This report not only showcases the bank's achievements but also underscores its commitment to championing innovation and fostering inclusion within the Canadian banking sector.

A Renewed Commitment to Community Support

In a rapidly evolving financial landscape, Equitable Bank aims to make a significant impact on underserved communities, drive advancements in Canada's banking infrastructure, and strive for a more equitable financial ecosystem.

Andrew Moor, the bank's President and CEO, remarked on the current importance of transparency in banking: "It’s more important than ever for Canadians to understand where their financial institutions stand on the issues that matter to them. We’re proud to share how fairness, transparency, inclusion, and accountability remain foundational elements of our Challenger mission to drive change in banking to enrich people's lives."

The 2024 PAS highlights the importance of listening to and acting for all Canadians, ensuring that the bank's services and initiatives align with the diverse needs of its clients. Equitable Bank remains dedicated to creating sustained value through an innovative lens focused on enhancing customer experiences.

Key Highlights of 2024 INNOVATIONS

Some key initiatives that Equitable Bank has implemented include:

1. Advancing Affordable Housing

Equitable Bank has maintained its position as Canada’s largest securitizer of multi-unit residential buildings insured by the Canada Mortgage and Housing Corporation. In fiscal 2024 alone, the bank funded a remarkable $4.3 billion across multiple term loans and construction loans. This initiative showcases its robust commitment to addressing Canada’s pressing housing challenges.

2. Supporting Canadians with Disabilities

The bank has launched a national campaign in collaboration with Concentra Trust to raise awareness about the Registered Disability Savings Plan (RDSP). This essential financial tool aids individuals with disabilities in achieving long-term savings and financial empowerment.

3. Serving Seniors and Near-Retirees

Recognizing the needs of older Canadians, Equitable Bank expanded access to reverse mortgages through a direct-to-consumer channel, thus reaching an underserved demographic seeking financial options tailored to their later life stages.

4. Digital Banking Product Innovation

Equitable Bank introduced the EQ Bank Notice Savings Account, a trailblazing product in Canada that eliminates fees and minimum balance requirements, allowing customers to save while enjoying higher interest rates in a uniquely beneficial way.

5. Championing Small Businesses

In a bid to cater to business owners, Equitable Bank unveiled the EQ Bank Business Account, designed to offer high-interest, no-fee banking alongside a seamless digital experience for small business owners and entrepreneurs. This reflects the bank’s commitment to supporting the backbone of the Canadian economy.

6. Fostering Employee Culture

With over 1,800 employees, Equitable Bank encourages an inclusive and diverse workplace culture. The introduction of Employee Resource Groups (ERGs), such as The Black Collective, PROUD, and Women in Tech, aims to foster community and support for employees from diverse backgrounds.

7. Enhancing Corporate Citizenship

The bank has also increased its community engagement efforts, with donations and sponsorships including the Emerging Digital Artists' Award, which supports local artists. Moreover, employees are actively involved in volunteering for environmental restoration and food security programs, demonstrating Equitable Bank's commitment to corporate social responsibility.

A Look Ahead

As Canada’s seventh largest bank by assets, Equitable Bank remains steadfast in driving innovation that reshapes the banking experience for all Canadians. The organization prioritizes customer trust and community impact, ensuring that its initiatives lead to positive change across the country. The Unwavering focus on people first will be the guiding principle of Equitable Bank’s future agenda.

For more information on how Equitable Bank is making a difference in Canada’s communities and economy, visit their responsibility overview.

About Equitable Bank

Equitable Bank employs cutting-edge technology to deliver superior personal and commercial banking services to over 700,000 customers. As a wholly owned subsidiary of EQB Inc., it continues to pave the way in the digital banking landscape since its establishment. Customers have recognized it as one of the top banks in Canada on the Forbes World's Best Banks list since 2021.

To learn more, visit Equitable Bank's official site.