Grow Technologies Supports Launch of Motusbank with First-Of-Its-Kind Digital Line Of Credit Service
VANCOUVER, BC, May 22, 2019 – Grow Technologies is excited to announce the launch of their digital line of credit application process for motusbank, the first of its kind in Canada. Grow, who provides end-to-end SaaS digital banking solutions to financial institutions, supported the launch of motusbank’s comprehensive digital offerings with their Retail Lending solution.
In addition to the line of credit service, Grow contributed to the April launch of the new digital-only national bank by powering motusbank’s personal loan application service.
Motusbank will offer Canadians a new way to access the necessities of day-to-day banking including a wide range of bank accounts and lending products. Their online personal lending services will provide Canadians instant access to both the personal loans and lines of credit they need. As with all of their bank offerings, motusbank’s personal lending service is exclusively digital, meaning there will be no requirement for borrowers to ever visit a branch when taking out their loan or line of credit.
Features of Grow’s Retail Lending solution include instant identity verification to prevent fraud and reduce friction for users, advanced real-time credit adjudication, and e-signature capabilities to eliminate paperwork and streamline operations. Each loan is fully personalized and customized to meet each applicant’s unique creditworthiness and needs. Workflow design and features are heavily tested to optimize conversion rates and improve user experience. The logic in place for automated adjudication is fully configured according to motusbank’s credit strategy.
“Integrating our Retail Lending solution with an exclusively digital banking service like motusbank is a fantastic milestone for Grow,” says CEO Kevin Sandhu. “By selecting Grow as a partner, motusbank is offering borrowers a battle-tested, optimized online lending solution that delivers an incredible member experience. We’re thrilled to support motusbank’s commitment to providing Canadians with better ways to bank.”
“We’re proud to be at the forefront of banking innovation in Canada, bringing an exceptional digital experience to Canadians, with support from leading fintech providers like Grow Technologies,” says David Baldarelli, COO of motusbank. “At motusbank, we are dedicated to create a simple and hassle free banking environment for members with the control, knowledge and tools they need to achieve their financial success. This new value added service enhances motusbank’s end-to-end digital capabilities, making our member experience even better.”
Grow has been supporting motusbank’s parent company, Meridian, Ontario’s largest credit union and third largest in Canada with digital banking services since 2017. In addition to their Retail Lending solution, Grow also offers white label Retail & SME Account Opening, SME Lending, and a hyper-personalized financial Dashboard.
About Grow: Grow Technologies is a leading enterprise fintech company, empowering top global financial institutions to optimize their business with end-to-end SaaS digital banking solutions. Grow works with Canadian banks and credit unions to deliver exceptional, AI powered customer experiences through white labeled Retail & SME Account Opening, Lending, and a hyper-personalized financial Dashboard. For more information, visit poweredbygrow.com.
About motusbank: motusbank, where banking feels good. We are a full-service digital bank, offering Canadians everything they need for day-to-day banking, including no-fee savings and chequing accounts, unlimited free Interac e- transfers, loans and lines of credit, investments, mortgages and more. motusbank offers access to one of the largest no-fee ATM networks across Canada and around the world and security you can bank on. motusbank is a fully owned subsidiary of Meridian with headquarters in Toronto. We are 100 per cent accountable to our members. When it comes to rates, we’ll always aim to please. Our goal is to be fully transparent. No hoop jumping. No fine print. For more information, please visit: motusbank.ca.
Contact: Chantal Yeung, Director of Marketing, Grow