TORONTO, July 12, 2022 /CNW/ - Equitable Bank, Canada's Challenger Bank™, has announced a new three-year strategic acceleration with Microsoft Azure as its preferred cloud platform. This will enable Equitable to continue delivering award-winning cloud-based banking services to over 340,000 customers across the country.
"We will be Canada's first, cloud-only bank by 2026, as we continue to explore the best way to integrate forward-looking technology with leading business operating models that support our vision to enrich the lives of our customers," said Dan Broten, Equitable's Chief Technology Officer. "With Microsoft as a trusted partner, we will bring about even better banking solutions for our customers. In late 2019 we launched the first, front-to-back Canadian digital banking platform on the Public Cloud. The timing proved to be critical, as it drove over 100% customer growth and over 400% transaction growth. We wouldn't have been able to scale that fast and that effectively had we not been on the Cloud."
In moving its digital banking systems onto Azure, EQ Bank became the first bank in Canada fully hosted in cloud architecture. Azure powers a majority of Equitable's core business functions and empowers the creation of innovative and secure solutions across all bank functions. Since adopting Azure, EQ Bank has reduced overhead costs which allow savings to be passed on to customers and enjoys the flexibility of a more agile system with "always-on" platform security from Microsoft.
"Equitable Bank and Microsoft have a longstanding relationship, and we are pleased to build on that foundation and accelerate their data modernization journey to help them unlock new insights and opportunities for customers across Canada," said Jason Hermitage, Vice President Enterprise Sales, Microsoft Canada. "Microsoft Azure is empowering financial services institutions with its hyperscale, seamless and modern cloud platform that future-proofs businesses as they continue to manage unprecedented risks and grow rapidly with innovative business models. By trusting Azure as it most strategic and primary cloud platform across all lines of business, Equitable Bank will advance its key business and technology transformation priorities and will continue to pave the way for cloud-based banking in Canada."
About Equitable Bank
EQB Inc. trades on the Toronto Stock Exchange (TSX: EQB, EQB.PR.C and EQB.R) and serves more than 340,000 Canadians through its wholly owned subsidiary Equitable Bank, Canada's Challenger Bank™. Equitable Bank has a clear mandate to drive change in Canadian banking to enrich people's lives. Founded over 50 years ago, Equitable Bank provides diversified personal and commercial banking and through its EQ Bank platform (eqbank.ca) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2022 and 2021 lists. Please visit equitablebank.ca for details.
* EQ Bank was the recipient of the Celent 2020 Model Bank Award for Banking in the Cloud
SOURCE Equitable Bank