Personal Banking operates through three business lines: EQ Bank, Residential Lending, and Wealth Decumulation.
EQ Bank is Equitable Bank’s digital banking platform. EQ Bank is a leading digital bank – the first in Canada hosted in the cloud. With constantly expanding solutions, EQ Bank is quickly becoming a primary banking option for Canadians, in addition to a source of diversified funding for the Bank.
Equitable is the leader in the Canadian Alternative mortgage market lending to self-employed and other Canadians that have the capacity and character to reliably pay their mortgages but do not meet the credit criteria of the major banks. Alternative lending is an important line of business for the Bank and its earnings. The prime business generates a strong return on capital, but, is less important to the overall profitability of the Bank than the Alternative business.
Equitable Bank has driven strong growth in its reverse mortgage and cash surrender value loans businesses. From a demographic standpoint, Canada’s aging population presents strong growth opportunities for our Challenger Bank solutions. Equitable plans to capture a larger share of the market by introducing new products and referral programs, and through digital marketing efforts that cater to specific groups. The cash surrender value business line is also being enhanced by integrating new insurance companies.