TL;DR: Tangerine and Engine Partner for Next-Gen Banking in Canada
- Tangerine Bank has signed a 10-year agreement with Engine by Starling to enhance its digital banking platform.
- The partnership aims to improve client experience for over 2 million Tangerine customers.
- Engine’s cloud-native platform will provide innovative features like digital onboarding and smart money management tools.
- This marks Engine’s first venture into the North American market.
- The deal is the largest signed by Engine to date.
Overview of the Partnership Between Tangerine Bank and Engine by Starling
Tangerine Bank, a leading digital bank in Canada and a subsidiary of Scotiabank, has entered into a significant partnership with Engine by Starling, a Software-as-a-Service (SaaS) provider. This collaboration is set to revolutionize the banking experience for Tangerine’s over 2 million clients by implementing a next-generation banking platform. The partnership will leverage Engine’s advanced cloud-native technology to enhance Tangerine’s digital offerings, streamline operations, and ultimately provide a superior banking experience.
The agreement represents a strategic move for both organizations. For Tangerine, it is an opportunity to innovate and expand its service offerings, while for Engine, it marks a key milestone as it establishes its presence in the North American market. The partnership is expected to foster a collaborative environment where both teams can work closely to develop and implement new features that meet the evolving needs of customers.
Details of the 10-Year Agreement
The 10-year agreement between Tangerine and Engine is designed to facilitate a comprehensive upgrade of Tangerine’s core digital banking system. By transitioning to Engine’s cloud-native platform, Tangerine aims to enhance its operational efficiency and client experience significantly.
Key aspects of the agreement include:
– Upgrading Core Systems: Tangerine will replace its existing banking infrastructure with Engine’s modern, scalable platform.
– Innovative Features: The partnership will introduce a range of new features, including digital onboarding, chequing accounts, instant access savings, and smart money management tools.
– Dedicated Support: Engine will provide a dedicated team in Toronto to assist Tangerine in the implementation and ongoing development of its digital services.
This agreement not only positions Tangerine for growth but also underscores Engine’s commitment to expanding its footprint in North America, following its recent establishment of offices in New York and Toronto.
Upgrading to Engine’s Cloud-Native Banking Platform
The transition to Engine’s cloud-native banking platform is a pivotal aspect of the partnership. This upgrade will enable Tangerine to leverage advanced technology to improve its service delivery and operational capabilities.
Benefits of the Cloud-Native Platform
- Scalability: Engine’s platform is designed to scale efficiently, allowing Tangerine to adapt to changing market demands and customer needs.
- Reduced Operational Costs: The new system is expected to streamline operations, reducing complexity and costs associated with maintaining legacy systems.
- Enhanced Security: Cloud-native systems typically offer improved security features, ensuring that customer data is protected against evolving cyber threats.
By adopting this modern banking infrastructure, Tangerine aims to enhance its agility and responsiveness in a competitive banking landscape.
Enhancing Client Experience with Innovative Features
The partnership between Tangerine and Engine is set to introduce several innovative features that will significantly enhance the client experience. These features are designed to provide a seamless and user-friendly banking experience for Tangerine’s customers.
Digital Onboarding
The new digital onboarding process will simplify account creation and management for clients. This feature will allow users to open accounts quickly and efficiently through an intuitive mobile app, reducing the time and effort traditionally required for onboarding.
Chequing Accounts
Tangerine will offer enhanced chequing account options, providing clients with more flexibility and control over their finances. This includes features such as no monthly fees and easy access to funds.
Instant Access Savings
Clients will benefit from instant access to savings accounts, allowing them to manage their funds more effectively. This feature will enable users to earn interest on their savings while maintaining easy access to their money.
Smart Money Management Tools
The introduction of smart money management tools will empower clients to take control of their finances. Features such as spending insights, budget tracking, and card controls will help users make informed financial decisions.
Significance of Tangerine as Engine’s First North American Client
Tangerine’s selection as Engine’s first North American client is a significant milestone for both organizations. This partnership not only highlights Tangerine’s commitment to innovation but also positions Engine as a key player in the North American banking technology landscape.
Implications for Engine
- Market Entry: This partnership marks Engine’s entry into the North American market, opening doors for future collaborations with other financial institutions.
- Reputation Building: Being associated with a well-established brand like Tangerine enhances Engine’s credibility and visibility in the region.
Implications for Tangerine
- Competitive Advantage: By adopting Engine’s technology, Tangerine is poised to gain a competitive edge in the digital banking space, attracting new clients and retaining existing ones.
- Innovation Leadership: This partnership reinforces Tangerine’s reputation as a leader in digital banking innovation in Canada.
The Largest Deal Signed by Engine to Date
The agreement with Tangerine is not only significant in terms of its strategic implications but also represents the largest deal Engine has signed to date. This milestone underscores the scalability and adaptability of Engine’s technology, which has been successfully implemented in various markets globally.
Context of the Deal
- Growth Strategy: The partnership aligns with Engine’s broader growth strategy, which includes expanding its presence in North America and developing new capabilities for banking clients.
- Fintech Success: The deal exemplifies Engine’s success in providing innovative solutions to ambitious and customer-centric banks worldwide.
Statements from Executives: Vision for the Future
Both Terri-Lee Weeks, President and CEO of Tangerine, and Sam Everington, CEO of Engine by Starling, have expressed their enthusiasm for the partnership and its potential to transform banking for Canadians.
“Tangerine chose Engine to help build the future of banking services for our clients – delivering a premier banking experience with intuitive, personalized features that evolve with client needs.”
Terri-Lee Weeks, President and CEO of Tangerine“This agreement with Tangerine is a major milestone and the largest deal we have signed to date, showing just how scalable and adaptable Engine is.”
Sam Everington, CEO of Engine by Starling
These statements reflect a shared vision for leveraging technology to enhance customer experiences and drive innovation in the banking sector.
Engine’s Expansion into the North American Market
The partnership with Tangerine is part of Engine’s strategic expansion into the North American market. This move is aimed at supporting its global growth and developing new capabilities to meet the needs of banking clients in the region.
Strategic Goals
- Local Presence: Establishing offices in New York and Toronto allows Engine to build a local presence and better serve its North American clients.
- Collaboration Opportunities: The partnership with Tangerine provides Engine with valuable insights into the North American banking landscape, facilitating future collaborations with other financial institutions.
Impact on Tangerine’s Operational Efficiency
The transition to Engine’s cloud-native banking platform is expected to have a profound impact on Tangerine’s operational efficiency. By streamlining processes and reducing complexity, Tangerine aims to enhance its service delivery and reduce operational costs.
Expected Outcomes
- Simplified Account Management: Engine’s end-to-end platform will provide a consolidated view of accounts, making it easier for employees to manage client needs.
- Cost Reduction: The new system is anticipated to lower operational costs by minimizing the resources required to maintain outdated systems.
The Future of Banking in Canada: A New Era with Tangerine and Engine
The partnership between Tangerine and Engine represents a significant step forward in the evolution of banking in Canada. As both organizations work together to implement innovative features and enhance client experiences, the implications for the Canadian banking landscape are profound.
Transformative Features of the New Banking Platform
The introduction of advanced digital features will not only improve customer satisfaction but also set new standards for what clients can expect from their banking experience.
The Strategic Importance of the Partnership
This collaboration underscores the importance of strategic partnerships in the banking sector, particularly as financial institutions seek to innovate and remain competitive in a rapidly changing environment.
Implications for the Canadian Banking Landscape
As Tangerine and Engine pave the way for next-generation banking, other financial institutions may be compelled to follow suit, leading to a more dynamic and customer-focused banking landscape in Canada.
In conclusion, the partnership between Tangerine and Engine marks a pivotal moment in the evolution of digital banking in Canada, promising to deliver enhanced services and experiences for millions of clients.
