Personal Finance

Laurentian Bank revamped public website and online banking platform inching closer to public launch

  • Last Updated:
  • Sep 14th, 2019 12:37 am
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Laurentian Bank revamped public website and online banking platform inching closer to public launch

As has been noted and discussed here, Laurentian Bank is in the process of becoming the largest Canadian financial institutions (by assets) to completely migrate not only their core banking system but their online banking platform as well. Previously, Canadian Western Bank was the largest Canadian bank to ever undertake this. They've migrated much of their Commercial Banking book of business already and have migrated B2B Bank customers, for which they're finalizing and going through some near-term migration pains. Laurentian's CEO has said they expect to be operating only one core banking system by the end of 2020, so they still have a ways to go.

Nevertheless, Laurentian's public website and online banking platform has inched closer to a public refresh. Notably, their main page has now been updated to a splash page, with direct links to their Personal Banking, Commercial Banking, and Corporate Information respective websites. At the same time, they've also figured prominently a YouTube video they unveiled at the end of March 2019. Included at :48 is a preview of that that public website and online banking system will look like.

https://www.laurentianbank.ca/en/

By year end, or early in 2020, I expect "go live" to occur and Laurentian to launch their no-fee chequing and HISA account that largely mirrors B2B Bank's digital offer.

Cheers,
Doug

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B2B is own by Laurentian Bank, right?
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cgtlky wrote:
Sep 13th, 2019 6:34 pm
B2B is own by Laurentian Bank, right?
True that. Even their logos are almost the same.
However, Laurentian is Quebec-based and B2B is Toronto-based.

I'm unsure how it will run, perhaps a CWB/Motive Financial type. And/or CIBC/Simplii Financial
Even Scotiabank/Tangerine bank model.
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dekvitaly wrote:
Sep 13th, 2019 6:47 pm
True that. Even their logos are almost the same.
However, Laurentian is Quebec-based and B2B is Toronto-based.

I'm unsure how it will run, perhaps a CWB/Motive Financial type. And/or CIBC/Simplii Financial
Even Scotiabank/Tangerine bank model.
Thanks, @dekvitaly, that's right. @cgtlky and @dekvitaly, B2B Bank would be considered to be operating under the Scotiabank/Tangerine model in that both are separate chartered banks (one a subsidiary) and separate CDIC members with different deposit insurance limits. They'll have separate management teams, but will be more tightly integrated vis-a-vis product strategy and marketing; sort of like an HSBC Bank Canada/HSBC Trust Co./HSBC Mortgage Corp. strategy. ;)

I suspect eventually B2B Bank direct-to-consumer customers will be able to open GICs and/or HISAs under both B2B Bank and B2B Trustco issuers, each coded slightly differently. Similarly, Laurentian Bank customers will likely be able to open GICs under both Laurentian Bank and Laurentian Trust, etc.

Doesn't really matter that one is Quebec-based or Toronto-based, unless you're one of those purists who believes the bank will require your will to be separately probated according to where your account is domiciled. Most banks don't require separate probate - they will honour wills probated in the court of the province in which the deceased expired. :)

Cheers,
Doug
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dekvitaly wrote:
Sep 13th, 2019 6:47 pm
True that. Even their logos are almost the same.
However, Laurentian is Quebec-based and B2B is Toronto-based.

I'm unsure how it will run, perhaps a CWB/Motive Financial type. And/or CIBC/Simplii Financial
Even Scotiabank/Tangerine bank model.
I suspect that it will be Quebec only for LBC and B2B for the rest of Canada.
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Here2day2 wrote:
Sep 14th, 2019 12:33 am
I suspect that it will be Quebec only for LBC and B2B for the rest of Canada.
I don't think so, @Here2day2. That's not what the CEO indicated in the AGM presentation earlier this year. The plan is to go to market with a digital, direct-to-consumer offer under Laurentian Bank across Canada.

Cheers,
Doug

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