Tangerine Bank

Tangerine Bank
Tangerine
Formerly called
 ING Direct Canada
(1997–2012)
Subsidiary
Industry Financial services
Founded 1997 (as ING Bank of Canada)[1]
Headquarters Toronto, Ontario, Canada
Key people
 Brenda Rideout (CEO)
Number of employees
 969 (2013)[2]
Parent Scotiabank
Subsidiaries Tangerine Investment Funds
Website tangerine.ca

Tangerine Bank, operating as Tangerine, is a Canadian direct bank and a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GIC), mortgages, and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), or Registered Retirement Income Fund (RRIF).[3]

Founded by ING Group in 1997 as ING Direct Canada, the bank was acquired by Scotiabank in 2012.[4] The new name for the bank was revealed in November 2013, and was rolled out beginning in April 2014.[5]

History

The predecessor of Tangerine, ING Bank of Canada (operating as ING Direct) was founded in April 1997 and operated as a telephone banking service offering savings accounts.[6] It was the first test market for ING Group's direct banking business model, where the aim was to offer more favourable rates to customers by avoiding the costs of running a network of branches.[7]

Operating without traditional bank branches, ING Direct Canada instead opened a small network of ING Direct Cafes, for its face-to-face contact points. The first café opened in Toronto in 1997, with a further three opening in Vancouver, Montreal and Calgary, as well a second Toronto location.[8]

As the bank expanded into online banking it also grew to offer mortgages, RRSPs, TFSAs, GICs, mutual funds and a no-fee chequing account.[9]

In November 2013, ING Direct Canada claimed over 1.8 million customers, employed almost 1,000 people[10] and held close to $40 billion in total assets.[5]

Acquisition by Scotiabank and name change

In November 2012 Scotiabank completed the acquisition of ING Direct Canada from ING Groep NV,[11] the Netherlands-based parent company of ING Direct Canada in a CAD$3.1 billion deal first announced in August 2012.[4]

As part of the terms of the deal the bank was required to change its name from ING Direct before May 2014.

On November 5, 2013 ING Direct Canada revealed that its name would be changed to Tangerine in early 2014.[5] The bank stated that the name change was the culmination of a year-long consultation process involving more than 10,000 people in qualitative and quantitative research.[12]

Tangerine continues to use the 'Forward Banking' tagline used by ING Direct Canada from 2012 onwards. Prior to 2012 ING Direct Canada had used the tagline 'Save Your Money'.[13]

On November 19, 2015, Tangerine was named one of Canada's 10 Most Admired Corporate Cultures of 2015.[14]

Products and services

Tangerine offers the same services that had been provided by ING Direct Canada, namely, savings accounts, a chequing account, mutual funds and mortgages.[15] Tangerine's mutual funds (marketed as "portfolios") are based on an indexing strategy, each tracking a weighted combination of three or four equity and/or bond indices.[16]

In 2016 Tangerine began to offer a MasterCard cash back credit card.[17]

Tangerine offers customers iOS, Apple Watch, Android, Blackberry and Windows Mobile apps.[18] The apps allows members to see account balances, transactions, make transfers, find ABMs and deposit cheques by taking a picture.

As a result of the Scotiabank acquisition, Scotiabank ABMs and those of other banks in the Global ATM Alliance became free for customers to use in June 2014. Tangerine then withdrew from The Exchange, its previous network of no-charge ABMs, as of September 28, 2014.[19]

References

  1. ↑ Robert D. Klassen; Larry J. Menor (2006). Cases in Operations Management: Building Customer Value Through World-Class Operations. SAGE Publications. pp. 69–. ISBN 978-1-4129-1371-3.
  2. ↑ ING DIRECT Public Accountability Statement 2013 (PDF), ING Direct Canada, retrieved September 9, 2014
  3. ↑ "Home: Tangerine". Tangerine Bank. Retrieved 18 February 2017.
  4. 1 2 "Bank of Nova Scotia snares ING for $3.1-billion". Globe and Mail.
  5. 1 2 3 "ING DIRECT to change its name to Tangerine". Newswire.
  6. ↑ "Our History". ING. Retrieved March 5, 2014.
  7. ↑ "ING Direct scrambles to reinvent itself". Macleans.
  8. ↑ "ING DIRECT Cafés". ING. Retrieved March 5, 2014.
  9. ↑ ING Group#ING Direct Canada
  10. ↑ "We have a new name!". ING. Retrieved March 5, 2014.
  11. ↑ "Scotiabank Completes the Acquisition of ING DIRECT Canada". Scotiabank.
  12. ↑ "ING Direct renames itself Tangerine". Financial Post.
  13. ↑ "ING DIRECT introduces Canadians to forward banking". press release.
  14. ↑ "Tangerine Named One of Canada's 10 Most Admired Corporate Cultures". News Release. CNW Newswire. 19 November 2015. Retrieved November 2015. Check date values in: |access-date= (help)
  15. ↑ "Tangerine". Tangerine.
  16. ↑ "Tangerine Investment Funds". Tangerine Bank. Retrieved 18 February 2017.
  17. ↑ "Tangerine Money-Back Credit Card". Tangerine.
  18. ↑ "Mobile Banking". Tangerine.
  19. ↑ "ABMs". Tangerine Bank. Retrieved 2014-04-08.
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