+10%
Document Verification
Completion Rate
Increase
89%
Document
Verification Rate
+3%
Overall Onboarding
Conversion Rate
Increase
Trulioo — Case Study
The
Results
About EQ Bank
Equitable Bank has a clear mission to drive
change in Canadian banking to enrich people’s
lives. As Canada’s Challenger Bank™ and
seventh largest bank by assets, it leverages
technology to deliver exceptional personal and
commercial banking experiences and services
to nearly 700,000 customers and more than
six million credit union members through its
businesses. It is a wholly owned subsidiary of
EQB Inc. (TSX: EQB), a leading digital financial
services company with $127 billion in combined
assets under management and administration
(as at October 31, 2024). Through its digital EQ
Bank platform (eqbank.ca), its customers have
named it one of the top banks in Canada on the
Forbes World’s Best Banks list since 2021.
The document verification success
EQ Bank found after the Super Bowl
has continued. Trulioo and EQ Bank
have conducted ongoing improvements
through Workflow Studio that have led
to strong early results.
“That overall conversion rate is really notable to us,”
Alhade said. “Every inch that we can get in making it
easier for people to complete the process of signing up
for EQ Bank is a huge win.”
EQ Bank needed a proactive vendor that could work
with what the bank had and where it was going, he
said, and that collaboration will continue. EQ Bank
is exploring more document verification features
and other Trulioo services that can strengthen the
user experience, fraud protection and Anti-Money
Laundering practices.
“As we continue to see the digital banking landscape
grow, it’s nonnegotiable that we show up with
accessible, easy-to-understand and secure methods
for customers to transact with us,” Alhade said.
“We’re here to guide our customers into a future that
is all digital, but where information safety remains
paramount. Technology vendors like Trulioo have
helped make this future a reality today.”