Tangerine Bank

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Tangerine Bank
Tangerine
FormerlyING Direct Canada
(1997–2012)
TypeSubsidiary
IndustryFinancial services
Founded1997 (as ING Bank of Canada)[1]
Headquarters3389 Steeles Avenue East, ,
Canada
Key people
Gillian Riley (CEO)
Number of employees
969 (2013)[2]
ParentScotiabank
SubsidiariesTangerine Investment Funds
Websitetangerine.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 on April 27, 1997 as ING Direct Canada, the bank was acquired by Scotiabank in November 2012.[4] The new name for the bank was revealed in November 2013, and Tangerine was rolled out beginning in April 2014.[5]

Although now wholly owned by Scotiabank, it remains a separate legal entity and thus retains its separate Institution Number 614, with all accounts being under a single transit number, 00152.[6]

History[edit]

The predecessor of Tangerine, ING Bank of Canada (which operated as ING Direct) was founded in April 1997 and operated as a telephone banking service offering savings accounts.[7] 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.[8] Dutch actor Frederik de Groot served as the company's spokesperson in ING Direct Canada television commercials.

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[edit]

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 by Waterstone Human Capital as one of Canada's 10 Most Admired Corporate Cultures of 2015.[14]

Products and services[edit]

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 which provides customers up to 2% cash back on certain purchases.[17]

Tangerine's banking app is available to customers through iOS, Android, Blackberry and Windows Mobile. Support was also available for Wear OS and Apple Watch, but was discontinued on February 29, 2020.[18] The apps allows Tangerine customers to view their 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. As of September 28, 2014, Tangerine withdrew from The Exchange, its previous network of no-charge ABMs.[19]

Locations[edit]

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.[20] The rebranded Tangerine continued to operate these cafés under Scotiabank ownership. From time to time, the bank also opened temporary pop-up locations to help promote their products.[21]

In its 2020 public accountability statement published in early 2021, Tangerine announced that it had decided to permanently close all of its cafés except for the Toronto North café located within its head office. All locations had been closed temporarily throughout the COVID-19 pandemic.[22]

See also[edit]

References[edit]

  1. ^ Robert D. Klassen; Larry J. Menor (1902). 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. ^ a b "Bank of Nova Scotia snares ING for $3.1-billion". Globe and Mail.
  5. ^ a b c "ING DIRECT to change its name to Tangerine". Newswire.
  6. ^ "Contact Us". Tangerine.ca. Retrieved March 12, 2021. CS1 maint: discouraged parameter (link)
  7. ^ "Our History". ING. Archived from the original on December 2, 2013. Retrieved March 5, 2014.
  8. ^ "ING Direct scrambles to reinvent itself". Macleans.
  9. ^ ING Group#ING Direct Canada
  10. ^ "We have a new name!". ING. Archived from the original on November 12, 2013. 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 21, 2015.
  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.
  20. ^ "ING DIRECT Cafés". ING. Archived from the original on March 3, 2014. Retrieved March 5, 2014.
  21. ^ Arellano, Nestor E. (April 17, 2015). "Tangerine cloud banking pops up in unexpected location". IT World Canada. Retrieved March 12, 2021. CS1 maint: discouraged parameter (link)
  22. ^ "Tangerine Public Accountability Statement 2020" (PDF). Tangerine Bank. Archived from the original (PDF) on March 9, 2021. Retrieved March 12, 2021. CS1 maint: discouraged parameter (link)

External links[edit]