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How A Tangerine Became The Fruits Of Their Labour
Written by Rater Raiders
ING Group and Beginnings
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.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.
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.
As the bank expanded into online banking it also grew to offer Mortgages, RRSP’s, TFSA’s, GIC’s, mutual funds and a no-fee chequing account.
In November 2013, ING Direct Canada claimed over 1.8 million customers, employed almost 1,000 people and held close to $40 billion in total assets.
Acquisition by Scotiabank and Name Change
In November 2012 Scotiabank completed the acquisition of ING Direct Canada from ING Group NV, the Netherlands-based parent company of ING Direct Canada in a CAD$3.1 billion deal first announced in August 2012.
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. 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.
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’.
On November 19, 2015, Tangerine was named by Waterstone Human Capital as one of Canada’s 10 Most Admired Corporate Cultures of 2015.
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. 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.
In 2016, Tangerine began to offer a Mastercard cash back credit card which provides customers up to 2% cash back on certain purchases.
Tangerine’s banking app is available to customers through iOS, Apple Watch, Android, Wear OS Blackberry, Windows Mobile. The apps allows Tangerine customers to view their account balances, transactions, make transfers, find ABM’s 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.
