Coming soon: the future of banking (and Mogo)

If you’ve ever wondered, “Why does being a grownup and dealing with finances suck?", well, so have we. When our CEO Dave came out of university, he went through the same credit card issues that most of us do: overspending on credit cards, racking up debt, the usual. On top of that, the process of actually getting set up with a bank account and credit was long, painful, and tedious—and he had to wait like a week for a response. It wasn’t fun. In fact it was so not fun that it ignited a desire to create not just a better borrowing experience, but also a better financial experience that's fun and engaging. That’s how the idea of the new MogoAccount was born. Take a look and peer into the future of Mogo—and see where banking's headed. Think of this new all-in-one account as a type of bank account for Canadians with a specific need to get in control of their finances. Now you may be wondering a few things about this “MogoAccount” thing, such as: "Why would I need a MogoAccount?" Why wouldn't you want one? You can't get the stuff that comes with

5 ways to make sure money doesn’t ruin your marriage

Our Financial Fitness Coach, Chantel, just wrote an article on the Ottawa Wedding Journal about how to keep it together with your boo while navigating your finances. Check out her 5 Marriage & Money tips: Sorry to break it to you, but when it comes to money honey, you’ve got to bring a business mindset to your marriage. Money issues can be a major reason why marriages fall apart. Like businesses, actually. So while you’re still in the honeymoon phase (aka. when the waters are calm and things are going awesome), you need to lay out a solid plan for how you’re going to handle your finances. The Plan Image by giphy.com 1. Self assess your money situation. Do a credit check on yourself and look into your report in detail to get an idea of where you stand. Identify any issues you’re having and make a plan to pay them back so you’re not bringing them into the relationship. Lead by example. Image by im-hoplessly-devoted.tumblr.com 2. Have an open discussion with your partner about your current financial situation. Have an understanding of each other goals and make sure you’re on

Meet Steven Kerr: VP Credit Risk and Collections

Technology and data are at the heart of what we do here at Mogo, but what exactly does our Credit Risk team do with all that data? Well, there are a few things, but one of the big uses for the data is to create effective rules for our pre-approval system—this helps make our MogoMoney loans accessible while making sure that we lend in a socially responsible way. Meet Steven, our go-to rulemaker and VP of Credit Risk and Collections. Hey S. Could you start off by giving us a quick overview of how Mogo uses tech and data to make credit approval decisions? Steven: So in addition to traditional credit data, we look at a ton of other non-traditional factors when determining MogoMoney offers. Using the technology platform that we created, we can come up with models and strategies for fraud detection, credit adjudication, and income verification. Just to name a few. Which is not only good for business, but also makes sure that our automated loan decisions are tailored to each customer because we’re not just looking at their credit score. Would that be accurate? Steven: Yes, I’d say that we have an obsessive approach

Surprise! Millennials are the #1 fraud victims

You’re more likely to be a victim of fraud than your grandma. According to the Financial Post, “50% of suspect and highly suspect credit application frauds in Canada in 2015 were against Millennials or Generation Y… regarded as anywhere from age 16 to 36.” That’s crazy. Millennials are supposed to be the ones who are on top of technology and know things. (On the other hand, people born before 1944 comprised only 3% of these suspected frauds.) How to protect yourself from fraud Don’t put your real birthdate on Facebook. Fraudsters can start credit applications under your name—sometimes they only need your name, birthday, and address! You can still say your actual birthday because who wants to miss out on all the bday love (obvs) on your wall?? But to prevent someone from getting all of my personal info, I deliberately put the wrong birth-year (1976). CLEARLY I don’t look a day older than 21. But the fraudsters don’t know this lol. Make sure you read before you provide info in apps. For example, like before you buy a filter on a photo app. Sometimes, “in-app purchases” are just a scam to get your

The Gamification of FinTech

Playing tennis on your Wii U is fun, sure. Addictive, even. But what if we could use the powers of gaming for good? That’s what our team is working hard at every day: dreaming up new ways to make it fun to be smart with your money. It’s a tough one—we know from personal experience. Using game design techniques to instill positive behaviours in consumers, we’re taking a creative approach to social responsibility in finances. Keeping track of finances isn’t a chore anymore; it’s now a fun experience that gets people excited to see how they’re doing. Does your bank do this? PROBABLY NOT. Meet Rob Let us introduce you to Rob. Before joining Mogo’s product design team, Rob was Executive Producer at DeNa, one of the largest mobile and social gaming companies in Japan. Here’s Rob explaining how gaming works to get you financially fit: In the Mogo experience, we’re creating multiple positive feedback loops, which allow us to effect positive change by rewarding the user for financially healthy decisions. We’re giving the user the real benefit of saving money—it’s a game with real-world value. -

Why design matters in financial services

Financial services have been around for hundreds of years, but they haven’t really changed all that much. The banking industry, both in terms of design or function, has remained relatively static. Hey, it’s understandable when your roots run deep in tradition. That’s the thing. We’re not a bank—by design. And it’s not just a play on words that we decided sounds nice; we’re actually consciously using design and psychology to make it fun to be financially responsible. (Because let’s be real, “financial responsibility” sounds anything BUT fun.) While we do offer some things you can get at a bank, we’re definitely not your granddad’s bank. Basically, yeah, designing holistic experiences that are beautiful, functional, and inspiring is a huge part of what we do, but what we’re really after is the best way to get Canadians financially fit. It just so happens that design’s a pretty effective way of doing it. The design of financial fitness Designing the brand We designed the brand mark using geometric lines and shapes to create something that’s simple, yet has character and impact. It’s shaped to communicate our fresh and

The adulting tip that's kept Shaq's baller status in check since '92

Heads up, exciting stuff coming your way. Our Financial Fitness Coach, Chantel, is going to be doing a new series that’s all about financial literacy called #AskAnAdult. In her first video, Chantel get's some adulting tips straight from ballers, vloggers, and other VIPs at the Maxim NBA All Star Weekend party. Some of the Cameos: Shaq—it's Shaq Terrence Ross, Toronto Raptor Danny Garcia, WBC Welterweight Champion Boxer Nicole Arbour, YouTuber Bianca, Kastor + Pollux Tom Liston, Executive VP of Difference Capital Watch the video now Sign up for our email newsletter to be the first to know about cool artist collabs and to get financial tips delivered to your inbox! SIGN ME UP

What's a credit score? (And its everyday uses)

Well, first let’s talk about what a credit report is. Your credit report shows your history of borrowing and details on any loans you’ve taken out, as well as other info like how many times you get your credit checked and how close you are to maxing out your balance. Oh yeah, and if you’ve been avoiding those parking tickets or your phone bill from 2011, those get written up in your report too. The score is calculated based on secret algorithms using all the above—and more. It can be a measure of risk for lenders who are thinking about whether they want to offer you credit. Generally, they look at your credit score to judge whether you’d be prone to doing things like not paying your bills on time, maxing out your credit cards, etc. etc. But, if you don’t ever use credit, that could also lower your score as you’re not showing that you’re capable of managing credit like a grownup. Canadians’ credit scores Who’s looking at my credit score? Lenders and Financial Institutions Lenders and financial institutions rely on a credit score and report to determine if you’

200,000 MogoMembers down, 800,000 to go.

Well, we did it. We hit 200,000 MogoMembers! Say hello to the country's biggest digital financial platform. As leaders of the FinTech revolution in Canada, this is pretty awesome. Tech is getting bigger and bigger (just look at Uber and Airbnb), and it’s clearer than ever that the traditional way of banking is being left far behind. Last year, McKinsey released a report saying that banks could lose up to 60% of their retail profits to tech startups—oh hey, that’s us—over the next nine years. That being said, this is a huge milestone for not just Mogo, but also FinTech in Canada. The reality is, there hasn’t been a real challenger to the Big 6 banks in Canada since ING Direct—which is now Tangerine and actually owned by one of the Big 6. David Feller, CEO ING Direct was an online bank that grew to over 1.8 million customers and eventually sold to Scotiabank in 2012 for $3.1 billion. So yeah. 200,000 members is pretty big. To put it all into perspective, that’s almost as many members as people who are with Meridian (the largest credit union in Ontario

The MogoLounge: FinTech's getting physical in Toronto

Last time, we told you a bit about the beautiful-striking-gorgeous design of the new MogoLounge on 797 Queen Street West in Toronto. This week, we’re going to share some of our big plans for this rad new space. Mogo HQ, if you will. Get the 360° Mogo experience Of course, you’ll find the usual day-to-day stuff: our Toronto team will be here to walk you through how our unique MogoMoney personal loans work and chat about how to improve your credit score—come by to get your questions answered! And of course, if you feel inspired to create your MogoAccount or want to get on the list to be first in line for the new MogoCards, you can do that here too. Your new home for finance and fun Not only will the new MogoLounge be your home for financial education and a lab for experimenting with and testing new user-experience ideas, it will also be a hub of art and fashion. From pop-up shows to launch parties and shows, we’ll be collaborating with cool brands and creators like Toronto’s very own Kastor & Pollux to throw Instagram-worthy events. The New Third Place People love hanging