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 your account anywhere else, and there's literally zero commitment involved (unless you decide you do want to get a MogoMoney loan).
The thing is, we’re not a bank, and the MogoAccount is supposed to complement your bank account, not replace it. Well not yet, anyway. As of right now, when it launches, it's going to redefine the way people access financial products.
For example: when you sign up with Mogo, you automatically get a MogoMoney loan pre-approval decision, plus you get to see your credit score for free (paid for by us, provided by Equifax Canada), plus you’ll get a free Mogo Platinum Prepaid Visa Card when it launches. Just to name a few (awesome) things.
An all-in-one account signup
Borrowing is only one part of your MogoAccount. It’s for anyone and everyone who wants to get in financial control and achieve financial freedom—without dealing with the bank.
Sure banks have apps, but you still have to go into a bank branch, fill out paperwork, verify your identification, yada yada... Just to become a customer. Or get a product. At Mogo, you can sign up online in a few minutes and unlock access to all of our products at once. Much easier, no?
- Macully, Director of Product
“If this is so awesome, why did no one do this before?”
Because it’s annoyingly difficult. We’re ruthlessly integrating all of our financial products into one account experience, which involves a lot of planning and bringing in a plethora of banking partners and institutions... which is a pretty big undertaking and why so many banks have not done this.
Look at Macully’s experience when he tried to get a mortgage through his CIBC app recently: “I had to download another app in addition to the CIBC app I already had, then create another account, go through that whole application, and after jumping through all those hoops, none of it was tied back to my CIBC account. It’s all separated. How can I manage my financial success efficiently if I have so many accounts to keep track of with just one institution?”
All the new and shiny things
From personal experiences, friends’ stories, and anecdotes found in various articles and blog posts online, we can probably all agree that having to physically go into a bank branch is a huge waste of time. That’s why the new MogoAccount has multiple products, like your loan status and your MogoCard spending tracker, built right into it—with an interface that’s so beautiful, Snow White’s stepmother would throw a tantrum.
- Romain, lead UX/UI designer
Sign up with Mogo and you’ll be the first to experience the revamped MogoAccount when it launches in the second half of 2016!
Not ready to hook up with a free MogoAccount yet? That’s cool. Sign up for our newsletter to make sure you’re in the loop for the latest updates! (And if you have any feedback for us, we love those too—send them to firstname.lastname@example.org 🙌)