People simply aren’t saving enough, says Zag Bank.
The Calgary startup, launched last year, is encouraging Canadians to save for the long-term by making the act of setting money aside a convenient part of everyday life.
“Recent reports have revealed that Canadians aren’t saving enough for retirement and other financial goals,” says David Raju, President and CEO of Zag. “We took a close look at some of the barriers that can stand in people’s way and designed a bank that breaks down those barriers.”
A report published by the CD Howe Institute in June 2015 indicated a steady decline in RRSP contributions since the mid-1990s. Zag’s offering is built around making saving as easy and rewarding as possible.
All banking is done through a secure mobile app and online banking portal. Automatic contributions and customized notifications for account balances and transactions can also be set up and adjusted easily. Client service is delivered online via secure online chat.
“Banking should fit conveniently within people’s fast-paced lifestyles,” says Raju. “Zag puts the entire experience at the individual’s fingertips so they can bank on the go.”