As we wrap up an event-filled year, I wanted to spend some time reflecting on the past year and answer one of the most frequently asked questions I get: why should I choose Neo?
I’ve always wanted to answer that question with a single feature or product that resolves everyone’s problems, but I’ve realized that the needs and financial situations of Canadians vary greatly. What works for one, might not work for another.
The common denominator for Canadians is straightforward: how do we save Canadians more time and more money, all while providing a smarter, simpler financial experience? How do we create the most rewarding financial experience?
We’ve spent our existence working towards that mission, building products and features from the ground up. Today, I’ll highlight a few of those from this year, and what’s next in 2025!
Building a rewarding experience.
This year has been about creating a rewarding experience — where success is not just about us; but more importantly our customers are winning - through saving time and putting more money in their pocket.
1. Saving you time and ensuring things just work
Signing up for a Neo product has never been easier - it’s a fully digital experience - no need to visit a branch to open an account, change your card pin, or even sign up for a mortgage. This week, we published our 2024 Canadian Holiday Affordability Report and discovered that 55% of Canadians would rather shovel snow after a storm than visit their bank for an appointment or transaction, and 76% would prefer to do household chores over a bank visit for an appointment or transaction.
So, how are we creating a rewarding customer experience without physically visiting us in a store? For starters, we don’t do “scheduled maintenance” periods where you may lose access to your account for days. We believe that customers should have 24/7 access to your money - and that’s available to you via our mobile app or web.
Also, we take the stewardship of your financials as a serious accountability of ours; meaning, our systems and processes are hardened to provide a seamless experience. We’ve done a few things this past year to continue to deliver on that:
- Resolve purchase disputes directly in the app
- <2 minute average response time from our support (vs 5 minutes last year)
- Ability to request credit limit increases in app
- SMS you instantly if a transaction seems fishy or suspicious
After spending the year listening to our customers through online channels and our new community, we know there are still things that we need to build - and we’re on it.
2. More money in your pocket
The Neo Cashback Network
Our cashback network started with 200 merchants, predominantly in Calgary and Winnipeg. Today, that same merchant network stands at over 10,000 merchants coast to coast. With ~30% of Canadians looking to spend less this year during the holidays due to pressures from inflation, we’re continuously adding to this network to give even more back to Canadians. If you’re wondering which retailers participate, you can see the network before you apply for a card or account with Neo.
Some of my personal key cashback highlights from this year include:
- 15% off at Amato Gelato (local Calgary)
- 9% from The Keg
- 6% at Jugo Juice
- 4% from Mr. Lube for my oil changes
- 4% from the Telus Spark Science Centre
Our New Cashback Credit Cards
Another way we’ve been giving back more is through our new cashback cards. If you’re a no-annual fee kind of person, the Neo World card gives you 2% on groceries, gas, and recurring payments and 0.5% everywhere else. If you’re a high-spender, the Neo World Elite card gives you 5% on groceries, 3% on gas, 4% on recurring payments, and 1% everywhere else.
Our Always-On HISA
We’ll continue to offer one of the market-leading high-interest savings accounts (today at 3%, no minimum balance). Although we might not be at the top of the market with 3-month promotions, we’ll continue to be 20-30x higher than the big banks because we all know promotions don’t last, and the customer never benefits in the long term.
The HISA is one of my favourite Neo products. Unlike other savings accounts, where all the funds are lumped into one account, with Neo, you can have up to 10 separate accounts and name them whatever you’d like. Here are a few that I’ve created: general savings, future vacations, kids savings, emergency fund, and a few other fun ones, with goals set for each and automatic savings into each as well.
So, why should someone choose Neo? Being a Neo customer means being on the right side of innovation, increasing competition in Canada, and receiving the rewarding customer experience you deserve as a customer, not accepting the bare minimum.
What’s next in 2025?
We couldn’t have accomplished so much in 2024 without our team's hard work and dedication. We were named the #1 fastest-growing company by The Globe and Mail and the #1 spot on Deloitte's Fast 50. None of this would have been possible without our amazing team.
We’ll be listening even more intently to our customers on how we can improve their financial experience.
Here’s a sneak peek of what you can look forward to this upcoming year to make your finances even more rewarding:
- Joint accounts
- TFSAs (earn that interest tax-free), RRSPs, FHSAs (first home savings account)
- GICs
- Mobile cheque deposit (because there’s still someone who gives you that paper cheque)
- Wires and international money movement
- Ways to access more credit
- Supplementary cards
- Expanded mortgage offerings
- Status program and benefits
While we’re proud of what we’ve accomplished so far, it’s actually the boundless potential of what we’re building that keeps us going – we’re not stopping anytime soon. Let’s build the most rewarding financial experience together - so please keep sending your feedback to us.
Cheers to the new year!
- Andrew Chau
CEO and Co-founder
