Neo Financial is relatively new to the credit card scene, but they are trying to make some noise. Today, we have a special guest, Andrew Chau, the co-founder and CEO of Neo Financial took the time to answer some of our questions. Thank you so much for taking time out of your busy schedule Andrew, keep up the good work!
1) Please tell us about yourself and your role with Neo Financial.
Hello I’m Andrew Chau, co-founder and CEO of Neo Financial.
For me, Neo was born from a place where all of my interactions with traditional Canadian banks came together and left such a glaring gap where we could use technology to disrupt and improve the inner workings of the industry. Whether it was having to wait in line at a branch, not being able to open an account online, or being kept on hold just to be bounced back and forth between different departments, all of these issues can be drastically improved by technology.
Building Neo in Canada is also really important to us. As a Canadian, when we look at the major sources of consumer tech being used today – Amazon, Uber, Netflix, etc. these are all American companies opening up subsidiaries in Canada versus a true Canadian born technology company. We need to bring more tech to the prairies and pave the way for more innovation and disruption in Canada.
2) Neo Financial offers an unconventional cash back MasterCard with optional monthly fees, what is the intention behind this?
Neo financial is a FinTech company that is really re-imagining the banking experience and the way Canadians spend and save. Our goal with creating a community of cashback is to give anywhere from local partners up to national brands a platform to reward their customers for spending with them. On the consumer side, they gain access to 5,000+ loyalty programs all rolled up into one credit card.
Recognizing that there is no “one-size-fits-all” rewards program, our technology also helps to analyze consumer behavior and recommends the right monthly plan that will tailor the rewards to their spending habits to ensure they are receiving the most value from the plan they are on.
We also understand that each Canadian approaches their finances differently, so we are given them the flexibility to choose from our monthly plans according to their needs. They are not tied to any plan and they can choose to go back to the standard if they want to.
Apply here: Neo Card
3) Neo Financial is now offering a new Neo Secured Card, what triggered this decision?
We believe that everyone should have access to a card that lets them build credit and get rewarded at the same time. Existing cards all had limited to no rewards and usually had monthly fees. We wanted to change that and offer every Canadian, regardless of their credit history, value from their financial products.
Apply here: Neo Secured Card
4) What can we look forward to with Neo Financial?
We have exciting net new products in the pipeline, and innovations on our current offerings being developed daily. We are also in beta testing for our investments and mortgage services which we will be looking to launch externally soon. With the ultimate goal of being a one-stop shop for Canadians financial service needs.
5) Any closing thoughts?
Neo is really about re-imagining and rebuilding the banking experience from the ground up; we are taking a technology first approach to a very historical industry. This enables us to provide Canadians with a better banking experience that is more aligned with the digital-heavy lifestyles that the majority of Canadians lead.