Disrupting Financial Services: An Interview with Peter Aceto
An Interview with Peter Aceto
The CEO of Tangerine tells Rotman Professor Francesco Bova how he harnessed diversity of thought to give the big banks a run for their money.
The CEO of Tangerine (formerly ING Direct Canada) tells Rotman Accounting Professor Francesco Bova how he leveraged diversity of thought to give the big banks a run for their money.
in a market like that, you really have to know what people love about their banks — and what they don’t love about their banks. If you’re going to make an impression, you have to offer something totally different. The way our business was created, culture came first: the only way to be different was to be different on the inside. We considered that in everything we did — including who we hired.
We have behaved differently from the start, right down to the fact that our people don’t have offices, and we generally don’t hire people from the banking community. As we have evolved and our competitors have attempted to match what’s different about us, we have had to continue to differentiate ourselves.
One early innovation was, you made it much easier to transfer money from another bank to Tangerine. Did ideas like that come from your employees, or were they dreamed up at the executive level?
I was just having this discussion with my team the other day. We were reflecting on some of the risks we took that really paid off, and we literally could not remember whose ideas they were! That is actually really great news. I find most business people only