Dis­rupt­ing Fi­nan­cial Ser­vices: An In­ter­view with Peter Aceto

An In­ter­view with Peter Aceto

Rotman Management Magazine - - NEWS - by Francesco Bova

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

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