Meridian's first-in-kind digital banking service wins national award for innovation that saves shoppers money

Meridian and motusbank members with Price Drop save an average of $22 per deal

TORONTO, June 18, 2020 /CNW/ - Meridian received national recognition today for being ahead of the digital curve with a product innovation that saves time, hassle and real dollars for shoppers, including the growing number of Canadians who have been gravitating online for their purchases.

Meridian is the recipient of the 2020 Canadian Credit Union Association (CCUA) Innovation Award for Price Drop. The free service automates the traditionally time-consuming process of price matching for retail purchases by following three easy steps.

"Being recognized by our industry peers for another digital first makes us proud," said Bill Maurin, President & CEO, Meridian. "Price Drop is an exceptionally exciting innovation because it widens our capacity to deliver banking products to Canadians with a free, no-strings-attached value add service that simplifies the price shopping experience for our Members and puts real money back in their pockets. This is just one more example of how we deliver a differentiated banking experience."

Price Drop is available – with no obligation or cost – to new and existing Meridian and motusbank members across Canada by simply downloading the mobile banking app they use and opting in for the service. Meridian's winning mobile app service is fully designed in-house from the ground-up with its back-end powered by the Winnipeg-based fintech PriceRazzi.

Since launching the program:

• One in six mobile users subscribed to Price Drop in only 6 months, the highest adoption of any Meridian optional digital service
• 20,000+ receipts processed to date
• 550 items currently being monitored at any given time
• $22 is the average amount of savings per deal
• 200+ deals have saved shoppers at least $100, with some getting over $500 back on big screen TVs, furniture, laptops and appliances

"COVID-19 has accelerated the shift to online shopping as consumers buy more home and health products, at a time when they are more cost conscious than ever," said Dave Baldarelli, Chief Digital Officer, Meridian and COO, motusbank. "We're especially happy that we have been able to offer this free value-add feature that saves money and time but also helps to manage stress and anxiety in the every-day lives of Canadians during these tough times."

To learn more about Price Drop and find out how to save dollars, visit motusbank or Meridian.

About Meridian:
With more than 75 years of banking history, Meridian is Ontario's largest credit union and the second largest in Canada, helping to grow the lives of 370,000 Members and customers. Meridian has $24.4 billion in assets under management (as at March 31, 2020) and delivers a full range of financial services online, by phone, by mobile and through a network of 92 branches across Ontario, and business banking services in 15 locations. Meridian Members also have access to THE EXCHANGE^® Network, with 3,700 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: www.meridiancu.ca, follow us on Twitter @MeridianCU or see our Facebook site.

SOURCE Meridian Credit Union

Media Contact: Teresa Pagnutti, Senior Manager, Public Relations, Meridian, 416-597-4444 Ext. 2667