New free digital banking service puts dollars back in the pockets of Canadian shoppers

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Just in time for the holiday season, Price Drop is rolling out across the country for new and existing motusbank and Meridian Members. Price Drop promises to put real dollars back in the pockets of Canadian shoppers by automating the traditionally time-consuming process of price matching for retail purchases. The free digital banking service is the first of its kind offered by a financial institution.

“We’re excited by how easy and convenient it is to use Price Drop, not to mention the savings it offers, especially at a time of year when shoppers are looking for the best deals,” says David Baldarelli, COO of motusbank and SVP of Digital Banking & Analytics at Meridian. “We’re especially delighted that we can now extend this free value-add feature to more Canadians to offer a solution that eliminates stress and hassle in their every-day lives.”

While 150 of the top retail chains in Canada offer price matching, research shows that only five to eight per cent of shoppers take advantage of these price-matching guarantees. Many shoppers don’t know they exist while others are put off by the legwork involved in price-matching manually, on their own.

HOW PRICE DROP WORKS

The Price Drop feature is available – with no obligation or cost – to new and existing motusbank and Meridian Members by simply downloading the mobile banking app they use and opting in for the service. Price Drop automates the process in three easy steps:

  • After making a purchase, users simply snap a photo of the receipt of the item (if bought in-store) or obtain the digital receipt (if bought on-line) and send to Price Drop via email;
  • Price Drop then searches for better prices on electronics, furniture, toys, apparel, and other eligible items from price-matching retailers;
  • Price Drop will send an email or in-app notification if it finds a better price. It will also provide proof required to claim the difference in cost from the retailer.

There is no limit to the number of receipts that can be submitted or refunds received.

PROVEN PRICE DROP SAVINGS

We worked with Winnipeg-based fintech company PriceRazzi in helping to develop and test the digital service. More than 2000 Price Drop users participated in the successful pilot phase, revealing that:

  • 52% of people who submitted eligible receipts saved money through Price Drop
  • 23% of users who saved money by using Price Drop saved 30% or more on their purchase
  • Savings ranged from $2 – $500 for purchases for small household products to big screen TVs
  • The average saving per purchase through Price Drop was $25

“Consumers never have to waste another second searching for lower prices again,” says Baldarelli. “We invite all Canadians to have a chance to save money and experience the fresh approach to banking we make available to Members. We see the introduction of this service as yet another example of how we constantly focus on helping Canadians live simpler, easier lives.”

To learn more about this value-add feature and find out how to save dollars, visit motusbank or Meridian.

 

SOURCE Meridian Credit Union

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