Meridian's money-saving, time-saving service first to be offered by a financial institution in Canada
TORONTO, Dec. 12, 2018 /CNW/ - In a victory for price conscious consumers, Meridian has announced the pilot launch of 'Price Drop' – a free service that automates the traditionally time-consuming process of price matching, promising to put real dollars back in the pockets of thousands of Members.
While 75 of the top retail chains in Canada all offer price matching, research shows that only between five and eight per cent of shoppers actually take advantage of these price matching policies. The biggest reasons for those low numbers? Well, it comes down to the time and effort typically involved in price matching, along with a general lack of awareness of lower prices being offered subsequent to a purchase.
With Price Drop, Meridian has automated the process. After making your purchase, either in-store or online, simply snap a photo of your receipt using the Meridian mobile app or submit your receipt by email. Meridian will then search for price drops on any of the items you've purchased. If Meridian finds a better price, we'll notify you by email or via an in-app notification and automatically claim the refund or share the proof you need to claim the difference in cost from the retailer.
Price Drop is the first of its kind to be offered by a Canadian financial institution. It is free-of-charge for Meridian Members and there is no limit to the number of receipts that can be submitted or refunds received.
"Meridian is scoring one for our Members with Price Drop," says David Baldarelli, SVP of Digital Banking & Analytics at Meridian. "We've automated something that has been a time-consuming and labour intensive task for shoppers – scouring flyers and websites looking for price drops on a long list of items after being purchased. Consumers never have to waste another second searching for lower prices again."
Meridian partnered with Winnipeg-based fintech company Pricerazzi in order to bring Price Drop to its Members. "We are honoured to be working with Meridian to provide an offering like Price Drop, which goes above and beyond traditional banking services in helping to improve their Members' well-being," says Declan McDonald, founder of Pricerazzi. "Price Drop also helps reinforce Meridian's reputation as a leader in banking innovation."
In a recent survey of 1,500 Meridian Members, 82 per cent said they'd be interested in trying a price matching service. "We see the introduction of this service as yet another example of Meridian's constant focus on making it simpler for Canadians to achieve a better life," says Baldarelli. "Price Drop has the potential to change how people shop, with confidence that they will be getting the best price on their retail purchases. With our leading digital platform, we are able to offer value to our Members with simple, intuitive and transparent experiences like this."
The Price Drop pilot launched in early November with Meridian employees and select Members. The service is expected to launch in the first quarter of 2019.
To see Price Drop in action, or to get on the waiting list for when it goes live, visit www.price-drop.ca. You can also download the Meridian app from the Apple App Store or Google Play.
With over 75 years of banking history, Meridian is Ontario's largest credit union and the third largest in Canada, helping to grow the lives of its more than 300,000 Members. Meridian has $20.3 billion in assets under management, as of October 31, 2018, and delivers a full range of financial services online, by phone, by mobile and through a network of 90 branches across Ontario and commercial banking services in 11 locations. Meridian Members have access to the THE EXCHANGE® Network, with more than 3,500 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: meridiancu.ca
Pricerazzi is a Winnipeg-based Fintech that integrates directly into a financial institution's Mobile app to automatically get users' money back on their purchase by finding a better price, tracking price adjustments and helping them get back the difference. Pricerazzi helps users take advantage of price protection policies offered by major retailers in store and online.
SOURCE Meridian Credit Union
For further information: Media Contact: Teresa Pagnutti, Senior Manager, Public Relations, Meridian, 416-597-4444 Ext. 2667