Jenius Bank has ambitions to become a full-service bank for the US market. And now the digital banking division of Manufacturers Bank has launched its first product, personal loans. Manufacturers Bank is a California state chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings. SMBC in turn is part of Sumitomo Mitsui, Japan’s second-largest bank by assets.
According to Jenius Bank, 78% of millennials are frustrated with traditional banking processes. Some 81% would like their bank to make suggestions about their financial goals. Jenius Bank says that this demonstrates the need for a holistic new approach to deliver personalised banking experiences.
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“Jenius Bank’s personal loans launch continues to fuel our mission to empower customers with smarter banking to create a richer life for themselves,” said John Rosenfeld, President of Jenius Bank. Rosenfeld has over 20 years of experience in the financial services industry. This includes serving as the founder and President of Citizens Access, an online direct bank of Citizens Bank.
“Personal loans offer the ability for customers to save thousands on higher-rate debt. In an environment where many are looking to save and pay down debt, our personal loans with flexible terms and discounted rates are a great option.”
The power of data combined with 24/7 customer support
As financial services become more and more driven by advanced technologies, Jenius Bank aims to show customers how they can benefit from the power of data, while still maintaining a strong element of humanity in its banking relationships. Jenius Bank personalises banking using an established and extensive consumer research programme that drives product designs with direct customer input. Jenius Bank also offers US-based 24/7 customer support online or by phone.
Andrew Harris, EVP, head of product at Jenius Bank, added: “The introduction of personal loans launches Jenius Bank toward building a full-service suite of products that re-imagines what the industry looks like today.
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By GlobalData“At Jenius Bank, our goal is to create personalisation, merging the advancements of technology with a consumer-first approach. We use leading technology to provide customers with a banking experience that is built on their data and preferences. Unlike many traditional banks, our products are specifically made to best meet customer interests, jointly working with them toward their financial goals.”
Jenius Bank aims to extend its product range to include savings and current accounts in the next 12-18 months. The launch of a standalone digital bank or a traditional bank rolling out a digital brand is no US novelty. Many have tried and only a small number have been a financial success. SoFi, Chime and Ally are three of the success stories. Simple, Moven and N26 are three examples in the US highlight that it is a tough market to crack.
