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SMFG to launch digital consumer bank in the US

SMFG to launch digital consumer bank in the US

Sumitomo Mitsui Financial Group (SMFG) is to launch a new standalone digital bank in the US.

Jenius Bank will operate as a division of Manufacturers Bank, a California state-chartered bank that is a wholly-owned subsidiary of SMFG partner SMBC, offering personal loans from the outset, before expanding into savings and checking account products within its first year.

Kazuhisa Miyagawa, chairman and CEO of Manufacturers Bank, says: “With the launch of Jenius Bank, we have the rare opportunity to build exceptional products from scratch that uniquely meet the needs of today’s digitally-native consumers who need and expect more."

John Rosenfeld, the founder and President of Citizens Access, an online direct bank of Citizens Bank, has been hired to lead the operation.

he says Jenius Bank won’t charge the “punitive fees that most banks charge today,” and will minimise paper and manual processing. With most employees working in remote locations, Jenius Bank will operate as a full-fledged online bank with no bank branches.

“Our target customers don’t want these things, and the resulting efficiency will allow us to provide more value back to them,” says Rosenfeld. “Jenius Bank will be a leader in data and technology, using information to provide personalized insights for consumers seeking to make the most of their money, not just manage it.”

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