Jenius Bank, the digital banking arm of Manufacturers Bank, a state chartered commercial bank based in California and wholly owned subsidiary of SMBC Americas, a member of the global powerhouse SMBC Group, has announced the release of its very first consumer product – personal loans.
The bank has ambitions to become a full-service bank for the U.S. market and is planning further services, including a savings product and mobile app, in the near future.
The launch of personal loans by Jenius Bank is in response to the glaring need for a more personalised banking experience. Data reveals that 78% of millennials feel let down by conventional banking procedures and 81% want their bank to suggest ways to meet their financial targets. The new product is part of Jenius Bank’s vision to provide a comprehensive suite of products that reshape the banking industry as we know it.
Jenius Bank, the digital banking sector of Manufacturers Bank, is striving to become a comprehensive service bank for the American market. Their mission is to give their clients the tools they need to create a wealthier life through actionable insights and innovative tools, all powered by best-in-class technology. Their unique selling point is the bank’s personal touch, emphasising humanity in its banking relationships whilst capitalising on advanced technological solutions.
The personal loans from Jenius Bank are designed to help customers save thousands on higher-rate debt. They offer flexible terms and discounted rates to accommodate a variety of financial situations, particularly in an environment where individuals are seeking to reduce their debt and increase their savings. The bank’s personal loans are part of an initiative to empower customers with intelligent banking solutions to enrich their lives.
Jenius Bank will utilise cutting-edge technology to simplify personal finances, aggregating all money management through an easy-to-use app. It aims to showcase the advantages of data-driven financial services whilst maintaining an essential human touch. The bank also incorporates extensive consumer research into product design, ensuring that offerings are customer-centric and meet their specific financial goals.
The Jenius Bank team operates remotely across 23 states but also maintains offices for team collaboration in Phoenix, Arizona; Los Angeles, California; New York, New York; and Charlotte, North Carolina.
Jenius Bank president John Rosenfeld said, “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.”
Andrew Harris, EVP, Head of Product at Jenius Bank, said, “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.”
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