Jenius Bank, the digital banking division of Manufacturers Bank, a California-chartered bank that is a wholly-owned subsidiary of SMBC Group, has launched personal loans, its inaugural product.
Data shows that 78 per cent of millennials are frustrated with traditional banking processes and 81 per cent would like their bank to make suggestions about their financial goals. This demonstrates the need for a holistic new approach to delivering personalised banking experiences. In line with this, Jenius Bank intends to become a full-service bank for the US market. It has plans to launch additional offerings in the coming months. These include a savings product and a mobile app.
“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. “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.”
Benefitting from the power of data
Jenius Bank will also use its technology to make mastering personal finances easier. It will do so by allowing aggregation of all money management in a forthcoming customer-friendly app. As financial services become more and more driven by advanced technologies, the bank aims to show customers how they can benefit from the power of data. All the while still maintaining a strong element of humanity in its banking relationships.
Jenius Bank personalises banking using an established and extensive consumer research program that drives product designs with direct customer input. Keeping the customer top of mind, Jenius Bank also offers US-based 24/7 first-class customer support online or by phone.
“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,” said Andrew Harris, EVP, head of product 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. We want to jointly work with them toward their financial goals.”