Launched in the summer of 2023, Jenius Bank is the new digital division of SMBC MANUBANK, a wholly owned subsidiary of SMBC Americas Holdings. Since its rollout, the bank has experienced considerable growth across both its products currently available in the market – personal loans and a savings product.
Within a year of launch, the bank hit the milestone of $1 billion in deposits and $1 billion in loans outstanding, painting a clear picture of how consumer preferences are evolving and how the financial services industry needs to evolve along with them.
In its commitment to help customers live richer lives and empower them to better manage their finances, Jenius Bank has taken a new approach to banking by blending in technology and human touch, to elevate the customer experience. Through a mixture of actionable insights and best-in-class technology, as well as seeking out customer feedback to inform product development and experiences, Jenius Bank is creating a bank made for customer needs, not just business profit.
Humanising digital banking
Jenius Bank utilised its extensive and ongoing consumer research program to understand where banks were falling short and built a new, reimagined bank that could advance consumers’ financial goals and reduce stress.
As a bank that is deeply invested in consumer financial education, Jenius Bank creates and publishes social and blog content to help people feel more confident and secure in their financial well-being.
This mentality inspired the bank to take it one step further, by conducting a large-scale study to better understand the relationship between mental and financial health. It carried out the Mind-Money Connection study, which uncovers telling truths about how consumers perceive richness and their own financial situation, as well as how money may impact tangible life experiences like relationships and physical health.
Committed to leveraging these learnings to better support customers’ holistic well-being and reduce financial worries, such in-depth research has become the foundation driving Jenius Bank’s ongoing product development.
Based on this extensive research, it launched its first two products, Jenius Personal Loans and Jenius Savings, both of which achieved $1 billion in loans outstanding and deposits, respectively, around the bank’s first birthday.
Meeting customer needs
Jenius Personal Loans differentiates itself by offering competitive rates that make borrowing easier, no fees for loan origination or for late or missed payments, round-the-clock customer service online or via phone, and quick access to funds – as early as the next business day.
The product’s success highlights an appetite for more flexible banking options that are better suited for customer needs, while helping them save thousands on high-interest debt and reducing stress and time associated with taking out personal loans.
As advanced technologies continue to drive financial services and evolve the banking landscape, Jenius Bank aims to show its customers how they can benefit from the power of data, while maintaining a strong human element in its banking relationships.
Jenius Personal Loans was driven by a commitment to providing a complete, customised banking experience that aligns with each person’s unique financial goals and helps empower customers with intelligent, tailor-made banking solutions for everyday borrowers.
For launching a successful loan product with a customer-centric approach that has helped the bank build stronger, more meaningful relationships with its customers, Jenius Bank was presented with the Loan Offering of the Year award at the Global Retail Banking Innovation Awards 2024, hosted by The Digital Banker, in Singapore.
For its second offering, Jenius Bank leveraged its consumer research program to roll out an enhanced savings product, offering Americans the chance to earn more with a better rate. Jenius Savings boasts a competitive interest rate of 5.25% APY, no minimum balance requirement, FDIC insured funds up to $250,000, 24/7 access to US-based customer care, no fees on savings accounts and continuous fraud monitoring.
The launch of this savings product positively impacted Jenius Bank’s business – reaching $1 billion in deposits just seven months after it was launched in November 2023. Following this success, the bank plans to expand its product suite by launching enhanced digital tools for spend tracking and insights and continue to meet customer needs through in-house research.
Owing to the success of Jenius Savings, Jenius Bank was honoured with the Best Savings Account award at the Global Retail Banking Innovation Awards 2024.
