finxtech.com Open in urlscan Pro
34.69.166.231  Public Scan

Form analysis
1 forms found in the DOM

GET https://finxtech.com/

<form class="search-bar__form" id="search-bar__form" method="get" action="https://finxtech.com/">
  <div class="search-bar__form--input">
    <input type="text" class="search-field" name="s" placeholder="Search" value="">
  </div>
  <div class="search-bar__form--submit">
    <input class="button button__highlight" type="submit" name="submit" value="search">
  </div>
</form>

Text Content

×
 * Home
 * Thought Leadership
   * Videos
   * Articles
   * Podcast
 * Newsletter
 * Events
 * Connect
 * About


log in to connect
The Intersection of Financial Institutions and Technology Leaders
The Intersection of Financial Institutions and Technology Leaders
 * Home
 * Thought Leadership
   * Videos
   * Articles
   * Podcast
 * Newsletter
 * Events
 * Connect
 * About





HOW TO RAISE $1 BILLION IN DEPOSITS

By Kiah Lau Haslett

 



Within a year of its launch, online-only Jenius Bank has already made more than
$1 billion in consumer loans and gathered more than $1 billion in deposits. 

Jenius Bank is the digital consumer banking unit of Los Angeles-based SMBC
MANUBANK, which has $5.1 billion in assets and is part of the U.S. subsidiary
Sumitomo Mitsui Banking Corp., a Japanese bank that is one of the largest
institutions in the world. The U.S. subsidiary operates a commercial bank but
wanted to establish a consumer presence and debated building a de novo business
or acquiring an existing bank. Ultimately, they elected the online route and
brought in someone with experience: John Rosenfeld, who had previously built an
online high-yield savings account for Providence, Rhode Island-based Citizens
Financial Group.

Rosenfeld, now president of Jenius Bank, joins Reinventing Banking to discuss
what goes into standing up an entirely new digital consumer bank. He shares how
Jenius approached assembling its cloud-based technology stack and why it
launched with a high-yield savings account and unsecured consumer loans. SMBC
MANUBANK has made substantial investments in building the platform and hired 350
employees, leading to a first-quarter loss. Rosenfeld says those investments
ensured Jenius could scale safely as it grew.

 “A lot of [this first year has been] about proving that we had a stable
platform,” he says. 

 Building a consumer bank online, from scratch, has freed Rosenfeld and his team
from the trappings of legacy technology and infrastructure, such as branches.
They also don’t have to worry about cannibalizing an existing deposit base with
higher-paying accounts. But it comes with its own challenges too: Jenius juggles
making digital account opening and loan applications convenient and fast, while
ensuring identity and income verification processes are robust.

“We didn’t have legacy systems, we didn’t have legacy customers that we would
have to migrate over to a new platform, we didn’t have 1,000 different variants
of different products that we had to recreate on a new platform,” he says. “It’s
amazing how much easier it is to start from scratch than to overhaul something.”

Kiah Lau Haslett is the Banking & Fintech Editor for Bank Director. Kiah is
responsible for editing web content and works with other members of the
editorial team to produce articles featured online and published in the
magazine. Her areas of focus include bank accounting policy, operations,
strategy, and trends in mergers and acquisitions.



SHARE:

Previous
Next


Stay current with our latest insights

 * LinkedIn
 * Twitter
 * Instagram

Privacy Policy | Terms of Use

Connect with FinXTech to receive our latest content and to be first to hear
about our upcoming events!

arrow_forward ×