Tokyo–(business wire—Sumitomo Mitsui Financial Group, Inc. (“SMFG”, Chairman and Group CEO Jun Ohta, subsidiaries “SMBC Group”) today announced that it will strengthen its presence in the US with a new digital consumer banking business. Jenius Bank™ will operate and operate as a new division of Manufacturers Bank, a California state-chartered bank wholly owned by SMBC Group.
Genius Bank will launch with personal loans in the coming months and then expand its offering to include savings and checking products within its first year. Genius Bank has established a comprehensive and ongoing consumer research program that will drive product designs with direct customer input. “With the launch of Genius Bank, we have a rare opportunity to build exceptional products from scratch that meet the needs and expectations of today’s digital-native consumers,” said Kazuhisa Miyagawa, President and CEO of Manufacturers Bank.
Built on one of the most modern banking platforms in the industry, Genius Bank will offer a 100% digital banking experience that promises smart banking for a prosperous life. “The new digital consumer banking business is another concrete example of SMBC Group’s focus and commitment to further enhance customer service,” said Jun Ohta, Chairman and Group Chief Executive Officer.
John Rosenfeld is the president of Genius Bank. He has more than 20 years of experience in the financial services industry, including serving as the founder and president of Citizens Bank’s online direct bank, Citizens Access.
Leaning on a digital-first strategy, Genius Bank has partnered with several leading technology providers to bring an integrated platform that meets the holistic needs of consumers. Genius Bank’s competitive differentiation also extends to its workforce, primarily leveraging its remote employee base. Genius Bank has assembled an executive team of proven leaders from both leading banks as well as best-in-class digital experience companies, and it expects to continue growing employees based on their expertise rather than their geography.
“Genius Bank will be a leader in data and technology, using information to provide personalized insights to consumers looking to make the most of their money, not just manage it,” said Rosenfeld. Genius Bank has also taken a firm stance on not charging the punitive fees that most banks charge today, minimizing paper and manual processing and having no physical branches. “Our target customers don’t want these things, and the resulting efficiencies will allow us to deliver more value to them. We are equally committed to being a fully digital bank and providing excellent customer service through our US-based support team,” Rosenfeld added.
About SMBC Group
SMBC Group is a top-tier global financial group headquartered in Tokyo. With a 400-year history, SMBC Group offers a variety of financial services including banking, leasing, securities, credit cards, and consumer finance. The SMBC Group has more than 140 offices and 86,000 employees in 40 countries worldwide. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of the SMBC Group, one of Japan’s three largest banking groups. Shares of SMFG trade on the Tokyo, Nagoya and New York (NYSE: SMFG) stock exchanges. As of June 30, 2022, its net worth was $1.97 trillion.
In the Americas, SMBC Group has presence in the US, Canada, Mexico, Brazil, Chile, Colombia and Peru. Backed by its capital strength and the value of its relationships in Asia, SMBC Group offers a variety of commercial and investment banking services to its corporate, institutional and municipal clients. It connects a diverse customer base to local markets and the organization’s extensive global network. The SMBC Group’s US operating companies include Sumitomo Mitsui Banking Corporation (SMBC), SMBC Nikko Securities America, Inc., SMBC Nikko Securities Canada, Ltd., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America. , Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro SA, and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.
About Manufacturer Bank
Founded in 1962, Manufacturers Bank is a California state-chartered commercial bank based in Los Angeles and owned by SMBC America Holdings, Inc. is a wholly owned subsidiary, a member of the SMBC Group. Manufacturer Bank caters to the specific needs of mid-market businesses, manufacturers, wholesalers, distributors, importers, exporters and service companies. For more information, please visit www.manufacturersbank.com.