Japanese banking group, Sumitomo Mitsui Financial Group (SMFG) has announced the launch of new retail banking business, called Jenius Bank, to bolster its US operations.
The new entity will launch and operate as a division of California state-chartered lender Manufacturers Bank, a wholly-owned subsidiary of the Tokyo-based group.
Go deeper with GlobalData
In the coming months, Jenius Bank will launch a personal loan offering followed by savings and checking products in the first year.
The new lender will not have any physical branches and offer a 100% digital banking experience while minimising paper and manual processing.
Jenius Bank has allied with multiple technology providers to offer an integrated platform to cater to consumers’ needs.
SMFG president and group CEO Jun Ohta said: “The new digital consumer banking business is another tangible example of SMBC Group’s focus and commitment to further enhancing its customer service.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataManufacturers Bank chairman and CEO Kazuhisa Miyagawa said: “With the launch of Jenius Bank, we have the rare opportunity to build exceptional products from scratch that uniquely meet the needs of today’s digitally-native consumers who need and expect more.”
John Rosenfeld, who brings over 20 years of experience in the financial services industry, will be leading Jenius Bank as its president.
“Jenius Bank will be a leader in data and technology, using information to provide personalised insights for consumers seeking to make the most of their money, not just manage it. We are equally committed to being a fully digital bank and to providing outstanding customer service through a US-based support team,” said Rosenfeld.
