Japan’s Sumitomo Mitsui Financial Group and subsidiary SMBC Group are launching Jenius Bank, a new digital consumer banking business in the US.
Jenius Bank will launch in the coming months with personal loans and then expand its offerings with savings and checking products within its first year.
A consumer research programme has also been established to drive product designs with direct customer input.
The new bank will deliver a “100% digital banking experience”, as a new division of Manufacturers Bank, a California state-chartered bank that is a wholly owned subsidiary of SMBC Group.
John Rosenfeld has been appointed as president of Jenius Bank. He has more than 20 years of experience in the financial services industry, including serving as the founder and president of Citizens Access, an online direct bank of Citizens Bank.
Commenting on the launch, Kazuhisa Miyagawa, chairman and chief executive officer of Manufacturers Bank, 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.”