Jenius Bank™ Launches Inaugural Product, Personal Loans

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07/11/2023 - 09:00 AM EDT

Offering marks bank’s first consumer product in a roster of upcoming new services

LOS ANGELES--(BUSINESS WIRE)-- Jenius Bank™, the digital banking division of Manufacturers Bank, a California state chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group, today announced the launch of personal loans, its inaugural product. Jenius Bank intends to become a full-service bank for the U.S. market with additional offerings in the coming months, including a savings product and mobile app.

Data shows that 78% of millennials are frustrated with traditional banking processes and 81% would like their bank to make suggestions about their financial goals, demonstrating the need for a holistic new approach to deliver personalized banking experiences. “Jenius Bank’s personal loans launch continues to fuel our mission to empower customers with smarter banking to create a richer life for themselves,” said John Rosenfeld, President of Jenius Bank. “Personal loans offer the ability for customers to save thousands on higher-rate debt. In an environment where many are looking to save and pay down debt, our personal loans with flexible terms and discounted rates are a great option.”

Jenius Bank will also use best-in-class technology to make mastering personal finances easier by allowing aggregation of all money management in a forthcoming easy to use app. As financial services become more and more driven by advanced technologies, Jenius Bank aims to show customers how they can benefit from the power of data, while still maintaining a strong element of humanity in its banking relationships. Jenius Bank personalizes banking using an established and extensive consumer research program that drives product designs with direct customer input. Keeping the customer top of mind, Jenius Bank also offers U.S.-based 24/7 first-class customer support online or by phone.

“The introduction of personal loans launches Jenius Bank toward building a full-service suite of products that re-imagines what the industry looks like today,” said Andrew Harris, EVP, Head of Product at Jenius Bank. “At Jenius Bank, our goal is to create personalization, merging the advancements of technology with a consumer-first approach. We use leading technology to provide customers with a banking experience that is built on their data and preferences. Unlike many traditional banks, our products are specifically made to best meet customer interests, jointly working with them toward their financial goals.”

To learn more about Jenius Bank and its personal loans, visit www.jeniusbank.com.

About Jenius Bank

Now open to customers, Jenius Bank has a mission to help people build a richer life through actionable insights and innovative tools powered by best-in-class technology. The bank currently offers personal loans, with a savings product and mobile app launching in the coming months. Jenius Bank is the digital division of Manufacturers Bank, a California state chartered commercial bank that is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. The Jenius Bank team works remotely across 23 states but also maintains offices for team collaboration in Phoenix, Arizona; Los Angeles, California; New York, New York; and Charlotte, North Carolina. To learn more information about Jenius Bank and to join its waitlist for checking and savings products, visit www.jeniusbank.com.

About SMBC Group

SMBC Group is a top-tier global financial group headquartered in Tokyo. With a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. SMBC Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of December 31, 2022, its total assets were $1.99 trillion.

In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by its capital strength and the value of its relationships in Asia, SMBC Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. SMBC Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (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 S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd. For more information, please visit www.smbcgroup.com.

About Manufacturers Bank

Founded in 1962, Manufacturers Bank is a California state-chartered commercial bank based in Los Angeles and is a wholly-owned subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group. Manufacturers Bank serves the specialized needs of middle-market businesses, manufacturers, wholesalers, distributors, importers, exporters, and service companies. For more information, please visit www.manufacturersbank.com.

This document may contain forward looking statements, which may include projections, forecasts, income estimates, yield or return, future performance targets, or similar analysis. Any such forward-looking statements, prices, indices, or measures are based upon certain assumptions. All forward-looking statements are based on the information available at the time the document was prepared, and Jenius Bank is not obligated to provide an update. Actual events may differ from those assumptions or available information. Any opinions, projections, price/yield information or estimates are subject to change without notice. There can be no assurance that any estimated returns or projections will be realized, that forward-looking statements will materialize, or that actual results will not be materially different from those presented herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The value, price or income from transactions or strategies may fall as well as rise.