Jenius Bank™, a digital division of SMBC MANUBANK, a wholly-owned subsidiary of SMBC Americas Holdings, hit a milestone by reaching $1 billion in deposits for its high-yield savings product.

Toru Nakashima, president and group CEO of Sumitomo Mitsui Financial Group, together with SMBC Group, announced this milestone today. In 2023, Jenius Bank launched personal loans and savings products to US consumers. Reaching $1 billion in deposits and over $700 million in loans before its one year anniversary, it has since achieved stable operations.

From applying for products to transferring money, Jenius Bank utilises extensive consumer research to continuously improve the customer experience. Jenius Bank also focuses on providing highly convenient service with 24/7 access to US-based customer service by phone or online chat. Reaffirming the strong demand for a digital bank where all processes can be completed online, Jenius Bank will continue to develop and enhance its products and services while proactively incorporating customer feedback.

Jenius Bank’s momentum is an example of how SMBC Group is achieving sustainable and steady growth in the US consumer banking market. SMBC Group will continually create new businesses that best serve and add value to customers in the rapidly evolving digital financial environment.

Jenius Bank was established as the digital banking division of SMBC MANUBANK. Under the leadership of John Rosenfeld, who previously led major US regional banks, the management at Jenius Bank is comprised of experienced professionals from major financial institutions and fintech companies. In addition to personal loan and savings products, Jenius Bank plans to offer a mobile app in the coming months. Jenius Bank is a division of SMBC MANUBANK, member, Federal Deposit Insurance Corporation.

Re-disseminated by The Asian Banker