Japan's SMFG Strenghthen Its US Presence with a New Digital Consumer Bank

Sumitomo Mitsui Financial Group, Inc. announced that it will strengthen its presence in the U.S. with a new digital consumer banking business. Jenius Bank will launch and operate as a new division of Manufacturers Bank, a California state-chartered bank that is a wholly-owned subsidiary of SMBC Group.

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. Jenius Bank has established an extensive and ongoing consumer research program that will drive product designs with direct customer input.

"The new digital consumer banking business is another tangible example of SMBC Group's focus and commitment to further enhancing its customer service," said President and Group CEO Jun Ohta.

John Rosenfeld is President of Jenius Bank. He has over 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.

"Jenius Bank will be a leader in data and technology, using information to provide personalized insights for consumers seeking to make the most of their money, not just manage it," said Rosenfeld. Jenius Bank is also taking a firm stand that it won't charge the punitive fees that most banks charge today, it will minimize paper and manual processing, and it will not have any physical branches. "Our target customers don't want these things, and the resulting efficiency will allow us to provide more value back to them. We are equally committed to being a fully digital bank and to providing outstanding customer service through a U.S.-based support team,"Rosenfeld added.