KONTAN.CO.ID – Tokyo. Sumitomo Mitsui Financial Group, Inc. will strengthen its presence in the United States (US) market by offering digital-based lending in cooperation with its subsidiary Sumitomo Mitsui Banking Corporation (SMBC) Group.
To make the plan a reality, the company will establish Genius Bank as a new division of Manufacturers Bank, a subsidiary of SMBC Group based in Los Angeles, USA.
In the coming months, Genius Bank will be rolled out by providing consumer credit and savings in the first year, said Kazuhisa Miyagawa, Chairman and CEO of Manufacturers Bank.
Also read: Sumitomo Mitsui is reportedly interested in acquiring Panin Bank, according to management’s response
“Business banking is an important growth strategy, especially to boost digital banking in Asia and digital enterprise solutions in Japan,” said Kazuhisa, quoted by the company’s official website, on Wednesday (24/8).
Additionally, the presence of this service aims to offer digital banking to the growing US market by leveraging digital banking platforms to drive sustainable growth.
Genius Bank has also created a comprehensive and sustainable consumer base through research programs that encourage product design according to customer needs.
“With the launch of Genius Bank, we have a rare opportunity to create an amazing product from the ground up that uniquely meets the needs of today’s digital consumer,” he said.
Powered by one of the most advanced banking platforms in the industry, Genius Bank will offer its customers a 100% enhanced digital banking experience.
“The new digital banking business in the consumer segment is a clear example of SMBC Group’s focus and commitment to continue improving its customer service,” said Jun Ohta, President and CEO of Sumitomo Financial Group.
Meanwhile, John Rosenfeld, President of Genius Bank, said that Genius Bank has partnered with several leading technology providers to integrate a unified platform that meets general consumer needs.
Also read: Sumitomo Mitsui and MUFG are reportedly interested in acquiring Panin Bank
“Genius Bank will be at the forefront of data and technology, leveraging information tailored to the needs of consumers looking to maximize their money, not just manage it,” Rosenfeld said.
Genius Bank also doesn’t charge any fees, which most banks currently charge. This is said to reduce paper usage and manual processing and not have physical branch offices.
“Our target customers don’t want these things, and the resulting efficiencies will allow us to give them more value,” he explained.
As such, it strives to be a fully digital bank and to provide exceptional service in the United States.