Jenius Bank has surpassed $2 billion in deposits by focusing on “evolved banking” — providing personalized financial insights through account aggregation while eliminating fees to help customers gain financial confidence and make better decisions. John Rosenfeld, President of Jenius Bank, a division of SMBC MANUBANK said, “We developed two concepts within a paradigm, if you will, where there’s core banking, which is what every bank does, allows you to put money with them, allows you to go online, see how much you have, see how much you’re earning, allows you to move money in and out, review your statements, read your terms and conditions, all that stuff that every bank does. We call that core banking. We developed the concept of evolved banking, which encompasses everything beyond core features that not every bank offers. And we grouped all this into something we call the Jenius views. So, if you download our mobile app, you’ll find this tab at the bottom. And within this space, you’re able to link your accounts from other banks, other brokerages. You can view credit cards and your entire financial picture in one place. Again, this allows the consumer to give us access to their other information, enabling us to consolidate and provide them with valuable insights. While there are some banks that are doing this, what we call aggregation services, many of them are doing it to gain a view of the customer’s financial situation and then potentially use that information to try to figure out what else they can sell them. We took a different approach. We said, what if we used all that information to actually give customers insights and help them avoid fees, making smarter and more confident financial decisions? Now, why would a bank do such a thing that’s not necessarily going to bolster their profits? We thought about this and concluded that if we could establish a new level of trust with consumers, the next time they have a financial need, we hope they’ll come back to us first. The idea that money is such an emotional driver that it has nothing to do with how much you make or don’t make, but rather whether you are making good decisions. With the capabilities that are evolving in the data space and analytics and machine learning and AI, if a consumer gives someone full access to every penny that they have and not access to move the money, but access to the information, think of how much you can do with technology to identify those things that you may not have noticed. The lack of fees on our savings or a loan product was really driven by wanting to create something better and more compelling than what’s available in the industry. We created a bank that’s incredibly efficient because we don’t have buildings, we don’t have paper, we don’t mail things. So, we don’t spend any money on postage. The target was really what we call high-potential digital optimizers. And we call it that because high potential means they’re going somewhere and are ambitious. They want to progress in building a better lifestyle and achieving more.