A recent analysis by J.D. Power reveals an overall decline in customer satisfaction for online-only banks due to issues with customer service and efficient problem resolution, despite high interest rates.
In just two years, Cambridge Savings Bank’s new digital-only brand Ivy Bank had hauled in over $500 million in deposits. Kevin McGuire is the executive responsible for the technology that made it happen.
Customer satisfaction with national banks slightly improved this year, but a J.D. Power study found that depositors are attracted to higher interest rates at investment or wealth management and digital-only banks.
Since launching as a digital-only bank two years ago, Ivy Bank has already over $530 million in deposits and 6,600 national customers.
Middletown, Connecticut-based Liberty Bank has launched a digital bank for small business owners in Massachusetts, the growing lender’s latest effort to expand north into the state.
Wayne Patenaude has overseen major growth in his 10 years leading Cambridge Savings Bank, growth powered by an expanding commercial lending operation and the launch of a national digital bank.
The $1.79 billion-asset Amesbury-based lender is finding opportunity with a type of financial service a growing number of banks are looking to offer to the fintech industry.
Providence-based Citizens Financial Group plans to use its upcoming acquisitions, including HSBC’s digital bank, to help fuel its expansion nationally.
With banks and credit unions continuing to accelerate the adoption of digital banking tools, some customers might still be uncomfortable with the technology – even young adults.
Cambridge Savings Bank has launched a digital-only bank, joining several other Massachusetts community banks that offer online savings products to consumers nationally.
