Why Cambridge Savings Ditched Its Brand When Building Its Billion-Dollar Digital Bank
The landmark proves out Cambridge Savings Bank’s bet that its 190-year-old brand wouldn’t necessarily be the best fit for a nationally-focused digital bank.
The landmark proves out Cambridge Savings Bank’s bet that its 190-year-old brand wouldn’t necessarily be the best fit for a nationally-focused digital bank.
It’s only been open for three years and already Cambridge Savings Bank’s digital arm Ivy Bank has hit a milestone it usually takes brand-new banks decades to hit.
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.
Since launching as a digital-only bank two years ago, Ivy Bank has already over $530 million in deposits and 6,600 national customers.
Cambridge Savings Bank has launched a digital-only bank, joining several other Massachusetts community banks that offer online savings products to consumers nationally.