FinanceJapan's SMFG launches digital bank in crowded U.S. market
Jenius Bank starts small with personal loans to gain foothold while others bow out
Deposits at U.S. digital banks grew 9% on average between 2018 and 2022. © Reuters
HARUKI KITAGAWA, Nikkei staff writer
TOKYO -- Japan's Sumitomo Mitsui Financial Group on Tuesday launched a new digital banking service in the U.S., going online-only to keep costs down as it seeks a piece of the fast-growing but fiercely competitive North American consumer finance market.