New digital bank addresses unmet needs of small businesses, offering high-tech, high-touch solutions designed to make managing finances easier and accessing cash faster
Liberty Bank announced the launch of Owners Bank, a digital bank created to meet the unique needs of small business owners. Owners Bank is all business, no BS — providing owners with the tools to manage their finances more easily and get access to money faster.
Owners Bank is initially available to small business owners in Rhode Island, Massachusetts, Connecticut and Pennsylvania, then nationally is on the horizon. Owners Bank is especially well-suited for professional services and home services industries such as construction, plumbing, landscaping, law, marketing, design and more.
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Until now, small business owners haven’t had a banking option that helps them manage invoicing, bill payment, cashflow and other accounting functions, because most banks are built to support enterprises. In fact, more than half of all U.S.-based small businesses believe their primary financial institution doesn’t understand their needs.[1] A solution exclusively designed for small businesses has been long overdue, considering they make up more than 99 percent of all U.S. businesses.[2]
“Big banks often fall short when it comes to servicing small businesses. So, in an age when small businesses represent a large and impactful portion of our business landscape, workforce and economy, we thought it was about time there was a bank that caters specifically to their needs,” said David Mitchell, Founder & CEO of Owners Bank, a division of Liberty Bank. “This is why we created Owners Bank — to fill a major gap in the banking industry by providing tools designed to help small business owners knock out financial tasks, so they can get back to running their businesses.”
Owners Bank will offer business interest checking and savings accounts, but what sets the bank apart from standard banks are the digital tools offered to help small businesses manage finances, set up savings goals, move money fast, and send and accept digital payments. Through the bank’s digital platform, owners can create a personalized dashboard that consolidates all of their accounts (from Owners Bank as well as other financial institutions) into one easy-to-understand view.
Owners Bank understands that cash is king to small businesses and offers tools to help them alleviate cashflow issues. The bank is excited to offer businesses fast access to business loans and credit when they need it, starting in mid-2023.
“With over $7 billion in assets, Liberty Bank has always been owned by its customers and is committed to putting them first,” said David W. Glidden, President and CEO of Liberty Bank. “Our mission since inception nearly 200 years ago has always been rooted in helping the communities we serve – especially small businesses who have specific needs that Owners Bank is uniquely designed to address. With the creation of this new digital bank, we are expanding our footprint to provide even more support to small business owners who are looking for a well-established innovative banking partner.”
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The bank will be led by Mitchell, a recognized innovative digital transformation executive, who is responsible for leading the digital bank’s rollout across the U.S. and its product offering evolution. Mitchell is joined by fellow top digital banking leaders Harry Gunsallus as Chief Operating Officer and Lizette Nigro as Chief Product Officer, who will both oversee digital strategy, build and maintain fintech partnerships, and develop an integrated and compelling suite of products and services to support Owners Bank.
“As the backbone of America, small businesses deserve better banking options,” said Mitchell. “Our leadership team is not made up of typical bankers. In fact, many of us have owned small businesses ourselves so we know what this group needs from a banking partner. We’re here to fix the systemic issues in banking that small businesses have faced in every transaction with the launch of Owners Bank.”
Inspired to better serve small business customers, Liberty Bank set out to create a bank that offers high-tech, high-touch customer service that owners can’t find at the big banks. The bank’s U.S.-based Business Banking Agents are specialists in small business banking and are available to offer solid advice via phone, online chat, email, or face-to-face within Owners Bank’s online banking and mobile app.
“When small business owners reach out to Owners Bank, they can anticipate no BS from our Business Banking Agents. Our team will never give them the run-around that is business as usual at the big banks,” said Gunsallus. “At Owners Bank, we promise to make available real bankers with real solutions that are exclusively designed for small businesses.”
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