A new digital bank responds to the unmet needs of small businesses by providing high-tech, high-touch solutions that facilitate better financial management and quicker cash access.
Connecticut’s Middletown on April 17, 2023 – Owners Bank, a digital bank designed to meet the particular needs of small business owners, was just launched, according to a statement from Liberty Bank. Owners Bank offers business owners the resources they need to more easily manage their finances and gain access to money more quickly.
Small business owners in Rhode Island, Massachusetts, Connecticut, and Pennsylvania can initially access Owners Bank, with plans to expand nationally in the near future. Construction, plumbing, landscaping, law, marketing, design, and other professional and home service industries are particularly well suited for Owners Bank.
Due to the fact that most banks are designed to support large businesses, small business owners have not had a banking option that helps them manage invoicing, bill payment, cash flow, and other accounting functions until now. In fact, more than half of all small businesses in the United States think their main financial institution doesn’t comprehend their needs. Given that small businesses account for more than 99 percent of all businesses in the United States, a solution created specifically for them has been long overdue.
“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,” David Mitchell said, 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 provide business interest checking and savings accounts, but what distinguishes it from standard banks are the digital tools provided to assist small businesses in managing their finances, establishing savings goals, moving money quickly, and sending and accepting digital payments. Owners can design a dashboard that combines all of their accounts (from Owners Bank and other financial institutions) into a single, simple-to-understand view through the bank’s digital platform.
Small businesses depend heavily on cash, so Owners Bank provides tools to help them manage their cash flow. Beginning in mid-2023, the bank is eager to provide businesses with easy access to business loans and credit when they need it.
According to David W. Glidden, President and CEO of Liberty Bank, “With over $7 billion in assets, Liberty Bank has always been owned by its customers and is committed to putting them first.” Since our company’s founding nearly 200 years ago, our mission has always been centred on assisting the communities we serve, particularly small businesses, which have particular requirements that Owners Bank is specially suited to meet. With the launch of this new digital bank, we are increasing our reach to help small business owners who are looking for a reputable, cutting-edge banking partner even more.
Mitchell, a renowned executive in the field of innovative digital transformation, will serve as the bank’s CEO and be in charge of overseeing the expansion of the digital bank’s product lineup across the United States. As Chief Operating Officer and Chief Product Officer, respectively, Harry Gunsallus and Lizette Nigro will oversee digital strategy, create and maintain partnerships with fintech companies, and create an integrated and enticing suite of products and services to support Owners Bank, joining Mitchell as top leaders in the field of digital banking.
Small businesses deserve better banking options because they are the backbone of the country, according to Mitchell. “We don’t have your typical bankers on our leadership team. Many of us have even owned our own small businesses, so we are aware of the requirements this group has in terms of a banking partner. With the establishment of Owners Bank, we are here to address the structural problems in banking that affect small businesses in every transaction.
Liberty Bank set out to establish a bank that provides high-tech, high-touch customer service that owners can’t find at the big banks in order to better serve small business customers. Small business banking is a specialty of the bank’s Business Banking Agents in the United States, who can be reached by phone, online chat, email, or in-person meetings through Owners Bank’s online banking and mobile app.
“Owners Bank’s Business Banking Agents won’t put up with any BS when small business owners contact us, says the bank. Our team won’t ever treat them unfairly, as is standard practise at large banks’, declared Gunsallus. “At Owners Bank, we pledge to make real bankers and real solutions that are specifically tailored for small businesses available.”