Jason Hagan, Senior Vice President, Sunrise Banks

Fintechs have kept up with consumer expectations over the last two decades by reinforcing user experience and incorporating cutting-edge financial tools. This is especially true in today’s economy, where more people live paycheck to paycheck than ever before. Financially stressed consumers seek ways to cut costs and navigate the modern financial environment, and the vast majority seek advice from their financial institutions. Sunrise Banks has worked to make finance more accessible to consumers through affordable and cutting-edge technology offerings.

Sunrise Banks’ current CEO, David Reiling, and his father, William Reiling, made it a priority to ensure that customers had equitable and open access to the traditional banking system. David and his father came into the business to improve the lives of Twin Cities residents. David is a social entrepreneur, financial wellness expert, and fintech pioneer. He works to create beneficial alliances that promote long-term economic growth. David took over Meridian Bank in the mid-1990s. He merged three banks to form Sunrise Banks in 2013. Inspired by David’s vision, the bank places a strong emphasis on community involvement and works with like-minded businesses to further its mission on a global scale. “The Sunrise Banks journey is a case study in the impact that socially responsible businesses can make while still being financially viable,” said Jason Hagan, Senior Vice President of Fintech Innovation at Sunrise Banks.

Jason Hagan, Senior Vice President, Fintech Innovation at Sunrise Banks

Who is Sunrise?

Sunrise Banks is a B Corporation, a Community Development Financial Institution, and a member of the Global Alliance for Banking on Values. Sunrise is committed to promoting financial empowerment for all as a socially responsible bank. It benefits fintech partners by giving them access to the highly regulated financial industry.

“Sunrise is a federally chartered bank, which allows it to move, store, and lend money to its fintech partners,” Jason said. “This allows our fintech partners to see their products come to fruition. In short, Sunrise offers back-end services – moving, storing, and lending money – while fintech provides the streamlined user experience consumers want. It’s a symbiotic relationship that exemplifies that fintechs and banks should work together instead of competing.” Furthermore, Sunrise offers compliance expertise to fintechs, which frequently lack experience in the stringent regulatory landscape of the banking sector.

Key Benefits to Sunrise Banks Partners

Sunrise continues to partner with fintechs to offer streamlined, digital-first services. These include credit-building loans and employer-channel resources like early access to employee paychecks. The bank has been a proponent of technology from the outset and continues to search for the latest and greatest digital services to keep up with consumer demand. Jason said, “The biggest benefit our fintech partners receive is the ability to work with a nationally chartered bank; this allows them to bring their products to market. Our compliance expertise and mission-driven ethos also benefit our fintech partners.”

Empowering Clients with Financial Wellness

Sunrise currently works with over a dozen mission-driven fintech companies that provide critical financial services to consumers. Sunrise collaborates with the following companies to offer financial wellness:

  • Gusto – In 2021, Sunrise assisted in the origination of 240,783 Gusto advance-earned-wage loans worth $78.1 million. The average loan size was USD 324.
  • Self – In 2021, Sunrise assisted in the origination of 262,995 Self Credit Builder loans totaling USD 189.9 million. The average loan size was USD 722.
  • TrueConnect – Sunrise aided in the origination of 6,575 TrueConnect loans totaling USD 14.7 million in 2021. The average loan size was USD 2,235.

Over the last five years, fintech and other technology-driven solutions have grown exponentially. Banks must be able to offer the digital solutions that today’s customers demand. Jason said, “Sunrise Banks’ biggest differentiator is its ability to partner with like-minded fintechs that believe in our mission of empowering financial wellness. These partnerships allow us to scale our impact nationwide.”

Sunrise Banks has expanded further. Jason said, “We’ve seen our revenue increase while we continue to create positive social impact for our customers and the banking sector.” Sunrise Banks was named a Best in the World B Corporation for the ninth consecutive year in 2022.

Dedicated to Meeting Customer Needs, Fostering Employees & Expanding Globally

At Sunrise Banks, customers are more than just transactions. Jason said, “Our philosophy is that you need to know your customer to serve them well. Customers bank with us because they know we’re socially and environmentally responsible.” Jason also highlighted some positive testimonials about Sunrise Banks’ affiliations:  “The fact that you are a B Corp and look for innovative ways to make a social impact makes me proud to bank with you,” said one customer. Another said, “Commitment to the mission, great people, community builders… what’s not to love?”

The Sunrise team provides top-notch employee experiences, just as they do for their external customers. This includes providing excellent benefits, opportunities for professional growth, and consistent open communication with bank employees. Jason said, “We send out a weekly email to employees with internal headlines and host a podcast for bank staff every month.” Keeping employees informed of advancements while celebrating victories is critical to boosting morale. Jason added, “It’s also important to reiterate our social mission – when employees know that their work creates a positive impact, it gives them a sense of meaning in what they do every day.”

Sunrise collaborates with international partners and is a member of the Global Alliance for Banking on Values. Jason said, “Sunrise Banks is already a global brand. In the future, we’ll continue to develop our digital offerings to reach an even more diverse customer base.” Sunrise will continue to develop cutting-edge financial technology solutions while remaining devoted to its customers. Jason concluded, “We believe that our mission adds to our margin – and that philosophy will remain. This means ramping up our digital offerings through fintech partnerships and in-house solutions. The bank will continue to live up to its accolades regarding social responsibility.”

For More Info: https://sunrisebanks.com/

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