Radius Bank: Becoming a Virtual Bank
Celent Model Bank Award: Radius Bank: Becoming a Virtual Bank
Winners of Celent Model Bank 2017 Award for Product Innovation. Radius Bank is redefining what it means to be a community bank in the age of digital. Over the last 9 years, the bank has undergone a substantial transformation to reflect the changing needs of its customers, going almost entirely virtual. The bank brought in personnel, created new lines of business, engaged Fintech companies in strategic partners, and brought on new vendor partners.
The way in which Radius leveraged new and innovative partnerships with fintech companies was especially compelling. Whether it was the referral relationship with Prosper for personal consumer lending or creating a special account with the startup Aspiration, Radius was eager to branch out and expand its existing set of products and services by integrating some of the most innovative offerings in fintech.
Digital is fundamentally redefining how banks look at community; it no longer has to be bound geographically or fostered in person. Radius provided a clear path to success by making sure to retain the mission statement of community banking while responding to trends in digital delivery.
"Radius Bank showed a consistent approach to product and service innovation over the course of the last eight years. The velocity of change in digital is significant, and Radius is a serial innovator able to stay ahead of the curve. Celent was impressed by the breadth and depth of its accomplishments," commented Stephen Greer Analyst of Celent's Banking practice.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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