Primis Financial in McLean, Virginia, is planning a digital bank.
The $3.3 billion-asset company said in a press release last week that it will launch the bank by the end of this year. The as-yet-unnamed bank will use a cloud-based core platform from Finxact and services from fintechs such as Apiture, Savana and Levvel.
Primis said the digital bank will offer real-time processing and fully self-contained mobile applications, including in-app account opening. It will operate in parallel with the the company's existing infrastructure, which is handled by Fiserv.
The initial rollout will focus on deposit products for retail and small-business customers. The platform “will feature rates, fee schedules and customer incentives that recognize the substantially lower infrastructure costs borne by the bank to provide services,” Primis said in the release.
Primis said the capital investment associated with launching the digital bank would be roughly equal to those tied to opening two to three traditional branches in metropolitan markets.
"Our branches and employees are passionate about providing the highest quality service and leadership in our local communities,” Dennis Zember Jr., the company’s president and CEO, said in the release.
“This high-touch model is important, but at the same time we are cognizant of how customer behavior and demands for more technology have changed over the last year,” Zember added. “We launched a new brand with a vision of being unique in this industry, wanting to use technology to improve the customer experience. Our efforts here should create a competitive advantage and something noticeably unique in our communities."
Primis was known as Southern National Bancorp of Virginia until it
