Banking

KeyBank launches digital bank for doctors with new brand Laurel Road

US lender KeyBank has launched a new brand catering solely to medical practitioners: Laurel Road for Doctors.

KeyBank acquired student loan refinancing brand Laurel Road in 2019. Originally the firm focused on offering loans to professionals and graduates.

Chris Gorman, CEO at KeyCorp, says the firm took over Laurel with the intention of scaling the business and building more digital solutions.

“Through this new digital bank offering,” he writes, “we are able to provide a secure online experience and customized banking solutions to meet the special needs of physicians and dentists.

“We believe in providing our customers with the choice to digitally fulfil their financial needs, especially when it makes their lives easier to do so.”

Laurel Road for Doctors will sit as a separate digital brand alongside the lender’s existing operations.

“From our long-standing work with doctors, we know that many face financial management challenges,” says Alyssa Schaefer, chief experience officer at Laurel Road.

“We aspire for Laurel Road for Doctors to be a destination for all of their financial needs.”

KeyBank is the primary subsidiary of KeyCorp. The Cleveland-based lender is the only major bank in its state and the 25th largest in the US.

The bank operates 1,572 ATMs and 1,197 branches across 39 states. It holds just under $172 billion in assets under management.

KeyCorp is a user of the Oracle Banking Platform. It tasked Cognizant with aiding the deployment of its core system in 2016.

Related: German challenger pockid targeting Gen Z launches this month


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