Cambridge Savings Bank launches new digital banking solution
Massachusetts-based Cambridge Savings Bank (CSB) has announced the launch of Ivy Bank, a digital-only division.
Founded in 1834, CSB is one of the oldest and largest community banks in the Bay State, and currently holds over $5 billion in assets under management.
The firm says Ivy Bank has been created to educate consumers on financial health and offer high-interest rate savings products such as online savings accounts and certificates of deposit (CDs).
Ivy customers will also be able to manage accounts, deposit cheques and transfer funds using its online and mobile banking platforms.
The platform has been in development for the last two years. Wayne Patenaude, president and CEO of CSB, says it was conceived in response to the “changing market environment”.
Technology advancements and the COVID-19 pandemic have driven a huge surge in digital financial services, with customers looking for faster and easier ways to bank.
CSB’s chief customer officer Katie Catlender says Ivy will “provide a trusted digital platform with the security of a traditional bank”.