Sunrise Banks believes in evolving the financial and banking landscape. In the financial industry, decision-making is one of the trickiest parts, and Sunrise Banks seeks to make it easier and more convenient. Its mission entails providing services and technology to enhance a consumer’s financial understanding. Hoping to empower, educate, and enable their clients and business partners to understand the financial world better, Sunrise Banks has set out to improve the various trends affecting financial and deposit services, loan products, and a consumer’s financial decisions. By collaborating and jointly working with fintech companies, Sunrise Banks has embarked on a journey to make the financial and banking area more understandable and accessible.
Founded by current CEO David Reiling and his father, William Reiling, Sunrise Banks has taken over the technological space to provide digital products and services that help evolve the banking sphere and the transformation of financial technology. Partnering with fintech firms and clients has enabled the bank to build connections and relationships and create services that benefit a consumer’s financial health. Additionally, collaborating with fintech companies led them to produce, manufacture, and sell safe services that optimize a client’s user experience. For example, Sunrise Banks has collaborated with Gusto, a fintech business that provides advance-earned-wage loans and sets a standard for a more efficient substitute for payday lending.
A lack of financial understanding and awareness can lead to consumers taking financial risks and accumulating debt with heavy interest rates. Sunrise Banks ensures individuals know their financial needs, requirements, relevant information, and options. The banks offer loans that increase credit and have no overdraft fees and prioritize financial wellness and education.
“A strong relationship with your banker is key to success, and Sunrise does all it can to ensure we build foundational partnerships with all our clients. If you don’t get to know your customer base, you won’t be able to offer them the banking experience they need to further their personal success,” said David Reiling, CEO of Sunrise Banks.
Sunrise Banks emphasizes that the foundation of any healthy relationship is mutual trust, respect, transparency, dedication, and a willingness to provide personalized services that cater to unique user experiences. It believes that banks and customers should be in a mutually beneficial relationship. Sunrise Banks offers customers excellent services and caters to their specific needs. In addition to working with fintech companies, Sunrise has collaborated with local nonprofits, state officials, and developmental authorities to make banking services accessible to local and national clients and low-income residents.
Sunrise Banks’ approach has improved customers’ financial standing and assisted them in overcoming financial hurdles. It has worked with TrueConnect, an agency that offers responsibly structured loans as an alternative to payday loans. A payday loan’s Annual Percentage Rate (APR) can go as high as 400%, which creates a never-ending loop of debt and poverty. However, in 2021, by working with TrueConnect, Sunrise Banks created 6,575 loans for $14.7 million.
In the same year, the bank partnered with Self to offer small Credit Builder accounts to customers with a poor credit history who cannot afford to set up a credit card account. The partnership and approach generated 262,995 Self Credit Builder loans, with the average loan size being $722.
Another incredible feat achieved by Sunrise Banks in 2021 was originating 240,783 Gusto advance-earned-wage loans that enabled employees to access their payrolls in advance.
Striving to become a solution generator for clients experiencing financial difficulties, Sunrise Banks employs innovative techniques to ensure financial wellness. It is a Certified B Corporation, a Community Development Financial Institution (CDFI), and a member of the Global Alliance for Banking on Values (GABV). David Reiling, the bank’s CEO, chairs the GABV.