What is an Adaptive Digital Bank?

Brick-and-mortar banks are familiar, and digital-first banks are growing more and more common by the day. But here at Quontic, we’re in a category all our own: we’re an adaptive digital bank, and we’re pretty proud of it.

But what, exactly, does that mean?

What is an adaptive digital bank?

What “adaptive” means for us: keeping a constant eye toward innovation and finding ways to craft financial products that meet peoples’ needs as those needs evolve.

What does that look like? Well, for starters, we shifted our business model from in-person banking (our humble beginning back in 2009 was a single, physical location in Long Island and then Astoria) to solely online banking, adapting to an increasingly digital world. Online banking allows our customers to manage their cash from anywhere in the United States without having to worry about getting themselves to a specific geographic location, freeing up their time and energy for what’s important. 

We’re also committed to continuing to innovate both our own products and the banking world at large. At Quontic, we’re finding ways not only to satisfy our customers’ financial needs, but to go above and beyond with unique rewards and solutions to contemporary financial problems.

How is Quontic innovating the banking world?

We’re offering both checking and savings accounts with interest rates that put other digital banks to shame. We’re putting home loans in the hands of qualified underbanked communities. And we’re continuing to find new ways to upgrade over time as new opportunities emerge. 

Case in point: in December of 2020, Quontic became the first bank in the United States to offer a checking account with rewards available in Bitcoin. Our Bitcoin Rewards Checking account comes with a debit card that’ll score you 1.5% returns in Bitcoin on eligible purchases1.

Our efforts have consistently earned us praise from our members as well as reputable sources like Bankrate and Nerdwallet — and all this is just in our first 12 years in business. We can’t wait to see what our banking products will look like in another decade’s time.

What is Quontic’s mission?

From the start, Quontic’s mission has always been to do banking differently — to disrupt the traditional structures in order to put financial empowerment in the hands of those who need it most. 

That’s why, in 2015, Quontic became one of the vanishingly small percentage of U.S. banks bearing a Community Development Financial Institutions, or CDFI, certification. As a CDFI, we have the ability to offer loans that may help underserved, underbanked communities to reach big goals like homeownership. The CDFI fund is part of what helped us launch our Community Development Loan program2, which has been instrumental in making mortgage lending a more equitable landscape. 

Quontic’s Community Development Loan, or CDL2, was created for eligible borrowers who are ready to take on the responsibility of homeownership, but may not have the credentials to prove it on paper for a traditional lender. This community may include self-employed people, small business owners, gig economy workers, immigrants, foreign nationals, and low-to-moderate income families — people who work hard for their income, but whose income may not translate on the documentation most mortgage lenders require.

The CDL uses a holistic financial profile in order to qualify borrowers, and gift funds are accepted for up to 100% of down payments, closing costs and reserves by eligible borrowers. It’s prime lending built for the people who need it most but have the least access, and we’re very proud to offer it.

As all of us here in the 21st century know, the world can change in an instant. Bottom line: as an adaptive digital bank, Quontic is built to work with those changes, not against them. Feel free to contact us directly if you have any questions about our services, or to join our banking family.

Footnotes:

1Bitcoin Reward Checking account is a non-interest bearing personal checking account, requires a minimum of $500.00 to open the account, and does not require a minimum daily balance to earn Bitcoin rewards. Qualifying Point of Sale (POS) Debit Card Transactions (“Eligible Debit Card Transactions”) shall receive Bitcoin Rewards at the U.S. dollar value of 1.50% on all Qualifying POS Debit Card Transactions that post and settle to the Bitcoin Rewards Checking Account. Fees and terms are subject to change. Additional terms and conditions may apply. No Bitcoin Rewards will be paid if the Qualifying POS Debit Card Transaction requirements are not met or if the requirements for establishing an account with NYDIG Execution LLC (“NYDIG Account”) not met. The following are not Qualifying POS Debit Card Transactions and do not count toward earning Bitcoin Rewards: ATM-processed transactions; transfers between accounts; purchases made with debit cards not issued by the Bank; cash over portions of POS transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash); loan payments or account funding made with your debit card and purchases made using third-party payment accounts (services such as Venmo® and PayPal™ , who also provide P2P payments). Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Bitcoin Rewards Checking has geographic, regulatory, and other restrictions that may apply. Bitcoin Reward Checking is currently 

available in the states of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity. To receive bitcoin services an account will be opened with NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s User Agreement for more information, including applicable eligibility criteria. Bitcoin balances in your NYDIG Account are not insured by the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer. NYDIG does not make any recommendations regarding buying or selling bitcoin. There are risks associated with bitcoin trading, including possible loss of value. See NYDIG’s User Agreement. 

Information is published as of October 19, 2021.


2All lending products are subject to approval. Rates, program terms & conditions are subject to change without notice. Not all products are available in all states or for all amounts. This does not represent an offer to enter into a loan agreement. Other requirements, restrictions & limitations apply. 

Information is accurate as of October 19, 2021 & is subject to change without notice.

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