Nineteen months ago, we set out on a mission to reinvent Quontic. We weren’t sure yet exactly what that meant; we just knew we wanted to do things very differently. Since then, and especially in the first year, we’ve tried a lot of different things and amassed a lot of data that will inform decision making here for years to come.
One thing we knew early on was that we wanted to create a system for empowering our employees with the autonomy to make decisions on their own. To do that, we landed on three strategic anchors that serve as the lens through which we weigh options and evaluate ideas. They’re used for what to say “no” to as much as what to say “yes” to—and when “enough is enough” on something. At Quontic, you don’t have to check with your boss if you want to try something—you go.
Quontic’s mission to break the system for financial empowerment stands in the face of big banks and proves there is a better and more equitable way to put the customer first. Our strategic anchors are how we get there.
Innovative Deposits
Adaptive Lending
Maximum Leverage
Now, you can’t call yourself the adaptive digital bank if you don’t get adaptive with your lending practices. Adaptive Lending is one of the niches we can step into as a bank—providing loans and lending solutions for customers that don’t fit into a traditional box. Entrepreneurs, immigrants, millennials, low-income earners, seniors—these are individuals that sometimes couldn’t get mortgages at other banks, and we asked ourselves, “How can we serve these people?” We’ve created a suite of mortgage products designed for the unique needs of these customers, like our Community Development Mortgage Loan (no tax returns, W2s, or pay stubs required). Most recently, we launched our Streamline Refinance Mortgage designed for customers who may be suffering from a high mortgage rate due to prior income documentation issues. This product, a true no-doc loan, rewards borrowers by enabling them to refinance to a lower rate if they have a proven track record of paying their current mortgage on time. Quontic doesn’t offer a credit card—because every other bank does. We don’t offer car loans—because there’s nothing adaptive about them (for now). Our choice is this: create products you won’t find anywhere else for people that other banks ignore.
Our foundational strategic anchor is Maximum Leverage. When we’re building a plan, we ask ourselves, “How can we do this in a way that creates maximum leverage?” More often than not, technology is the way we get there.
For example, when we decided to pivot towards digital banking and bring in deposits online, we found that no core bank providers could keep up with the technology we needed. So instead of starting from ground zero, we created Quontic.Works, a technology solution that sits on top of existing core technology and does everything we need it to do.
Maximum Leverage also means utilizing new people in roles that were previously unheard of in the banking industry. We recently announced the hiring of our Chief People Officer, Mike Lantz. HR is typically a back-office function, and very few community banks have someone in a role like this, but we think that’s how you grow the business—with people.
Banks are inherently all about leverage: you leverage your capital when you bring in deposits and make loans. Or, you find employees who provide leverage across an entire organization. A focus on Maximum Leverage means we can do more with less, and makes it so we’re never stuck just because we’ve overinvested in or overcommitted to any one thing.
Here’s the reality: There are customers out there that most other banks ignore. That’s who Quontic wants to cater to. Our strategy is to focus on truly understanding and serving the underdogs, entrepreneurs, gig-economy workers, immigrants, and others with a curated banking experience, as opposed to a one-size-fits-all banking approach. This is how we better the banking industry, and help our customers achieve a better financial future.
