Quontic Bank Believes it has Built a Digital Bank to Scale

Quontic Bank started with just one branch and about $20mn in assets before CEO Steve Schnall recapitalized and set a fresh journey forward; the bank was over reliant on wholesale deposits, regulators then forced the bank to make changes which made Schnall pivot towards becoming a digital bank; Quontic also remade how they use technology by building Quontic Works, a middleware solution that sits on top of their existing core banking technology and provides API connectivity; as a CDFI the bank needs to prove 60 percent of their loans are going to low income areas in order to receive grants, working with a firm in Montreal they rebuilt how they use data and save hundreds of man hours; not only was technology overhauled but so was they way employees were paid and evaluated as they knew they could not act like a traditional bank; Quontic believes they can grow and take on the likes of Chime as Schnall tells TearSheet, “I think we can double the size of the bank in a couple of years. Our capital growth is organic and we’re proving we can do what Chime does with a bank charter. We’ve proven this business can scale to infinity.” TearSheet

  • With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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