Pure Point Financial

• Pure Point Financial is backed by Mitsubishi UFJ Financial Group (MUFG), the fifth largest bank in the world

• They offer two key products, saving accounts and CDs (certificates of deposit).

• Their key competitive advantage is that they offer market-leading rates on both their savings and CDs.
• However, in order to earn high rates, consumers must meet a minimum deposit of $10,000 for savings account and CDs.

• While PurePoint is an online bank, they have over 20 financial centers in Florida, Illinois, New York, and Texas.  

• Key competitors are Citizen's Access and CIT.

Online Banking Trends

• Customers are increasingly choosing online banks because they are more efficient, afford greater control over ones money, are easy to access via mobile apps, have lower account costs, and are more personalized.

•  By the end of 2019, approximately two billion people will be using mobile banking.
• Online banks often meet a key demand in modern banking, the desire for accessible services, and especially self-service options. a need for banking to offer services in the most accessible manner, in the form of self-service.