BIZ BUZZ: A digital banking license? It’s a no for Security Bank

Security Bank is not interested in getting a digital banking license, saying it can also do things that virtual lenders are capable of.

“There is no difference between a digital bank and an institutional bank in today’s day and age. Ten years ago if you would have asked the question, I’m sure the answer would have been different,” Lucose Eralil, chief operating officer of Security Bank, told Biz Buzz.

”A digital bank could build technology much faster. That was the only difference. There is no other difference. They could do a mobile [platform] in six to eight months. I just released my [digital] retail channel in 10 months,” Eralil added.

“So if I can do that being in an institutional bank, why would I need a digital bank?”