File photo courtesy of KeyBank
Laurel Road, a brand of KeyBank, has launched a digital bank for physicians and dentists.
Known as Laurel Road for Doctors, the new digital bank looks to ease the burden for doctors paying down student debt, finding more balance between work and life, and planning for the future, KeyBank said in a statement.
“We believe in providing our customers with the choice to digitally fulfill their financial needs, especially when it makes their lives easier to do so,” Chris Gorman, Chairman and CEO of KeyCorp said in a statement. ”We acquired Laurel Road in 2019 with the intention of scaling this digital born business. Through this new digital bank offering we are able to provide a secure online experience and customized banking solutions to meet the special needs of physicians and dentists.”
Laurel Road was once the digital lending business of what was then known as Laurel Road Bank and previously known as Darien Rowayton Bank. KeyBank acquired Laurel Road’s digital arm in 2019, and the remaining Darien-based bank changed its name to DR Bank. The Laurel Road digital business had launched as a student loan refinancing platform in 2013.
Laurel Road for Doctors includes credit card and savings products to help customers repaying student loans. A survey of 750 US physicians and dentists conducted by Laurel Road and The White Coat Investor, an online community for doctors, found that 66 percent of doctors plan to be more financially focused in 2021 to benefit their career and personal financial security compared to 2020
“From our long-standing work with doctors, we know that many face financial management challenges while navigating high debt and high-stress careers dedicated to caring for others, leaving them little time to balance personal and financial pursuits,” said Alyssa Schaefer, Chief Experience Officer at Laurel Road. “With thoughtful tools and resources dedicated to supporting the financial health and life goals of physicians and dentists, we aspire for Laurel Road for Doctors to be a destination for all of their financial needs.”
