Founding A Successful Digital Bank After Credit Crisis with Steve Schnall

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Founding A Successful Digital Bank After Credit Crisis with Steve Schnall

Today on Pass The Secret Sauce we have Steve Schnall, a serial entrepreneur and the founder & CEO of Quontic Bank which was recognized as the “Best Online Bank 2020”.

Steve had a vision of transforming traditional retail banking into customer-centric digital commerce. He transformed Quontic Bank into a profitable, well-capitalized, philanthropic, digital financial institution that does business in all 50 states. Quontic Bank has earned a Community Development Financial Institution designation by the U.S. Treasury.

Steve is also a founding director of Urban Angels, a nonprofit organization that provides 100,000 meals to the homeless every year, and serves on the board of The Arthur Project, a non-profit which is redefining youth mentoring through an unprecedented type of intervention. He is an active member of Young Presidents Organization and YPO Big Apple Gold.

In this episode we discuss:

  • Steve’s childhood, being self-sufficient at an early age  [4:00]
  • His academic journey; working different jobs while studying [7:15]
  • His first foray into the mortgage business  [10:15]
  • Facing bankruptcy at 23 and how he grew his business again  [13:16]
  • Presenting his business strategy to Wall Street; raising capital for it [17:50] 
  • The crack in the mortgage market; credit crisis; selling the company  [23:50]
  • Building customer-centric digital banking business [27:10]
  • Attracting and recruiting the right talents  [31:50]
  • Quontic’s core values and what they need to focus on  [36:50]
  • Steve’s management takeaway for entrepreneurs  [41:35]
  • Best ways to learn more about Steve and Quontic [46:38]

Quotable Quotes

  • Go into a business where you are doing the same thing as everybody else but just try to do it better or try to work a little harder. Or you can do something that no one else is doing and innovate.

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