Given all the benefits available when you bank online, neobanking is currently trending nationally. Of all the options, Money Avenue, founded and run by Donahue Baker, rises to the top. Offering digital banking services that include high interest savings and checking accounts, residential & business lending, and insurance products, Donahue operates always with the aim of creating more entrepreneurs and helping everyday people to build long term wealth.
Digital banks are known for being faster, cheaper, and more flexible than traditional banks hosted in brick and mortar locations. Money Avenue is no exception, offering a personal loan up to $10k in as little as three hours, without any unnecessary or hidden fees.
Especially in a world during the pandemic, the benefits of a digital bank are more important than ever. As the virus set in, many physical bank branches began closing their doors, starting with locations in already underserved areas and communities.
Bringing banking to underserved communities is a huge challenge, but also a primary goal of Money Avenue.
The shift towards online banking, while concentrated in underserved communities, is also seen elsewhere, as in other industries, such as retail businesses.
Despite all the community work and focus Money Avenue has, at the end of the day, Donahue is still running a business, meaning he needs to think and act like an entrepreneur to keep his services available to their customers. In order to differentiate their business from competitors, Donahue makes sure they are the only ones offering a full range of services in one spot, including high interest savings and checking, fast personal and business loans, residential and commercial real estate lending, Insurance products, and business credit and consulting services.
Donahue himself works on keeping his mindset ready for all the challenges that inevitably come with running a business. This allows him to foster a positive mindset in others.
This allows him to reach his definition of success. He recognizes that this is different for everyone, but for him, success to me means helping others achieve their goals. As an entrepreneur and professor he constantly analyzes people and works to spot the obstacles that stand in their way to success.
Stay up to date with Money Avenue leading to their official launch in February of 2021 by signing up at www.bankmoneyave.com.