KeyBank and Laurel Road Launch Digital Bank for Doctors

Rhea-AI Summary

On March 30, 2021, Laurel Road, a brand of KeyBank, launched Laurel Road for Doctors, a digital banking platform designed specifically for physicians and dentists. The initiative aims to alleviate financial burdens, such as student debt and work-life balance challenges faced by healthcare professionals, especially post-COVID-19. Key features include a Student Loan Cashback℠ Credit Card, high-yield savings accounts, and personalized financial insights. The platform aligns with a broader strategy to support healthcare professionals, having already serviced over $7 billion in loans since its inception.

Positive

• Launch of tailored digital banking for physicians and dentists.
• Student Loan Cashback℠ Credit Card offers 2% cashback for loan payments.
• High Yield Savings℠ Account provides 10x the national average APY.
• Personalized financial insights and resources for healthcare professionals.
• Strong focus on supporting doctors post-COVID-19.

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• None.

NEW YORK, March 30, 2021 /PRNewswire/ -- Laurel Road, a brand of KeyBank, unveiled today Laurel Road for Doctors, a digital bank tailored to physicians and dentists with products and services designed to provide the financial help and peace of mind they need through each career stage. The goal of the new digital bank is to help ease the burden for doctors of paying down student debt, finding more balance between work and life, and planning for the future—many of whom have worked tirelessly through the COVID-19 pandemic.

With Laurel Road for Doctors, Laurel Road and KeyBank expand on its existing suite of tailored digital banking and lending products and extensive experience working directly with doctors to create a platform that meets the distinct challenges of this community. The online experience, from originations to servicing tools, will include new offerings such as:

• Student Loan Cashback℠ Credit Card: The only credit card that offers 2% cashback to pay down student loans with most loan servicers.
• Student Loan Refi & Linked Savings℠: Link a new savings account when refinancing student loans to build savings while obtaining an even lower interest rate.
• High Yield Savings℠ Account: Qualified borrowers can open an account and earn 10x the national average Annual Percentage Yield (APY), with $0 to open, no minimum balance, and no monthly maintenance fees to fast-track savings goals.
• Financial Insights: Personalized data and guidance that allows doctors to compare against those in similar specialties on salary, debt and more, utilize educational content to build financial literacy, and access custom insights for budgeting.
• Laurel Road Perks!: Exclusive offers, discounts and benefits through a newly established and growing partner network of premium brand partners such as P.volve, Sakara, Rent the Runway, Brooklinen, KidPass, Talkspace and The White Coat Investor.
• Premium Care Team: Financial healthcare support specialists to provide personalized care seven days a week.

"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," said Chris Gorman, Chairman and CEO of KeyCorp. "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 for Doctors is launching at the right time for many, as two-thirds (66%) of doctors plan to be more financially focused in 2021 to benefit their career and personal financial security compared to 2020, according to a new survey of 750 US physicians and dentists conducted by Laurel Road and The White Coat Investor, an online community for doctors.

"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."

To further their commitments to healthcare professionals, and honor doctors' dedication to fighting COVID-19 on the front lines, Laurel Road and KeyBank are bringing back the 7pm cheer on National Doctors' Day – Tuesday, March 30 – to create the largest applause yet. The campaign hopes to inspire the nation to join with them in sharing their thanks using #ThankYouHealthcare and tagging Laurel Road across social media. For each thank you shared, Laurel Road will donate $7, up to $50,000, to Direct Relief to support life-saving medical equipment.

Laurel Road has had an important strategic focus on the healthcare professional sector since the business began originating loans in 2013, offering this group customized services such a Laurel Road's Physician Mortgage, personal loan options for any career stage, and low student loan refinancing rates.

While accelerating its focus on physicians and dentists, Laurel Road will continue to provide its simplified student loan refinancing platform that benefits all professionals and expand its offering to other healthcare professionals over time.

Physicians and dentists can find Laurel Road for Doctors available at www.laurelroad.com/doctors. To get involved in the #ThankYouHealthcare campaign and share your thanks, visit @laurel_road on Instagram.

About Laurel Road
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $7 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products, mortgages and personal loans that helps simplify lending through customized technology and personalized service. Additionally, Laurel Road's physician and dentist customers have access to Laurel Road for Doctors, a tailored digital experience and specialized service launched in March 2021. In April 2019, Laurel Road was acquired by KeyBank, one of the nation's largest bank-based financial services companies. For more information, visit www.laurelroad.com. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. The mortgage product is not offered in Puerto Rico. KeyBank is a Member FDIC.  Equal Housing Lender. NMLS ID # 399797.

About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $170.3 billion at December 31, 2020. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,000 branches and approximately 1,400 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/.

Media Contact:
KWT Global for Laurel Road
646-989-8147
laurelroad@kwtglobal.com

Kimberly Kowalski
KeyBank Corporate Communications
216-406-2076
kimberly_kowalski@key.com

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SOURCE Laurel Road

FAQ

What is Laurel Road for Doctors launched by KEY?

Laurel Road for Doctors is a digital banking platform tailored for physicians and dentists, launched by Laurel Road, a brand of KeyBank, on March 30, 2021.

What features does Laurel Road for Doctors offer?

It offers a Student Loan Cashback℠ Credit Card, high-yield savings accounts, student loan refinancing options, and personalized financial insights.

Why was Laurel Road for Doctors launched?

The platform was created to help physicians and dentists manage financial challenges, particularly related to student debt and work-life balance, exacerbated by the COVID-19 pandemic.

How much has Laurel Road provided in loans?

Laurel Road has helped service over $7 billion in federal and private school loans since its inception in 2013.

What is the goal of the Student Loan Cashback℠ Credit Card?

The card aims to provide 2% cashback that can be used to pay down student loans with most loan servicers.