Thrivent Bank aims to pair advice, digital platform in youth push

Core Insights - Thrivent Bank aims to attract millennial and Gen Z customers dissatisfied with their current lenders by offering financial advice and support [1][3] - The bank received approval to operate as an industrial loan company (ILC) in June 2024, marking a significant milestone as the only ILC charter approved during the Biden administration [2][3] - Thrivent Bank differentiates itself by combining a digital platform with personal customer support, targeting consumers seeking purpose-driven financial planning [5][7] Company Overview - Thrivent Federal Credit Union transitioned to Thrivent Bank on June 1, 2024, after receiving necessary approvals [2] - The bank is based in Salt Lake City and is owned by Thrivent Holdings, expanding its customer base beyond religious affiliations [4] Business Strategy - The bank plans to launch a new digital banking interface, including savings and checking accounts, with further enhancements expected next year [6] - Thrivent Bank's technology budget is limited compared to larger banks, leading to reliance on third-party vendors for certain technological needs [6] - The bank emphasizes the importance of human interaction in banking, aiming to fill the gap left by automated services [7]