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www.HartfordBusiness.com • October 19, 2020 • Hartford Business Journal 7 seen as the top U.S. online banks. "And they don't have a single branch, think about that," Mitchell said. "They've started to eat away at significant market share with- out the cost structure." Meanwhile, the top seven online banks — including Chime and Ally — claim nearly 40 million custom- ers, he said. Finding the right niches Mitchell's job at Liberty is to fig- ure out how the bank can tap into the fast-growing digital banking market, and he appears well-suited to the task since he's helped about 10 banks around the country do something similar during his four years as president of Glastonbury- based NYMBUS, a cloud software provider to the fintech industry. NYMBUS helped Indiana's Centier Bank stand up an online-only savings account brand called Billinero, which offers monthly and quarterly cash prize drawings for members as an enticement to build up their savings. Mitchell and NYMBUS also worked with Texas-based TransPecos Banks to launch BankMD, an online bank ca- tering to newly graduated physicians. In the banking world, such customer niches are known as affinity groups. Liberty similarly plans to target specific affinity groups with its digi- tal launches in the coming years. Banks often pride themselves on their brand, but Liberty's name will be less important when trying to capture business in other parts of the country, Mitchell said. Liberty's made no final decisions just yet on its digital banking tar- get clientele, but it's considering many options. We help protect manufacturers all the way down the line. F O R M O R E I N F O R M AT I O N A B O U T W O R K I N G W I T H A C A D I A I N S U R A N C E , V I S I T U S O N L I N E : A C A D I A I N S U R A N C E . C O M M A I N E | C O N N E C T I C U T | M A S S A C H U S E T T S N E W H A M P S H I R E | N E W Y O R K | V E R M O N T ACADIAINSURANCE.COM 800.773.4300 Closer Coverage SM means more value, delivered with a personal touch. At Acadia Insurance, we have dedicated local claims and underwriting specialists ready to provide the high quality hands-on service that creates insurance solutions tailored to meet your needs. C O M P O N E N T P A R T M A N U F A C T U R E R S F O O D P R O D U C T S M A N U F A C T U R E R S M A C H I N E S H O P S C O N S U M E R G O O D S M A N U F A C T U R E R S A P P A R E L M A N U F A C T U R E R S W O O D P R O D U C T S M A N U F A C T U R E R S Continued on page 8 >> I'm PIM! With my help, you'll get relief from frequent calculation estimates. GET MORE DONE WITH OUR ONLINE PENSION ADMINISTRATION SYSTEM Our pension informa on manager, PIM, is the key to discovering how easy it can be to modernize your pension plan. Begin with an online portal for plan sponsors. Choose your benefi t calcula on method. Add an online portal and service center for par cipants. It's as simple as 1,2,3! Request a demo today! hhconsultants.com H&H2020-CalculationEstimatesHBJ4.5x6.25_fnl.indd 1 H&H2020-CalculationEstimatesHBJ4.5x6.25_fnl.indd 1 9/3/20 2:35 PM 9/3/20 2:35 PM CT banks investing in fewer brick-and-mortar branches There were 1,094 bank branches in the state as of June 30, which is down 14.4% since 2013, ac- cording to Federal Deposit Insurance Corp. data. Year CT bank branches 2016 1,212 2017 1,183 2018 1,159 2019 1,129 2020 1,094 Source: Federal Deposit Insurance Corp.