[Forbes] The 2023 Snark Tank Banking and Fintech Awards

December 17, 2023

Press

Ron Shelvin, Senior Contributor

As far as I know, Taylor Swift didn’t win any banking or fintech awards this year. Maybe next year she’ll offer a Taylor Swift Debit Card so I can give her a Fintech Snark Tank Banking and Fintech Award.

Speaking of banking and fintech awards, Cornerstone Advisors’ Gonzo Banker blog recently published its annual banking awards, which is perennially the most widely read post on the site.

These awards are a great reflection on what happened in banking and fintech this year.

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Best Neobank of the Year award: Panacea Financial

Who says neobanks—and niche strategies—are dead? In a market where nearly every bank slobbers over rich, established doctors, Panacea is thriving by serving the underserved segment of the market—young physicians right out of residency programs with lots of debt and poor credit history. The fact that this segment will be rich, established doctors in five to 10 years doesn’t seem to matter to banks.

Panacea gets it and has established a neobank that doesn’t rely solely on interchange for revenue. Panacea is profitable, has originated roughly $350 million in loans over the past two years, and nearly doubled its revenue between 2022 and 2023.

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Here’s to better financial solutions for physicians, dentists and veterinarians.

Panacea Financial Holdings partners with Primis Bank, Member FDIC, to deliver banking services through its Panacea Financial Division.

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1. All personal loans have a $100 origination fee. To obtain a new loan with Panacea Financial, you must also have a Panacea checking account; there is no fee to open the account, a minimum deposit of $25 required, and there is no minimum balance. Other fees and charges may apply, see this link for full terms and conditions. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. All APRs assume a 0.50% discount with auto-pay from a Panacea Checking account. We offer a 0.25% discount with auto-pay from a non-Panacea checking account. To check the rates and terms you qualify for, click “Apply Today” and Panacea will conduct a soft credit pull to determine your possible rate and will not affect your credit score. Not all applicants qualify for the lowest rate or maximum loan amount; subject to credit approval. Total borrower maximum varies by stage of career and with credit score: In School maximum is between $1,000 – $10,000; In Training maximum is between $1,000 – $20,000; In Practice maximum is between $1,000 – $50,000. Panacea utilizes the Equifax credit bureau, with a FICO score minimum of 660 to qualify for a personal loan.

2. No payments during the first year. For a 5-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization years 4 and 5. For a 7-year term, you make reduced payments in years 2 and 3 of the interest accrued in the first year, added to the monthly interest. Full amortization over years 4, 5, 6, and 7.

3. For a 3-year term, you make interest-only payments in years 1 and 2. Full amortization in year 3. For a 5-year term, you make interest-only payments in years 1, 2, and 3. Full amortization in years 4, and 5. For a 7-year term, you make interest-only payments in years 1, 2, 3, and 4. Full amortization in years 5, 6, and 7.

4. Interest-only payments during first 6 months of loan. Full amortization over remainder of loan.

5. Adverse Credit Event: two or more payments more than 30 days late, totaling more than $500, within the prior 6 months; accounts with a total outstanding balance greater than $1,000 that are 90 or more days delinquent as of the date of the credit report, or that have been placed in collection or charged off during the two years preceding the date of the credit report; default determination during the five years preceding the date of the credit report; bankruptcy discharge during the five years preceding the date of the credit report; repossession during the five years preceding the date of the credit report; foreclosure during the five years preceding the date of the credit report; charge-off/write-off of a federal student aid debt during the five years preceding the date of the credit report; wage garnishment during the five years preceding the date of the credit report; tax lien during the five years preceding the date of the credit report; consumer credit counseling within five years preceding the date of the credit report.