We had the pleasure of speaking with Gary Lewis Evans, an American banking executive who co-founded Bank of Internet USA in 1999 (renamed Axos Bank in 2018). Gary served as the bank’s President and CEO from its inception until 2007, overseeing the pioneering online-only institution’s growth and leading it through a successful initial public offering in 2005. Under Gary’s leadership, the San Diego-based Bank of Internet became a model for branchless banking and one of the first financial institutions to operate fully online. His contributions to digital banking have been recognized by industry peers, including being named a finalist for the Ernst & Young Entrepreneur of the Year Award in 2008.

In this exclusive interview, Gary discusses the evolution of online banking through his pioneering experience at Bank of Internet USA. He reflects on building one of the earliest successful digital-only banks, navigating the complexities of risk management, and creating a distinctive underwriting culture that prioritized innovative yet secure lending practices.

With candid insights, Gary explains his unique approach to lending, shaped by lessons from mentors who valued creativity in securing loans without compromising asset quality. He shares intriguing stories of unconventional yet sound lending decisions, emphasizing how his focus on collateral and borrower character over simple credit scores distinguished Bank of Internet’s strategy from traditional banking models.

Moreover, Gary provides valuable perspectives on the broader banking landscape, particularly the challenges and opportunities facing digital and regional banks today. He also explores the potential of Web3 and blockchain technologies to transform banking, offering a vision on how these innovations could reduce costs, enhance security, and reshape financial transactions.

We are grateful to Tarek Andari for arranging and leading this conversation.

Overview:

  • Gary Evans’ Background and the Origins of Bank of Internet
  • The Unique Underwriting Philosophy at Bank of Internet
  • Risk Management and Lending Practices
  • Differentiating Axos Bank from Traditional Banking Institutions
  • Insights into Bank Valuation and Investment Considerations
  • The Impact of Web3 and Blockchain Technology on Banking
  • Reflections on Industry Consolidation and the Future of Regional Banks

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About the interviewee:

Gary Lewis Evans is an American banking executive who co-founded Bank of Internet USA (renamed Axos Bank in 2018) in 1999. He served as the bank’s President and Chief Executive Officer from its inception until 2007, overseeing the pioneering online-only institution’s growth and leading it through a successful initial public offering in 2005. Under Evans’s leadership, the San Diego-based Bank of Internet became a model for branchless banking and one of the first financial institutions to operate fully online. His contributions to digital banking have been recognized by industry peers, including being named a finalist for the Ernst & Young Entrepreneur of the Year Award in 2008.

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