Connecting the Dots: From Nymbus Core to Client Scores
CONTENTS
Welcome to the latest edition of NymbusNext! This month, we're excited to share some incredible updates and celebrate the achievements of our clients. From insightful Q&As to inspiring success stories, there's plenty to catch up on. Let's dive in and see what's new!
Unlocking the Power of Data: Introducing Our Upcoming White Paper
Community banks and credit unions face many different types of challenges related to accessing, managing, and using data:
We're excited to announce our upcoming white paper on APIs, data access, and core banking. As a teaser, we wanted to share some key insights from the introduction.
Community banks today face an uphill battle when it comes to data. While there's more data available than ever before - from digital banking platforms, customer transactions, third-party integrations, external sources, and advanced analytics - using it effectively remains a challenge.
Our research has identified several key obstacles community banks and credit unions encounter with data:
Industry challenges: Keeping pace with larger banks and fintechs that have advanced data capabilities while navigating regulatory constraints that complicate data management.
Technological hurdles: Legacy systems that hinder integrations, limit real-time analytics, and raise concerns about total cost of ownership and ROI for data systems.
Operational issues: Difficulties with reporting, performance tracking, data-driven decision-making, vendor management, and real-time responses to fraud attempts and customer requests.
Organizational barriers: Challenges in developing data strategies, budget and time constraints, talent shortages, and internal resistance to new technologies.
This is where Nymbus Connect comes in. Our data integration and insights platform is purpose-built for community banks and credit unions, enabling you to punch above your weight class in leveraging data to enhance customer experiences, boost operational efficiency, mitigate risks, and stay competitive.
In our upcoming white paper, we'll explore how Nymbus Connect addresses these common data challenges, explore its current capabilities, and highlight exciting use cases to spark ideas for your institution.
Spotlight on Innovation: PeoplesBank and ZYNLO
At Nymbus, we're proud to partner with forward-thinking financial institutions pushing the boundaries. Today, we're excited to highlight the innovative work of PeoplesBank and their digital-only bank, ZYNLO (be sure to check out their brand-new website).
PeoplesBank: A Tradition of Innovation
With over 135 years of experience, PeoplesBank has established itself as a leader in the Massachusetts banking landscape. Boasting assets exceeding $4.4 billion, PeoplesBank has consistently demonstrated a commitment to embracing new technologies and meeting evolving customer needs.
ZYNLO: Digital Banking Reimagined
Recognizing the growing demand for seamless digital banking experiences, PeoplesBank launched ZYNLO, a digital-only bank powered by Nymbus technology. ZYNLO offers a range of progressive features designed to appeal to tech-savvy customers:
Rapid Growth and Success
The partnership between PeoplesBank and Nymbus has yielded impressive results. ZYNLO was launched in just 90 days without requiring a core conversion or additional staffing. Within 16 months of its launch, ZYNLO surpassed its initial goals, acquiring more than $42 million in assets.
A Model for Digital Transformation
As Brian Canina, PeoplesBank's Chief Operating Officer, notes, "Backed by and running in parallel to our established institution with 135 years of experience in creating satisfied customers, ZYNLO delivers the ideal combination of digital banking convenience and security that today's consumers depend on."
The stories of PeoplesBank and ZYNLO are inspiring examples of how traditional financial institutions can successfully navigate the digital landscape and create new growth opportunities. At Nymbus, we're honored to play a role in their ongoing success and look forward to supporting their future endeavors.
Learn more about our partnership in our latest Missions, Milestones, and Moonshots video series here.
FAQs: Get to Know Nymbus Core
Q: What are the Key features of Nymbus Core that enhance customer management?
A: Nymbus Core offers a comprehensive suite of features to enhance customer management, including:
Q. How does Nymbus Core ensure compliance and security for financial institutions?
A: Nymbus Core is built with advanced security and compliance features to meet the financial industry's stringent requirements. It includes comprehensive compliance management systems (CMS), standardized policies and procedures, and robust audit and exam support. The platform integrates seamlessly with BSA/AML and OFAC systems, providing effective fraud detection and investigation support. These features ensure that financial institutions can maintain high standards of security and compliance while delivering cutting-edge banking services.
Q. How does Nymbus approach contract terms and flexibility for its Core banking solution?
A. Nymbus does not require exclusivity provisions. Our Core contracts include Core, Digital Banking, Onboard, and Lend, and the Nymbus products are concurrent. While we hope you’ll never need to leave, our deconversion fees are based on time and materials at published hourly rates. There are no exit barriers.
Limitations of Liability are variable, negotiated with each customer, and could be in months, one year, or contract term. Detailed SLAs and remedies are included in all contracts. We include prorated early termination fees based on the term (years) of the contract.
Industry Buzz: Insights from the Cornerstone Advisors Digital Banking Performance Report
At Nymbus, we always seek industry insights that inspire, inform, and spark meaningful conversations. This month, we’re excited to share a thought-provoking perspective from our CEO, Jeffery Kendall, inspired by the latest Cornerstone Advisors Digital Banking Performance Report.
After diving into the report, Jeffery shared his thoughts on LinkedIn:
"The overall innovation in terms of product and innovation in digital banking platforms appears to be stagnant. Banks’ digital banking platforms have made huge improvements over the past 10 years, but a refresh is required to enable better integration with third-party applications, provide bank execs with better insights on user activity and trends, and integrate emerging AI-based tools and capabilities."
Jeffery’s observations highlight a critical juncture for the industry. With many standalone digital platforms now over 20 years old, it’s clear that a refresh is not only beneficial but absolutely necessary. The report underscores the need for modern digital banking solutions that can seamlessly integrate with third-party applications, offer deeper insights into user behavior, and leverage the latest AI technologies.
What considerations are top of mind for your team when considering your future banking platform partner? As the industry continues to evolve, it's crucial to evaluate potential partners based on their ability to provide innovative solutions, seamless integrations, and forward-thinking capabilities. Visit our website to discover how our modern, cloud-native platform can enable your bank to innovate faster, enhance customer experiences, and drive growth.
From The Community
ZYNLO Nabs a Top 10 Spot!
Recently, ZYNLO Bank achieved a significant milestone by being featured in Fortune.com’s Top 10 Online Banks. This recognition is a testament to their progressive approach and commitment to providing exceptional digital banking services. Read more about their achievement and check out an in-depth review of ZYNLO.
Powering a bank that’s empowering its community and winning awards is one of the many reasons we’re passionate about our work at Nymbus. We’re dedicated to building a community of banks and credit unions crafted to thrive on our platform.
Peoples Bank Claims Forbes Spot
Congratulations to PeoplesBank on being named to Forbes America's Best-In-State Banks in the state of Massachusetts. 🥳
Vantage West Credit Unions Earns Double Recognition
We're excited to share that Vantage West Credit Union has received two prestigious accolades:
These honors reflect Vantage West's commitment to excellence in customer service, financial advice, and digital offerings. Their innovative approach is further exemplified by HUSTL Financial, their digital-first credit union initiative, which continues to push the boundaries of modern banking services.
Congratulations to our clients on these well-deserved recognitions!
In Closing:
That's a wrap on this edition of NymbusNext! We hope these stories and insights have inspired you to think differently about the possibilities in banking. But don't stop here – take action today. Visit our website to explore how our cutting-edge solutions can transform your institution. Ready to start your own success story? Reach out to our team, and let's reimagine what's possible for your bank or credit union.
Chief Marketing Officer | Marketing Executive | Board Director | Advisory Board Member
1moCongratulations ZYNLO® Bank PeoplesBank Vantage West Credit Union and HUSTL Financial, on all your recent success and accolades! 👏
Entrepreneur | Executive Transition Coach | Customer Service Advocate | Mocktail Distributor | Martial Artist | Author | Inspired Speaker | Storyteller
1moAwesome !! Will look into it 👍