NYMBUS®, a leading provider of banking technology solutions, today announced PeoplesBank has gone live with NYMBUS SmartLaunch™ to outsource the technology and remote full-service operations of its new digital-only bank, ZYNLO.
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A competitive force in Massachusetts’ banking landscape with assets exceeding $3 billion, ZYNLO is PeoplesBank’s latest growth strategy to expand its digital reach and engage loyal new customers and revenue opportunities. Designed to simplify the banking experience, it offers a comprehensive range of convenient, flexible and secure digital financial products and services. In partnership with NYMBUS, ZYNLO was quickly accomplished without a core conversion or hiring new resources. NYMBUS provides all of the technical and operational resources required to run and market the new bank, along with 24/7/365 support.
“Only NYMBUS provided us a comprehensive strategy to quickly introduce a new digital-only effort,” said Brian Canina, Chief Financial Officer of PeoplesBank. “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.”
A fee-free account, ZYNLO (www.zynlobank.com) features Zyng, a benefit that rounds up debit card purchases to the nearest dollar and deposits the difference into the customer’s savings account. ZYNLO is also matching those roundups 100 percent for the first 100 days, and then 10 percent after that for an added savings boost. Another popular feature is Early PayDay, which gives customers access to their direct deposit funds up to two days in advance of deposit into their account. An alert feature is also offered on ZYNLO accounts that provides customers with daily balance information as well as upcoming scheduled payments notifications, and all ZYNLO deposits are 100 percent insured through FDIC and DIF.
Previously, PeoplesBank chose NYMBUS to unify key aspects of the larger bank’s onboarding and CRM. The extended partnership with ZYNLO now supports PeoplesBank’s dual transformation strategies for business growth.
“The approach for banking innovation needs to involve less time and cost,” said Jeffery Kendall, Chief Executive Officer of NYMBUS. “Without disruption, NYMBUS is helping PeoplesBank and other partners to quickly and successfully modernize their existing institution while also innovate with new, dynamic digital banking experiences.”
NYMBUS’ cloud-based SmartEcosystem™ has been embraced by forward-thinking financial institutions that recognize the value of unifying all of their required banking functions into a single ecosystem for enabling a customer-centric banking experience. At the same time, it enables the institution to offload back-end processes to 24/7/365 remote support centers.
The NYMBUS SmartLaunch model is an extension of the SmartEcosystem and has gained tremendous momentum for providing the bundled technology, complete operational support, and full-service digital onboarding, marketing and integrated CRM solutions to stand up a fully-outsourced digital bank in 90 days or less. The legacy operation isn’t disrupted, no additional staff is required, and a virtual workforce with access to 100 percent of business functions is available for continuity of business.
A revolutionary alternative to the legacy business model, NYMBUS has disrupted the financial services market by enabling risk-free solutions for digital innovation and growth. With NYMBUS, any size financial institution can launch a full-service digital bank in under 45 days, convert an existing bank or credit union to our award-winning technology and services ecosystem, and innovate with new financial solutions to massive scale at a safe, deliberate pace. Whichever growth strategy is right for you, NYMBUS buys back decades of lost time to engage and support the entire digital customer journey.
PeoplesBank is a leader in innovation, corporate responsibility, environmental sustainability, and employee engagement. Our three LEED®-certified offices are environmentally friendly, and we have financed more than $188 million in wind, hydroelectric, and solar energy projects.
As the largest community bank in the market, we have a unique ability to help the communities we serve through volunteer efforts and millions of dollars in donations to charitable and civic causes. Our associates devote an average of 10,000 hours to volunteer work each year, and 48 of the bank’s officers serve on the boards of directors and committees of 115 nonprofit organizations in the area.
PeoplesBank is a mutual bank and therefore responsible to our depositors, employees, and the community. This organizational structure allows us to focus on the long-term viability of the bank and the best interests of our customers. We currently have 20 banking centers located in Massachusetts and Connecticut.