PeoplesBank picks Nymbus to help launch digital bank Zynlo
PeoplesBank has gone live with Nymbus SmartLaunch as it opens the doors of its newest digital bank, Zynlo.
The bank will outsource all technology and full-service operations to Nymbus for Zynlo, which will access its parent bank’s assets of more than $3 billion at launch.
Zynlo is part of PeoplesBank’s growth strategy involving an expansion of its digital services.
PeoplesBank chief financial officer, Brian Canina, says Zynlo will run in parallel to the established institution.
He adds: “Zynlo delivers the ideal combination of digital banking convenience and security that today’s consumers depend on.”
A fee-free account, Zynlo rounds up debit card purchases to the nearest dollar and deposits the difference into the customer’s savings account.
The digital bank matches those roundups 100% for the first 100 days an account is open. It also offers early payday options and a daily balance alert feature.
PeoplesBank is an existing user of Nymbus technology, having signed for the vendor in January 2020. It tasked Nymbus with revamping its marketing and onboarding systems.
“The approach for banking innovation needs to involve less time and cost,” says Jeffery Kendall, Nymbus CEO.
“Without disruption, Nymbus is helping PeoplesBank to quickly and successfully modernise their existing institution while also innovate with new, dynamic digital banking experiences.”
Founded in 1885, PeoplesBank is based in Western Massachusetts. It is the largest local bank in its region, holding assets of $3.1 billion.
The bank operates 23 branches across the state and employs 307 people.