NYMBUS SmartLaunch: Enabling Digital Brands

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21 July 2020
Stephen Greer

Abstract

The path to digitization can challenge financial institutions, especially community banks, in several ways.

From the provider perspective, small banks often feel at the mercy of their vendor partner, particularly the core . These systems can be inflexible, either to create new products or to integrate into external third-parties.Banks are often charged for even minor system changes, data retrieval, or integrations. Smaller institutions can also be affected by contract terms, with some feeling powerless to migrate away. Even with flexible platforms, many organizations feel they lack the necessary internal expertise to execute on a digital strategy. These challenges stifle innovation, and with already fewer resources, keep many at a fundamental disadvantage in the market.

Institutions are moving towards a new way of transforming themselves digitally: Vertical migration. For larger organization this can mean moving a specific customer segment or subsidiary brand to a new technology. In other cases, vertical migration means standing up a greenfield offering, with separate operations teams and technology.

Until recently this has only been the realm of larger organizations with the resources to stand up and run a digital brand in parallel to its main bank, however the evolution of deployment models and outsourced delivery has democratized this path farther down market. SmartLaunch by NYMBUS looks to provide a path for organizations to launch a digital offering in an outsourced model leveraging shared services, making it cost effective enough to appeal to the community market.

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Insight details

Industry or Business Focus
Insight Format
Reports
Geographic Focus
North America