Nymbus promises bank digitisation in under 90 days with SmartLaunch
Nymbus launches SmartLaunch
Core banking tech vendor Nymbus promises to help banks chase their digital dreams faster with its new SmartLaunch product, reports Julie Muhn at Finovate.
Built on Nymbus’ SmartCore platform, SmartLaunch allows banks to set up a turnkey digital banking solution in as few as 90 days. The new offering grants banks access to technical resources, targeted digital marketing, website services, AML/BSA compliance, debit card issuance and management, and workflow management.
“The race is on to capture today’s digital banking customers, but legacy technology, operational risk, and a lack of resources and expertise make it difficult for financial institutions to deliver the exceptional Amazon-like experience consumers have come to expect,” says Nymbus’ president David Mitchell.
Banks can choose to launch the digital banking capabilities under their own brand or create a standalone, digital-only brand that targets a specific customer segment. In creating digital services, SmartLaunch helps banks expand consumer reach and increase cross-selling opportunities.
“Digital banks are a profitable strategy, but Nymbus recognised that a new model was needed to eliminate operational risk while also attracting more of today’s digital-savvy consumers,” Mitchell says. He describes SmartLaunch as a “sign and recline” alternative to a core conversion that doesn’t require hiring additional staff.
Nymbus offers four products in addition to SmartLaunch, including SmartCore, a digital-first core data processing platform; SmartDigital, a core agnostic digital integration platform launched last fall; SmartPayments, an integrated real-time payments suite, and SmartServices, a service that allows banks to tap into the knowledge of the Nymbus team.
Since it was founded in 2015, the company has made three acquisitions, including R.C. Olmstead, KMR, and Sharp BancSystems (SBS). It has raised $28 million.
Most recently, Nymbus completed its SOC 2 Type 1 Certification, an audit of the company’s security protocol.
Remember that you get what you pay for. Rushing is not good in banking. In addition, I would look at their (Nymbus) financials very close. They only have one bank they have signed for core processing and are rapidly burning through their capital. Not good.
Good points. As far as I know, there are three core processing clients: Surety Bank in Florida, Kaiperm Diablo Federal Credit Union in California and Chrome Federal Credit Union in Pennsylvania. However, the status of the projects and the results have not yet been disclosed, so I am not sure if any are actually fully live.