IBS Journal January 2017
47
“THE CUSTOMER EXPECTATION IS NOT THE COMMUNITY BANK DOWN THE BLOCK, THE CUSTOMER EXPECTATION IS AMAZON”
change. Because of these market dynamics, Nymbus has been viewed as the most modern technology supplier who is at the forefront of innovation to help community-based FIs survive and thrive.”
Challenger banks
Last year, new entrant OakNorth became the first bank in the UK to have its core system fully hosted on the cloud (see pages 24-26 for more info on this). Is, therefore, the US challenger bank/new entrant market key for Nymbus? “We feel we have the only disruptive platform approach for challenger banks. We leverage a powerful, scalable enterprise cloud platform – the result of more than $200 million in invested capital and over 10 years of development. Our solutions are purposely built to transform the way traditional FIs support and interact with their customers,” Mitchell states. “Our competitors in this sector of course have scale and size, but with that also comes complexity and high costs. The scale they have are thousands of financial institutions on unwieldy legacy IT systems that
can address compliance issues, regulatory changes or the digitalisation of the consumer. Over the last few years, challenger banks have actually outperformed the Big Five banks on cost reductions, better rates, and of course world class personalisation and digital technology services.”
In 2016, Nymbus completed a $12 million financing round led by the major shareholders of Vensure Enterprises. It also acquired fellow supplier R. C. Olmstead (RCO), giving it a presence in the midwest credit union market. RCO came with 46 customers, all in the low-tier segment. So what can we expect from this fast moving startup in 2017? “We will continue to invest to accelerate our vision of delivering innovative technology and supplying relevant guidance and superior support to our customers,” says Mitchell. “In addition, because of our rapid growth and the addition of new very innovative clients like CHROME Credit Union, we are very focused on a world class conversion experience for our customers moving off their legacy systems.”
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