Nymbus announced a partnership with PeoplesBank in order to launch two products, “Employer-led Bank” and “Union Workers Financial Services” (UWFS).
This targets the need for financial wellness tools, which is said to be a direct response to the 62% of employees “stressed” about their financial circumstances.
As 84% of employers acknowledge the importance of such tools in reducing employee attrition, “Employer-led Bank” and “Union Workers Financial Services” aim to improve workplace finance by “offering solutions that strengthen benefits packages and foster long-term employee loyalty.”
“Employer-led Bank” and “Union Workers Financial Services” allow mid-large organizations and unions to establish digital banks of their own, enabling unions and employers to offer “discounted financial services, high-interest savings accounts, emergency loans, and credit-building tools and monitoring.”
This approach increases the value proposition for employees and provides an avenue for employers and unions to “reinvest in their workforce.”
PeoplesBank has partnered with NXTMOVES (NXTMOVES.io) to serve “as the Program Manager for the Union Worker Financial Services brand.”
NXTMOVES transforms how businesses integrate financial technology into daily “operations to increase efficiencies.”
Its leadership team is experienced in creating solutions for various industries, including union operations, and will “lead the brand’s growth and acquisition strategy.”
Key features of the platforms will include:
- Custom-branded banking solutions aligned with employer and union identities
- Debit cards tailored to the organization’s brand to reinforce loyalty and engagement
- Revenue sharing, allowing companies to reinvest a portion of banking revenue back into their workforce’s programs and benefits
- Scalable and easily deployable technology for organizations of all sizes
Recent studies show that organizations offering “comprehensive financial wellness programs see up to a 30% increase in employee retention.”
As 71% of employees feel that living costs are outpacing wage growth, these banking solutions address “an essential need for the current economic climate.”
A key feature of “Employer-led Bank” and “Union Workers Financial Services” is a progressive revenue-sharing model that allows companies to “reinvest a portion of the banking revenue directly back into their workforce, fostering financial health and boosting employee satisfaction.”
By offering these financial solutions, employers can address their employees’ financial stress and enhance their benefits package, “fostering greater loyalty and productivity in the workplace.”
“Employer-led Bank” and “Union Workers Financial Services” are set to launch with several major organizations and unions in the coming months, marking a significant “step forward in integrating financial services with employee benefits.”
This initiative extends a partnership where PeoplesBank, a current client, is engaged in a core conversion with Nymbus and collaborated on building and launching ZYNLO, a digital bank helping customers maximize their money.
As covered, Nymbus provides a cloud-based platform tailored for banks and credit unions, supporting “brick-and-mortar operations and digital-first financial institutions.”
Focused on the U.S. market, their research and development efforts enable them to introduce integrated and faster feature developments.
They leverage the “largest public cloud” for hosting and effective disaster recovery, ensuring “operational continuity and security.”
Their unified platform ensures that key banking experiences and technologies work together smoothly, “making transitions and daily operations efficient.”
Nymbus offers cost-saving features at no additional cost and operational support, allowing clients to achieve their objectives with “predictable timelines and reduced risk, streamlining their path to modernization and growth.”
PeoplesBank says they focus on strong financial performance, based on a fundamental principle of delivering the best banking experience.
By pursuing innovation, with a quest for improvement, PeoplesBank delivers innovative financial solutions.
They are known for their engaging work environment, a commitment to their associates, and a culture built on “accountability, collaboration, integrity, intrinsic motivation, and results.”
As the mutual bank headquartered in Western Massachusetts, with over $4.2 Billion in assets, they help the communities they serve.
They are a mutual bank, responsible to their depositors, employees, and the community.