Pacific National Bank (PNB), a Miami, Florida-based full-service commercial bank, as per recent reports last week, is in the process of launching a digital-only bank on the hosted Nymbus SmartLaunch model.
Carlos Fernandez-Guzman, CEO, PNB, cited the speed of launch that the SmartLaunch model guarantees, as the key reason to go ahead with this choice. The bank hopes for a successful launch within 90 days and “without disruption or cost to our existing bank infrastructure”, states Carlos.
Nymbus’ SmartLaunch model was introduced last year, in April 2018 and is marketed as a Banking-as-a-Service (BaaS) offering that targets financial institutions ranging from both branch-based and digital banks to credit unions, spanning back office, call centers, digital marketing, and websites. The SmartLaunch model employs Nymbus’ SmartCore, SmartDigital, and SmartPayments systems.
PNB, with this new digital-only bank offering, intends to attract millennials and Gen Z young professionals with its mobile and online banking services throughout the state of Florida, with plans for other metropolitan areas in the near coming future. The Miami-based PNB was founded in 1985, and has four branches, with $499 million in assets.
Nymbus, a Miami Beach, Florida-based fintech start-up which was established in Oct. 2015, has previously secured many rounds of funding. In Mar. 2016, when the firm bought long-standing supplier, R. C. Olmstead, it acquired additional staff and 46 credit unions throughout the Midwest. Later, the firm added another vendor, Sharp BancSystems (SBS), into its list.