Boston, MA (September 11, 2023) - ZYNLO Bank, a digital-only bank operated by PeoplesBank, selected the Digital Onboarding adoption platform to ensure that the accounts acquired via digital channels turn into deep and profitable relationships.
PeoplesBank, headquartered in Massachusetts, launched ZYNLO to fuel growth by acquiring young, financially curious, digital-only customers nationally. However, to make ZYNLO profitable, the team knew it must excel at deepening those new relationships from a distance. The bank chose the Digital Onboarding adoption platform for its proven ability to motivate customers to adopt account-related services and additional products.
“Banks can acquire accounts online all they want, but that does not mean those customers will deposit their paychecks and transact,” said Brittny Williams, F.V.P., Digital Growth and Partnerships, ZYNLO. “To build a profitable digital-only bank, institutions must ensure they can effectively turn account openers into deep relationships. The Digital Onboarding adoption platform is integral to our growth strategy.”
BAI reported that while around 400 digital-only banks (neobanks) globally have collectively opened one billion customer accounts, fewer than five percent are profitable. Deposit account openings do not fuel profitability, account usage does. Most digital-only banks lack an effective way to engage customers remotely.
“When banks open accounts, they earn the chance to make money or lose it,” said Jennifer Packard, Chief Product Officer, Digital Onboarding. “ZYNLO is ahead of most digital-only banks because the team recognizes the critical importance of an adoption platform. It’s the perfect match, and we are absolutely thrilled to help and watch ZYNLO grow.”
ZYNLO is a digital-only bank that makes banking as easy as possible while offering services traditional brick-and-mortar banks don't, like cash rewards on debit card purchases – called ZYNG – early access to paychecks and powerful ways to build savings. Services are provided by PeoplesBank (MA), with over 135 years of experience creating satisfied customers and supported by the NYMBUS core. For additional information, visit www.ZYNLObank.com.
About Digital Onboarding
The Digital Onboarding adoption platform helps banks and credit unions turn account openers into fully engaged and profitable relationships. With personalized messages, microsites, and self-service enrollment tools, the platform helps people enroll in direct deposit and update default payment methods, adopt eStatements, retrieve account and member numbers, open additional products, and more. For additional information, visit https://www.digitalonboarding.com.
For Digital Onboarding media inquiries, contact Laurie McLachlan at firstname.lastname@example.org or (313) 487-7720.