Nymbus announces a strategic partnership with PeoplesBank to launch two products, “Employer-led Bank” and “Union Workers Financial Services” (UWFS). This collaboration targets the pressing need for improved financial wellness tools, 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.
“In today’s competitive job market, comprehensive financial wellness solutions are no longer just a perk; they’re a necessity,” said Nymbus CEO Jeffery Kendall. “Our collaboration with PeoplesBank brings to life a vision where better banking serves the heartbeat of America’s workforce. Through tailored financial tools, we’re not just offering accounts; we’re providing a foundation for workers to build their futures. This end-to-end solution enables PeoplesBank to craft unique banking experiences that resonate with employers and unions alike. It’s about creating a financial ecosystem where stability fuels productivity and every paycheck opens doors to new possibilities.”
“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 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.
“This initiative is our tribute to the backbone of America—the union members, skilled tradespeople, and hardworking individuals employed by businesses of all sizes who drive our economy forward,” commented Aleda De Maria, Executive Vice President of Consumer Banking and Operations at PeoplesBank. “It embodies PeoplesBank’s commitment as a community bank to empower the hands that shape our future, fostering growth for organizations and financial well-being for individuals. It’s more than banking; it’s building a stronger, more resilient workforce.”
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 tailored financial solutions, employers can simultaneously address their employees’ financial stress and enhance their benefits package, ultimately 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 dynamic partnership where PeoplesBank, a current client, is actively engaged in a core conversion with Nymbus and previously collaborated on building and launching ZYNLO, a multi-award-winning digital bank helping customers maximize their money. This ongoing collaboration underscores the continuous trust and strategic alignment between the two entities, paving the way for future advancements.
SOURCE: BusinessWire