Finzly FX Helps Regional Bank Achieve a CAGR of 180% Over 6 Years
Client
A large commercial bank in Texas with a history of complementing the traditional commercial banking model with fintech partnerships.
Challenge
The bank’s legacy payment processing didn’t allow them to cater to the expectations of their commercial customers. As a result, they required a partner at the forefront of payments innovation to help them embark on an end-to-end transformation for payments.
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A lack of agility to launch new products and value-added services
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Exodus of commercial clients due to a poor commercial digital banking experience
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Loss of revenue opportunities in embedded banking due to lack of APIs
Solution
The bank enhanced customer experience and unified payment processing for Fedwire and ACH leveraging our integrations with their existing core. By unifying payment processing, the bank was able to boost operational efficiency and increase their agility to launch value-added services, improving customer experience.
Finzly products
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Open Galaxy for Embedded Banking
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Teller app for branch users to initiate and manage payments
Integrations
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Preintegrates with existing core
Outcome
By working with Finzly to centralize payment processing for Fedwire and ACH, the bank has achieved several benefits from streamlining operations, unifying all payments and exceptions, and ultimately growing its business. Additionally, automated workflows have increased the bank's straight-through processing rates. These efficiencies have allowed the bank to expand its commerical offerings to sectors like real estate, specialty banking for HOAs, dental practices, and other SMBs. The bank is now well-positioned to confidently explore new revenue streams and expand into new customer segments.
Additionally the bank benefits from:
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Quick onboarding of fintech partners through simple API integration
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Modern, friction-free journey for commercial payments through CashOS
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Competitive advantage at par with big banks
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Efficient straight through processing of payments