Vantage West Credit Union and Nymbus Building Digital Financial Brand

digital banking

Vantage West Credit Union is working with Nymbus to launch a niche digital financial brand.

The Arizona-based credit union is using the Nymbus Launch product, which is a turnkey, fully secure and compliant digital bank or credit union solution, to add the new brand, the companies said in a Thursday (April 6) press release.

“We chose Nymbus as our partner for exploring new digital growth options, because it allows our team to remain focused on our other core member initiatives,” Vantage West Chief Information Officer Rob Hoyle said in the release. “With Nymbus, we are able to quickly deploy new ideas in new markets without the typical speedbumps or bandwidth concerns that we might otherwise encounter.”

PYMNTS research has found that financial services providers are being kept on their toes by evolving consumer preferences and accelerating digital adoption.

Credit union members are especially interested in innovative products, and 27% of them are willing to switch where they hold financial accounts in order to find those products, according to “Member-Focused Innovation is CU’s Challenge in 2023,” the March edition of the “Credit Union Tracker®,” a PYMNTS and PSCU collaboration.

The report also found that credit unions can gain ground in omnichannel banking since just one in 10 financial institutions offer true omnichannel account openings for consumers and businesses.

To deploy innovative digital offerings, financial institutions often turn to outside experts for assistance.

For example, when looking to innovate and improve B2B payment processes, just 37% of financial institutions say they have the experience and resources to effectively address B2B payments frictions on their own with no need to outsource the development of required solutions, according to “Meeting the Challenge of Payments Modernization: How Organizational Size Influences Innovation,” a PYMNTS and FIS collaboration.

The project with Vantage West is the latest such partnership in which Nymbus has provided the people, processes and banking technology solutions needed to launch digital financial institutions, according to the press release.

“Our goal is to enable credit unions to compete and thrive by delivering best-in-class solutions and services,” Nymbus Executive Chairman and CEO Jeffery Kendall said in the release. “Our partnership with Vantage West is vital to our mission of delivering greater financial access to all through access, experience and value.”