Summer 2023

Summer usually provides a natural break and slowdown for businesses, but not for Nymbus this year! Our teams have been hard at work for our clients, and I’m excited to share some of the results with you in this roundup.

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Successful Close to Our Funding Round

Nymbus raised a remarkable $70 million in our Series D funding round ?with our lead investors at Insight Partners and generous participation from clients and industry-focused investment teams:

With this substantial capital infusion, we are poised to enhance our commitment to removing growth obstacles and delivering cutting-edge solutions to the financial services industry.

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Introducing Nymbus SMB

We're excited to launch Nymbus SMB, created to enable credit unions and other community FIs to serve small- and medium-sized businesses with an end-to-end solution that delivers speed to market and essential features and services to support an often overlooked and underserved market segment.

?Watch the video

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Economic Update with John & Bill

Even the most pessimistic of the economists at a recent quarterly CUNA forecast session—that would be Bill Handel, with whom I chat regularly—has been surprised by the underlying strength of the U.S. economy. Inflation elevated quickly to a worrisome peak in 2022—and then dropped from 9 percent to around 3 percent in just a year.

Though economists at that session were divided over whether the Federal Reserve might raise rates once more this fall, “we now believe that the Fed is essentially done with raising interest rates for this cycle—unless something weird happens to make inflation pop up again,” Bill reports. And it is possible, even likely, that rates may start coming down in 2024.

What have these ups and downs meant for credit unions, and how might they respond to near-term economic threats and opportunities?

• Successful lenders, those that are 85% or more loaned out, “are hurting right now” and can expect the net interest income squeeze to continue well into 2024.
• In contrast, credit unions with higher liquidity and investment-to-asset ratios are reaping the benefits of overnight bank rates above 5% and other favorable terms.
• Across the industry, loan delinquencies are inching up, due in part to the “denominator effect” as loan volume slows, but Bill advises credit unions with adequate liquidity not to over-correct in response.
• CUNA is forecasting zero deposit growth for credit unions this year, after decades of steady increases. It’s hard to compete for higher rate deposits, but financial cooperatives with healthy capital levels should be looking for ways to deploy their resources, perhaps through collaborative efforts, to build low-cost core deposits over the long term, he recommends.????

Listen to our full conversation

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Where You Will Find Us Next …??

Hope to see you at these upcoming gatherings, where Nymbus will be an active stakeholder in sponsoring activities, presenting case studies and supporting advocacy efforts.? Contact me if you plan to be at any of these events so we can meet for coffee and conversation!

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Finovate Fall

Sept. 11-12 Marriott Marquis Times Square, New York

https://informaconnect.com/finovatefall/

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Association for Financial Technology Fall Summit

Sept. 24-26 Hyatt Regency, Lake Tahoe, Nevada

https://www.aftweb.com/summit-fall-23

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California/Nevada Credit Union League REACH 2023

Oct. 22-26 Cosmopolitan, Las Vegas

https://web.cvent.com/event/ca45ea9e-4f40-4b6b-b9ae-b6fc5638ad94/summary

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VentureTech 2023

Nov. 6-8 Omni Frisco Hotel, Frisco, Texas

https://myventuretech.com/

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Filene big.bright.minds

Dec. 5-6 Westin Kierland Resort, Scottsdale, Ariz.

https://filene.org/events/big-bright-minds-2023

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Be Among the First to Discover 'The Partnership Advantage'

I’m pleased to announce the publication of my latest book, The Partnership Advantage: How Harnessing the Power of Partnerships Can Revitalize Community Financial Institutions, now available on Amazon in paperback and Kindle formats.

The shift to online banking coupled with the reach and resources of mega-banks has left credit unions and community banks vulnerable. To remain relevant and continue serving their communities, credit unions must change how they do business. Depending on transactional relationships with vendors no longer suffices. Industry players need partners with whom they can form an interdependent relationship and create a thriving ecosystem—one that can overcome the challenges of today’s banking landscape.

The Partnership Advantage offers a guide to creating those healthy business partnerships. The situations and resources detailed in this book—presented in the form of the Hero’s Journey—illustrate valuable principles to equip you with the tools you need to create partnerships that will enable your community financial institution to thrive.

If you’re attending the REACH 2023 conference in Las Vegas this fall, stop by the Nymbus booth to say hello, and you’ll receive a copy of the book for free!

Recently Published Reports from Nymbus

Cracking the Code of Gen Z

This 23-page report details how this young generation represents a significant opportunity for financial institutions.

DOWNLOAD THE REPORT ?

Insights Report: Unlocking Efficiency

How banks can leverage automation to enhance the customer experience and shift staff to higher growth opportunities.

DOWNLOAD THE REPORT ?