Surety Bank faces the same geographic limits to growth that other small community banks do. The $137 million bank operates four branches in Daytona Beach, Pierson, Lake Mary and DeLand, Florida, its headquarters. These are, at most, no more than 45 miles from one another.
But CEO Ryan James believes the bank can fuel deposit growth nationwide through the launch of a digital brand, booyah!, which targets college students and young graduates with fee-free deposit accounts. The bank’s relationship with its core is enabling him to make this bet.
Surety converted from a legacy core provider to the Nymbus SmartCore in 2018. It launched booyah! a year later using Nymbus SmartLaunch, a bank-in-a-box product designed to help banks quickly and inexpensively stand up a digital branch under an existing charter.
Nymbus SmartLaunch received the award for the Best Solution for Customer Experience at Bank Director’s 2020 Best of FinXTech Awards in May. Backbase, a digital banking provider, and Pinkaloo, a white-labeled charitable giving platform, were also finalists in the category. (Read more about how Pinkaloo worked with a Massachusetts community bank here.)
Bigger banks have reported mixed results from their efforts to establish digital brands. Wyomissing, Pennsylvania-based Customers Bancorp was one of the first to do so when it established its BankMobile division in 2015, targeting millennials. The $12 billion bank partnered with T-Mobile US three years later to offer accounts to the cell phone carrier’s 86 million customers. Meanwhile, JPMorgan Chase & Co. closed its digital bank, Finn, last year.