Be real – few credit unions can genuinely be all things to all members because how big would the institution have to be?
As you ponder that – really drill into the idea that there can be success in being small – now consider a fintech named ZSuite Technologies. It has three product lines that it makes available to its financial institution partners: ZRent, aimed at property managers and landlords; ZDeposit, again aimed at property managers and landlords, this tool helps track rental deposits and understand the laws vary by state, sometimes by city; and ZEscrow, which helps escrow account holders – such as lawyers and government agencies – better track and manage those monies.
All niche? You bet but that’s the intent. The initial tools grew out of a Massachusetts community bank which wanted ways to better compete in a marketplace where it sometimes seems that only behemoths thrive. That’s when a lightbulb clicked. Property managers and small landlords had lots of problems – how many still keep paper records? – and so computer skills were harnessed to help solve those problems.
And then why not attempt to persuade those property managers and landlords to shift most – maybe all – of their banking to the institution that helps solve their nagging business problems?
The escrow tools – the most recent addition to the portfolio – grew out of the discovery that for many escrow accounts are a real hassle. But the right computer programming could sole the problems.
All small? You bet. But small can be beautiful.
On the podcast to tell the story of ZSuite is the CEO Nathan Baumeister. He tells about the company’s formation, why small is beautiful, and ZSuite’s ambitions to offer its tools to more credit unions.
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