Bank expands commercial portfolio, increases low-cost, core deposits, automates complex subaccounting transactions
ZSuite Tech, a financial technology company that powers financial institutions with unbound digital accounts encompassing escrow, subaccounting, sub-ledgering, FBO and trust accounts for commercial clients, announced Manasquan Bank successfully deployed ZEscrow, the industry’s first completely digital commercial escrow solution, and ZRent, an automated rent and fee collection tool. Within 30 days of the launch, the bank reported an immediate increase in core deposits.
“Innovative Game Changer” is how @ManasquanBank describes #ZEscrow from @ZSuiteTech – read the full announcement to find out how this bank increased low-cost core deposits, expanded commercial portfolio all within 30 days of launching the platform.
Headquartered in New Jersey, Manasquan Bank operates 15 branches with total consolidated assets of $2.8 b. The bank partnered with ZSuite Tech to provide commercial clients with more robust, digital cash management tools, as well as automate complex subaccounting transactions.
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“Manasquan Bank has earned a reputation of providing our clients with high touch, high tech levels of service,” said James S. Vaccaro, chair, president, CEO of Manasquan Bank. “We are dedicated to their success and committed to evolving our suite of differentiated offerings to help ensure clients have the tools they need. ZEscrow automates an extremely complex and manual process from end-to-end, empowering business owners to manage their activity whenever and however they prefer. This is truly an innovative game changer for our institution bank and more importantly, for our business clients.”
The new solution, branded mSuite to align with the bank’s core image, was quickly adopted by current commercial clients, including tenant and property managers, attorneys and other business owners. Additionally, the bank credits the new capabilities for its ability to attract new commercial clients in other specialty verticals such as municipalities and housing authorities.
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“Powering Manasquan’s branded, digital escrow platform for its business clients, is a solid testament to the bank’s confidence in ZSuite,” said Nathan Baumeister, CEO of ZSuite Tech. “Using tools that streamline the escrow process means that banks can easily reach current and prospective business clients, attracting deposits. Manasquan Bank is a great example of an institution that is leveraging technology to serve niche verticals and attract stickier deposits.”
ZSuite Tech is a bank-born advocate for the technological and financial growth of banks, providing SaaS solutions as a unique, value-add service. Using ZRent and ZEscrow, financial institutions can increase core deposits, improve the customer experience and reach clients beyond their branch footprint through online channels. These products can also decrease the labor-intensive hours of back-end work at a financial institution to support commercial escrow accounts.
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