Community bank to offer niche, vertical-focused tools
Patriot Bank has partnered with ZSuite Technologies, a financial technology company offering digital tools that helps businesses and individuals automate collection of recurring payments and manage security deposits, to increase low-cost, core deposits and leverage digital channels. Through this partnership, Patriot Bank has become the first financial institution in Connecticut to expand its reach and digital footprint by offering ZRent and ZDeposit.
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After the onset of the pandemic, many property managers and landlords struggled to meet in-person demands of depositing checks and managing tenant relationships. In addition, landlords often encounter issues with rent payments, such as invalid or bounced checks. To overcome these obstacles, Patriot Bank partnered with ZSuite Technologies to offer paperless technology that allows its account holders to remotely manage rent collection and security deposits while ensuring the validity of the payment.
“ZRent and ZDeposit are long-term solutions that have and will continue to empower our customers and their financial needs,” said Christopher Johnson, SVP and Director of Branch Banking at Patriot Bank. “ZSuite’s easy-to-understand offerings have been an incredibly effective tool in making remote property management faster and more secure. Exceeding expectations through exceptional product capability and support, ZSuite Technologies has been a perfect partner for us. They have helped us reach existing commercial and multifamily real estate clients with immediate needs as well as attract new customers, both local and as far as 20 to 30 miles away from the nearest branch.”
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Born from a community bank, ZSuite Technologies was founded to help financial institutions compete in an ever-changing landscape. Instead of locking banks and credit unions into a one-size-fits-all platform, ZSuite builds products that strengthen customer relationships and provide coveted answers to long-standing issues. ZSuite’s all-digital solutions are exclusively available to banks and credit unions with the capability of individualized customization.
“We are eager to provide optimal value as Patriot Bank’s customers use ZRent and ZDeposit to solve real, time-consuming problems,” said Nathan Baumeister, CEO of ZSuite. “By streamlining rent payments and security deposits, Patriot Bank is able to replace overhead intensive and manual processes as well as provide tools that help account holders run their businesses more efficiently.”
Built for landlords, home-owners associations, property managers and other businesses, ZSuite Technologies’ mobile-responsive, SaaS solutions allow all parties to access and use tools with little to no friction. ZDeposit, an account opening online platform for security deposit collection and compliance regulation, and ZRent, a fully automated, online rent collection service, are actively used by hundreds of property managers and landlords. By targeting specific industry verticals, ZRent and ZDeposit satisfy the needs of niche customers while expanding their relationship within the financial institution.
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