A four-year-old financial technology company looking to disrupt the "Big Three" core banking providers has a new CEO.
NYMBUS Inc.'s board of directors appointed Jeffery Kendall as the company's new CEO, effective Oct. 1. Kendall succeeds Scott Killoh, the company's founder, who will continue as executive chairman of the board and as an adviser to the management team. The Miami Beach, Fla.-based company offers a digital banking platform and business process outsourcing and is focused on partnering with community banks and credit unions.
Kendall's most recent role was executive vice president of North America sales and distribution at Temenos AG. In 2019, Temenos acquired Kony DBX, where Kendall was executive vice president and general manager.
On Oct. 1, Jeffery Kendall will become CEO of NYMBUS, a financial technology company that provides technology solutions to banks and credit unions.
NYMBUS' "end-to-end" solutions set it apart from other providers, Kendall said. The Big Three core banking providers — Fiserv Inc., Jack Henry & Associates Inc. and Fidelity National Information Services Inc. — accounted for about 74% of the U.S. market in the first quarter, according to a report from FedFis.
But bankers have expressed frustrations about their legacy core providers, arguing that implementing new technology can be slow or expensive. The American Bankers Association launched an initiative in 2019 to improve banks' options.
NYMBUS looks to gain share by delivering flexible solutions that help keep community banks competitive with national brands that spend billions a year on technology, Kendall said.
"We are already anticipating those things and building them out in anticipation of what the big banks are launching. Having a [research and development] focus about what's next is really helping us keep ahead of the curve," Kendall said.
NYMBUS builds its technology for configurability and speed-to-market to allow its customer banks to compete with the latest offerings from big banks. The ability to rapidly deploy new technology has become increasingly important as retail clients become heavier users of mobile and digital banking solutions.
Those trends have been accelerated by the COVID-19 pandemic, which has pushed customers to use digital solutions rather than visiting the branch. That has elevated the value and importance of fintechs that can provide solutions to banks.
"The future of fintech is the present," said Jonathan Doyle, vice chairman, senior managing principal and head of financial services at Piper Sandler. "COVID has created a much faster cycle where banks now are realizing, particularly with [Paycheck Protection Program], that if they can digitally onboard things, you can save years, not months."
With a background in information technology, Kendall said he plans to focus on how to bring together transactional capabilities to create an experience for banks to develop deep relationships with their customers. Facing large legacy players and a competitive field of fintechs, Kendall said NYMBUS will look to differentiate itself by providing a complete suite of solutions that are responsive to banks' needs and enable rapid launches of digital products.
"We have a pretty extensive road map from a technology perspective of where we want to go and a vision of what we're trying to help our customers stand up," he said. "So a lot of it will be increased [research and development] and increased partnership with our customers to really understand how to serve their customers better."