Celebrating the Most Effective Fintech Partnership in Banking

Newtek Bank and Apiture Win Prestigious FinTech Award

Newtek Bank, N.A. (NASDAQ: NEWT), along with its technology partner Apiture, has recently received accolades for achieving the title of 'Most Effective Bank-FinTech Partnership' during the IBSi Global FinTech Innovation Awards. This recognition shines a light on the remarkable collaboration between a bank and a technology provider that sets a high standard in the financial services sector.

Significance of the IBSi Global FinTech Innovation Awards

The IBSi Global FinTech Innovation Awards have been celebrating transformative contributions to the financial technology landscape for more than six years. The awards highlight banking professionals and technologists who significantly impact the industry by introducing innovative solutions and enhancing the overall banking experience for customers worldwide.

Growth and Innovations at Newtek Bank

Newtek Bank, launched in 2023 as a digital-only federally chartered bank, experienced an exponential increase in its customer base and deposit amounts shortly after its inception. The bank was born from NewtekOne's strategic acquisition of a community bank, marking a pivotal evolution in its offerings.

Thanks to its partnership with Apiture, which provides advanced digital banking solutions, Newtek Bank saw a surge in deposits, skyrocketing from $140 million to an impressive $928 million by the end of November 2024. This represents a staggering 563 percent growth since the bank's official launch, indicating a strong market performance and customer trust.

Enhancing Customer Experience

Through the integration of Apiture’s solutions, Newtek Bank simplified digital account management for its users, which included new features for consumer and business banking. This wide-ranging digital toolkit facilitated the opening of approximately 14,000 unique bank accounts within just a few months of operation.

Newtek Advantage™: A Comprehensive Business Portal

With a vision of providing comprehensive support for its business clients, NewtekOne has launched The Newtek Advantage™, an all-in-one online portal. This platform allows businesses to access various services seamlessly. Through digital banking capabilities powered by Apiture, businesses can quickly manage payroll, process payments, and gain insights through analytics—all under one roof. This innovation demonstrates Newtek’s commitment to boosting the operational efficiency of its clients.

Leadership Commentary

Barry Sloane, President, Chairman, and CEO of NewtekOne, expressed excitement about this recognition, emphasizing the competitive advantages gained without relying on traditional banking practices such as brokers and branches. He reiterated the company's mission to be 'The One Solution For All Your Business Needs®'. Sloane noted that the partnership with Apiture has been instrumental in achieving unprecedented growth and success.

Apiture’s CEO, Chris Babcock, echoed Sloane's sentiments, highlighting that this award affirms the effectiveness of their Digital Banking Platform that meets diverse financial institution needs, showing that innovation can flourish in all contexts, regardless of an institution's size.

About NewtekOne

NewtekOne, Inc. operates as a financial holding company responsible for providing a comprehensive array of business and financial solutions under the Newtek brand. Established 1999, NewtekOne serves independent business owners across the U.S. with quality services aimed at promoting growth while ensuring cost-effectiveness.

Newtek’s range of offerings includes banking through Newtek Bank, business lending, electronic payment processing, technology solutions, and much more, tailored to help businesses thrive in a competitive market. With a firm commitment to innovation and customer satisfaction, Newtek continues to adapt and expand its services.

About Apiture

Recognized for its focus on digital banking, Apiture provides outstanding technological solutions to banks and credit unions across the United States. Their innovative platform allows financial institutions to utilize data advancements while ensuring a user-friendly experience for customers. With deep expertise in the financial sector, Apiture is dedicated to fulfilling the unique needs of its clients and continuously evolving its offerings to meet changing market demands.

Frequently Asked Questions

What is the focus of the IBSi Global FinTech Innovation Awards?

The awards celebrate innovations in the fintech sector, recognizing efforts that redefine the banking industry's standards and enhance customer experience.

How did Newtek Bank achieve rapid deposit growth?

Through strategic partnerships and the integration of advanced digital banking solutions provided by Apiture, resulting in significant convenience and enhanced customer experience.

What services does The Newtek Advantage™ portal offer?

This portal provides access to payroll processing, payment management, business loans, analytics, and more, all designed to streamline business operations.

What is NewtekOne's main objective as a company?

NewtekOne aims to be the optimal solution provider for businesses, offering comprehensive financial services and innovative products to help clients succeed.

What are Apiture’s key strengths in the financial technology sector?

Apiture specializes in flexible, digital banking solutions tailored to financial institutions of all sizes, focusing on enhancing client capabilities and improving the user experience.

About The Author

Greetings, I'm 32-year-old author and financial specialist Evelyn Baker. My introduction into the financial industry started with an economics degree and continued with a wealth of experience in wealth management and financial consulting. My great passion over the years has been assisting people and companies in making wise, well-informed decisions to reach their financial objectives.

My goal with writing is to simplify difficult financial ideas into understandable, doable guidance. My goal in writing many books and articles is to make personal finance understandable to everyone, irrespective of their experience or background. I want to give readers the information they need to take charge of their financial futures, from investing and retirement planning to budgeting and saving.

Along with my writing, I lead webinars and workshops where I provide doable advice and methods for achieving financial success. To reach a larger audience, I also frequently contribute to financial blogs and publications. My method is always to offer doable, real-world guidance that can actually improve people's lives.

Aside from my job, I like to cook, travel, and experience other cultures. I work hard to apply my belief in the value of a balanced life to my financial counsel. My goal in working is to encourage and enable people to succeed financially so they may lead the best lives possible.

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