FNBO and Centime: Pioneering a Strategic Future for Business Banking

FNBO is an independent, family-owned bank with over 165 years of history. Operating under First National of Nebraska, FNBO has flourished, now boasting 5,000 employees, locations across eight states, and assets exceeding $30 billion. 

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For this case study, we talked with FNBO’s Vice President of Commercial Payments, Carrie Zoucha, to see how Centime has helped FNBO drive more innovation and expand its offerings to better serve customers. 

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Challenge: Revamping Business Banking to Meet Today’s Client Demands

Guided by the bank’s core values of integrity, respect, and passion, FNBO has long excelled in delivering exceptional customer experiences. However, the COVID-19 pandemic accelerated a global shift towards digital solutions, prompting FNBO to adapt its strategy. 

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Looking for ways to expand its services for business banking customers and deliver a more modern digital experience, FNBO partnered with Centime, a tech-driven leader renowned for its innovative cash management and payment processing solutions.

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Solution: FNBO Introduces Cash Management with Centime

Centime’s robust portfolio of cash management solutions seamlessly complemented FNBO’s trusted business banking services, promising to enhance overall customer satisfaction and financial management capabilities. 

Thanks to Centime’s platform, FNBO was able to offer several transformative features to its clients, including:

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• Accounts Payable Automation: Centime streamlined AP processes for FNBO customers by automating invoice coding, approval routings, and disbursements into a unified workflow directly linked to the general ledger. Additionally, Centime’s supplier portal and PO matching functionality make vendor management and payments a breeze. This automation is critical in the post-COVID era, where efficiency and speed are paramount. 

• Accounts Receivable Automation: Centime's AR automation for FNBO helps teams get paid faster and lower their DSO by automating collections and reminders, offering secure payment options, and integrating seamlessly with the general ledger. As a result, Centime’s AR automation improves cash flow and strengthens customer relationships.

• Cash Management Optimization: Centime equips FNBO’s clients with advanced AI tools for managing and forecasting cash flow, addressing a critical need that was previously unmet. 

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“Centime has been a fantastic addition to our operation. We've already saved so much time versus our old manual process. This has allowed our staff to focus on other projects, while also providing a way for us to operate efficiently and gain visibility into our cash flow.” 

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-FNBO customer using Centime

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Beyond the Technology: A True Partnership Emerges 

This strategic collaboration extends well beyond simply enhancing FNBO’s service offerings. Centime and FNBO’s partnership has ingrained a deep understanding of fintech agility and innovation within FNBO, providing the team with actionable insights into rapid product development and robust digital experiences.

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By combining FNBO's deep-rooted banking expertise with Centime's cutting-edge technology, the partnership has cultivated a learning environment where both teams benefit—FNBO gains insights into agile product development, while Centime leverages FNBO's extensive banking knowledge and comprehensive risk management frameworks.Together, they have not only advanced their respective capabilities but have also set a new standard for collaborative innovation in the financial industry.

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“Through this partnership, we’ve gained insights into how Fintech companies propel modernization, drive product development, and create robust digital experiences for customers.” 

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-Carrie Zoucha, VP of Commercial Payments, FNBO

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Measuring Success: FNBO Customer Outcomes and Feedback

The FNBO-Centime partnership has substantially improved operational efficiency and client satisfaction amongst FNBO’s business banking clients. FNBO has recorded improved client retention and satisfaction rates, thanks to Centime reducing processing times and operational costs for customers. 

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A payment advisor at FNBO recapped the platform benefits, stating, "Centime has significantly enhanced our customers' efficiency, saving them time and money while strengthening the security of their payment processes." 

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In fact, the value of Centime's service proved so substantial that one FNBO customer, initially on a free trial, requested to start paying for Centime because they saw such value in its services.

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Conclusion: Setting a New Standard in Fintech Partnerships 

This strategic alliance between FNBO and Centime has set new standards in banking by merging the reliability of established financial institutions with the agility of innovative fintech companies. This partnership has made advanced cash management tools more accessible, enhancing FNBO’s customer experience with both innovation and reliability.

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“We were motivated [by this partnership] to help solve a critical need for the financial wellbeing of our customers, but we also saw an opportunity to learn how a Fintech company innovates.”

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-Carrie Zoucha, VP of Commercial Payments, FNBO

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This successful collaboration serves as a model for other banks. As FNBO’s VP of Commercial Payments, Carrie Zoucha advises, banks should embrace partnerships with fintech companies to innovate effectively, while maintaining a strong risk management framework to ensure security and compliance. 

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Ultimately, the FNBO-Centime partnership showcases how traditional banks can thrive by strategically collaborating with fintech firms. This approach not only adopts new technologies but also redefines banking experiences for customers.

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*Centime is a financial technology company, not a bank.

*All banking products and solutions are provided by FNBO. Member FDIC.