Mike Purchia, President and Founder
Eastern Bank, the country’s largest savings bank, recently celebrated its 200th anniversary. To prepare for the next 200 years, the bank is transforming its branches into more customer-centric environments and delivering on their promise to offer simple, fast, and convenient services. Paramount Financial Technologies (PFT), a Massachusetts-based data and analytics fintech company, is helping Eastern Bank – and other financial institutions – do just that.
Paramount Financial Technologies’ business model is simple—use technology and advisory services to help regional and community banks and credit unions grow core deposits, expand business banking relationships and reduce branch operating costs.
“As a community bank, Eastern’s success is directly linked to the strength of the communities we serve,” says Barbara Heinemann, Eastern Bank EVP - Consumer Banking. “Through PFT’s Branch Opportunity Grid, analytics, and experienced bankers, we are better able to advance this goal and value their team’s contributions.”
PFT integrates market intelligence with customer data, and then overlays their AI-based decision models to provide clients with identified growth opportunities, cost savings and improved decision-making.
“We develop close client working relationships to ensure that our customers fully leverage our analytics and grow their profits,” said Mike Purchia, President and Founder, of PFT.
PFT has three lines of business:
• Retail and commercial banking solutions;
• Helping banks and credit unions with their branch real estate; and
• Providing ongoing access to validated, curated business and consumer data to banks and banking sector investors.
Leveraging proprietary market data sets is an important building block that helps PFT’s clients identify untapped commercial and consumer deposit opportunities. “Core deposits are fundamental to improving branch network performance and we provide focus to our client’s initiatives,” adds Bruce Fador, PFT’s Chief Commercial Officer and former CEO of Thomson First Call.
We develop close client working relationships to ensure that our customers fully leverage PFT’s analytics and grow their profits
PFT’s second business line addresses banks’ branch real estate needs. “We have a network of sixty-five commercial retail real-estate companies located across the country that work in partnership with PFT.
Bruce Fador, Chief Commercial Officer
Four of those regional companies and community banks are investors in PFT as well,” adds Fador. PFT helps clients redeploy unproductive real estate capital by downsizing, closing and relocating oversized and unprofitable branches.
The company’s third area of expertise increases commercial banking relationships with analytics and initiatives that help regional and community banks to compete against larger banks. Purchia explains, “For that, we have created a National Financial Business Database that includes just about every company in the country. And by overlaying a bank’s commercial portfolio on our database, PFT identifies commercial loan and deposit opportunities and supports strategic initiatives that improve our clients’ competitive position.”
The company’s retail and commercial banking solutions are designed to use technology to pinpoint opportunities for core deposits, business loan growth and branch network cost savings. The PFT team emphasizes that it is the combination of PFT’s analytics, banking expertise, and strong client relationships that lead to the success of bank and credit union clients.