How Big Financial Institutions Are Getting Help From A Fintech Startup
Vestorly is helping established financial institutions in a big way.
The company raised more than $2 million last year and has been inking deals with new clients ever since. Bank of New York Mellon Corp (NYSE: BK) subsidiary Pershing LLC is one of the latest firms to integrate Vestorly's Smart Digital Content Technology.
Maureen Duff, managing director and global head of marketing at Pershing, told Benzinga that Vestorly's technology will be integrated into the firm's NetX360 product in July.
"We provide our clients with tools to help them grow their business at a very high level," said Duff. "In specifics to marketing and communications, we (and my marketing department) try to focus on how can we help our clients enrich the way they communicate and collaborate with their clients."
Pershing first learned about Vestorly at an industry event. The startup made a good impression that ultimately led to this first deal.
"We were impressed," Duff added. "It seemed simple. It seemed easy to use. We had them come in for a meeting. Their first demo was very impressive. It showcased the power of it -- that it was something that could automate how to share news across the Internet."
Then Vestorly demonstrated Pershing how news could be emailed or shared socially or posted to a website.
"Then they showed us the marketing metric dashboard," she said. "It was really slick and powerful. It basically collected the name and contact of anyone that person sent the article or news to and showed you how many shares or clicks happened with that piece of content, which we thought was really powerful information."
'Really Deep Integration'
Justin Wisz, CEO of Vestorly, told Benzinga that Pershing is signing on with Vestorly to do a "really deep integration" like nothing the company has ever done before.
"Before Vestorly, [the NetX360] Marketing Center was just a resource center with content in PDF and video formats," said Wisz. "Now they can use Vestorly technology to allow a financial advisor on the platform -- of which there are 105,000 across 1,600 institutions -- to access and quickly find any content, re-purpose it in their own branded browser and power email, newsletters and social media with all that real-time content."
For example, Wisz said that Pershing could provide a story from Forbes and another from Benzinga right next to a company blog and a PDF on Roth IRAs.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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