Transforming Treasury Management: How ZEscrow Boosted an $8B+ Northeastern Bank’s Deposits

In today's financial landscape, banks seek innovative solutions to enhance treasury management and grow deposits. An exemplary success story involves an $8B+ Northeastern bank that leveraged ZEscrow to achieve remarkable growth in commercial deposits. Here’s how they did it. 

The bank aimed to grow deposits by targeting various niche business verticals. However, their existing commercial escrow tool was costly and limited in functionality. They needed a better solution that offered both back-office efficiency and new opportunities for deposit growth. This search led them to ZEscrow, a responsive web application tailored to the complex needs of financial institutions. 

ZEscrow is designed around two key use cases: three-party accounts and sub-ledgering. These features are configurable, allowing the bank to adapt the platform to their specific needs. Three-party accounts involve a financial institution, an organization depositing money on behalf of others, and the organization's clients or beneficiaries. This setup is ideal for attorneys, property managers, and healthcare providers. Sub-ledgered commercial deposit accounts are single accounts with divisions of funds within them. For municipalities, funds can be allocated to sub-accounts for different departments like police, fire, education, and roads. 

Over 24 months, the bank saw significant growth in three key verticals: Attorneys + IOLTAs, Municipality, and Property Management. By the end of 2021, these segments represented $1MM of the bank's commercial deposit base. By early 2024, this figure had grown to over $30MM, showcasing the substantial impact of ZEscrow. 

The bank's Vice President shared their positive experience with ZEscrow: “ZEscrow has been the game-changer we needed to support our aggressive deposit growth goals. We highly recommend ZEscrow to any financial institution looking to unlock their full potential and drive substantial growth.” 

Key features of ZEscrow include flexible foldering systems, bulk data upload, DocuSign integration, customizable interest splitting for property management, interest tracking and allocation, subaccount-level reporting, and interest rate calculation for municipalities, as well as wire transfer facilitation, secure access, document depository, and account number generation for attorneys. 

ZEscrow has proven to be a powerful tool for this $8B+ Northeastern bank, enabling them to achieve their strategic objectives and drive significant deposit growth. For more information and to see how ZEscrow can benefit your institution, request a demo today.