Community Banks Embrace New FinTech

Paramount Financial Technologies (PFT), a newly formed fintech startup, publicly announced today its company launch in New England with community banks as its first investors.


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PFT helps community banks solve critical challenges like growing core deposits, improving branch network performance, increasing business relationships, and managing performance. One of PFT’s most popular tools, under the umbrella of its flagship product, MarketOpp 360, is their Branch Opportunity Grid, which helps clients understand which branches have the greatest opportunities for deposit and loan growth and provides a detailed guide for actions to take.


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“Community banks are investing in us because our solutions have been market-tested for twenty years,” said Michael Purchia, President and Founder of Paramount Financial Technologies. “Since the early days of banking analytics, we’ve been building and refining our tools to provide time-sensitive solutions. We integrate client data with AI-based market intelligence and analytics so our clients can make the best business decisions.” 


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Timothy Felter, Chief Financial Officer of Newburyport Bank, said, “Our executive team is partnering with PFT for our New Hampshire expansion. Their commercial and consumer market intelligence, and on-the-ground insights, are invaluable.”


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Paramount Financial Technologies (PFT) is a growing team of data scientists, software engineers and experienced bankers integrating market intelligence with client retail and business banking metrics to help banks identify the best opportunities for growing core deposits, improving branch network performance, increasing business relationships, and managing performance to plan. Senior Director of Development & Strategic Initiatives at MIT’s Open Learning, Tom Smith, has been named Chairman of the Board. The company is headquartered in Quincy, MA.