With Narmi’s open API framework, Lending Club was able to integrate leading consumer fintechs to increase primacy.
With Narmi, Lending Club can now provide their businesses with an intuitive way to assign and manage banking access based on roles.
Narmi was able to move all support messages into the centralized CRM system (Oracle) already being utilized by Radius.
Radius Bank now LendingClub, a $1.4B digital-only bank based in Boston, MA, wanted to streamline their customers’ digital experience while also improving the power and capabilities of their digital platforms. To ensure the highest level of quality improvements, customer care and cutting-edge integrations be delivered on an aggressive timeline, Radius chose Narmi. In 2020, Bankrate.com named Radius Bank the #1 Online Bank in their Best Banks list.
Radius Bank saw both a challenge and an opportunity with the rise of fintechs. Their forward-thinking customer base was quickly evolving in their preferences and desiring more niche financial services that a plethora of fintechs were already offering them. Specifically, the younger, digitally savvy customers were a growing customer segment that propelled Radius to reassess their approach or else lose market share.
Radius looked to Narmi to help them get closer to the “Amazon-like” experience their customer base craved. They recognized that in order to move quickly and cost-effectively they would need to leverage an ecosystem of existing fintechs. With Narmi’s open API framework, Radius was able to natively integrate a multitude of fintechs into the consumer and business banking platforms at a speed to market unheard of in the industry.
1. Feature usage encouraged across multiple Radius products and services by employing Cards, a customizable component that enables Radius to deliver highly diversified content to customers
2. In-app Billshark integration so customers can save money on their monthly bills
3. In-app Lemonade integration so customers can purchase certified and reliable property insurance in 90 seconds or less, directly from the Radius banking suite
As a result of the COVID-19 pandemic, Radius Bank felt a surge in new small business customers seeking a digital banking solution that would give them more tools and flexibility to build financial resilience. On top of the intense pressure from the economic effects of COVID-19, this segment struggled to find a banking solution that offered them both sophisticated tools that went beyond consumer digital banking and an easy user experience.
Following the success of the consumer digital banking experience, Radius decided to use Narmi again to launch a small business digital banking platform in 2020 to serve and grow new revenue streams with the underserved SMB market. As a result, Radius now LendingClub has seen four times the growth in deposit volume with small business clients.
1. Businesses now have an intuitive way to assign and manage granular controls and banking access based on roles
2. Full business ACH origination, wire transfers, mobile check deposits, integrated accounts payable and receivable functionality with Autobooks, and a Business Bill Pay API integration
3. Businesses can seamlessly transition across their personal and business accounts without having to re-authenticate
The Radius Call Center suffered from inefficiencies due to multiple administrator portals (internal CRM, antiquated digital banking system, and third-party live chat), resulting in longer call and wait times for customers.
Narmi delivered an omnichannel mobile and online banking platform - one that's mobile-first, feature-rich, and designed to integrate. Narmi's open platform architecture offers long-term solutions for immediate challenges while allowing room to grow and adapt in the future, thus ensuring lasting value to Radius and their customers.
1. Narmi’s API was leveraged to move all support messages into the centralized CRM system (Oracle) already being utilized by Radius.
2. By streamlining many administrative functions, average call times were reduced.
3. Radius Call Center started operating with optimal efficiency after the move.
GAFCU wanted to offer CDs in the CAO platform but didn’t want to have to manually send CD receipts every time an account was opened. This labor-intensive method inhibited staff from capitalizing on a channel crucial for deposit growth. Narmi's platform customizations provided a solution: automated delivery of personalized CD receipts to each account holder via email.
Asset Size: $300M
Location: Paramus, NJ
Products: Consumer Digital Banking, Digital Account Opening
GAFCU encountered difficulties promoting additional product offerings, particularly with their CD accounts. They came to Narmi for a solution that could help them effectively cross-sell their CD products.
Narmi's platform customization streamlines operations for GAFCU’s staff, and will enable GAFCU to significantly reduce manual efforts spent on tracking and sending CD receipts.
Grasshopper’s support team historically used Zendesk to manage their client support operations. However, ensuring client conversations on the Narmi support portal remained consistent with the conversations on Zendesk took valuable time away from their support team. Using Narmi’s platform customizations, Narmi built a full integration between Zendesk and the Narmi support portal, saving Grasshopper’s support team over 30 hours each week on manual tasks.
Asset Size: $820MM
Location: New York, NY
Products: Business Digital Banking
Grasshopper recognized the need to optimize their workflow by automating the connection between Zendesk and the Narmi messaging platform. This desire stemmed from a commitment to enhance operational efficiency and streamline processes.
Through this integration, Grasshopper can take full advantage of their existing tech stack. Reclaiming the 30 hours it took to copy messages from Zendesk to the Narmi platform allows Grasshopper’s support team to redirect their focus towards high-impact initiatives and delivering exceptional client experiences.
UFCU’s team was experiencing a high volume of applications that needed to be manually flagged, and they wanted to incorporate a tool into their risk management stack that could help relieve that burden. In partnership with Narmi, UFCU adopted NeuroID to automatically flag and decision for risky applications and send staff notifications when there are incidences of fraudulent activity. Now, UFCU’s staff can sit back and relax knowing that NeuroID is automatically decisioning on those risky applications, even when there’s a fraud attack.
“There were 33 applications that were declined outright on Sunday when otherwise it would have gone to Review or Accepted. This addresses Synthetic fraud which is difficult to track.”
- Russell Shugart
Asset Size: $4.5B
Location: Austin, TX
Products: Consumer Account Opening
UFCU was experiencing fraudulent applications moving to “review” or “approved” status. These applications required constant manual review, causing their staff to be bogged down and overwhelmed when there was a fraud attack.
With NeuroID catching risky applications and automatically decisioning them, UFCU’s staff saves hours every week. In the short time since implementation, Russell calculated that NeuroID saves more than 40 hours a month in manual review time and helps UFCU avoid charge-offs averaging $400 per fraudulent account. With Narmi’s close integration with NeuroID, UFCU can more reliably trust application decisions, giving them a safety net when experiencing intense fraud attacks.
.jpg)
