Now, UFCU has an 83% completion rate for started applications (4x the industry average and 2.2x UFCU’s previous platform), and experiences an industry-leading 2-minute, 13-second start to finish account opening experience.
By implementing Narmi’s Account Opening solution, UFCU now has complete control over the identity decisioning engine including version control, A/B testing, manual review tracking, and fraud pattern recognition.
Through Narmi, UFCU experienced a 4-month implementation period allowing UFCU to quickly begin realizing the benefits of a better account opening experience.
University Federal Credit Union (UFCU) was founded in 1936 to serve faculty and staff of The University of Texas at Austin. Over the past 75 years, UFCU has expanded into multiple universities, membership segments, and geographic areas – all in the effort to serve the great Texas community.
To enter their next phase of digital-led growth, UFCU needed a digital account opening platform that allowed them to scale across a wide university base, open accounts quickly for students, and maximize their investment in existing membership segments.
In four months, Narmi delivered a digital account opening platform that brought application completion rates to an industry-leading 83%, fully integrated with UFCU’s core banking system (Jack Henry Symitar), and allowed UFCU to effectively scale across all membership segments in a trackable manner. Equally as important, Narmi provided confidence to UFCU in the identity verification decisioning process, allowing UFCU to open more good accounts and keep away bad actors.
UFCU was experiencing high abandonment rates leading to poor and inefficient growth. Marketing spend was not effectively realized and new accounts were not being onboarded to the fullest extent. This was largely due to a poor user experience that had not kept up with the needs of a digital-first audience. Prior to implementing Narmi, UFCU’s completion rate for an application was 38%. Sadly, this was ahead of the industry average but clearly not where UFCU needed to be in order to succeed.
Narmi implemented a 2-minute and 13-second digital account opening experience that delivered 83% completion rates for started applications. By optimizing for user experience, UFCU was able to reap the growth benefits of a next generation digital account opening program.
1. 83% completion rate for started applications (4x the industry average and 2.2x UFCU’s previous platform).
2. Industry-leading 2-minute, 13-second start to finish account opening experience.
3. 4-month implementation period allowing UFCU to quickly begin realizing the benefits of a better account opening experience.
An inflexible identity decisioning process hindered UFCU’s ability to grow confidently through digital channels. The number of fraudulent accounts were higher than desired and further, UFCU did not have a way to seamlessly auto-approve, manually review, and auto-deny applicants. This resulted in a large amount of overhead to accomplish a task that should be automated.
Narmi’s integrated identity decisioning engine provided UFCU the flexibility to create a custom workflow designer for UFCU’s applicant pool which includes students, faculty, and a wide variety of other applicants.
1. Complete control over the identity decisioning engine including version control, A/B testing, manual review tracking, and fraud pattern recognition.
2. Confidence avoiding false positives due to the lack of credit history, something particularly important for students.
3. Automated decisioning to open more good accounts and keep away the bad.
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.
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