Home > News > featured news > Credit Union of America Opens a Digital Front Door with Narmi’s Digital Account Opening Solution

Core Banking, Digital Banking

Credit Union of America Opens a Digital Front Door with Narmi’s Digital Account Opening Solution

PRweb | June 02, 2023 | Read time : 05:00 min

Credit Union of America Opens a Digital Door with Narmi’s Solution

Credit Union of America and Narmi, a leading provider of digital banking solutions, are pleased to announce the successful launch of Narmi’s Digital Account Opening product at Credit Union of America. This implementation will revolutionize the credit union’s member onboarding experience, enabling applicants to open an account entirely digitally in under three minutes.

In this time of unprecedented deposit competition, Credit Union of America recognized the need to open its digital channels to meet its members’ evolving needs. The implementation of Narmi’s Account Opening solution marks a significant milestone in the Wichita-based credit union’s commitment to delivering exceptional member service. By leveraging Narmi’s technology, Credit Union of America can now offer its members a modern and efficient onboarding experience that allows applicants to open an account online, from anywhere.

“Partnering with Narmi has been a game-changer,” said Frank Shoffner, CEO and President of Credit Union of America. “The launch of Narmi’s Digital Account Opening product empowers us to deliver a truly modern banking experience, where prospective applicants can open an account quickly and conveniently from anywhere. This strengthens our commitment to making a true difference in our members’ lives.”

Narmi’s Digital Account Opening solution arms Credit Union of America with instant identity verification, flexible account funding options, and a robust back-end system for applicant tracking, enhancing the member onboarding and admin experience. The seamless integration between Narmi and Credit Union of America’s core banking system, Jack Henry Symitar, allowed for a swift implementation that took less than 90 days.

In addition to the end-to-end application flow, Narmi has collaborated with Clutch, a provider of loan services, to integrate their services seamlessly into the account opening process. This integration will allow Credit Union of America’s members to apply for both loan services and deposit accounts in one unified digital experience.

“We are proud to support Credit Union of America in its digital transformation journey,” said Nikhil Lakhanpal, Co-Founder of Narmi. “Our goal is to help financial institutions, like Credit Union of America, completely transform their onboarding process and capture market share. We’re excited to watch the growth that Credit Union of America will experience through this digital channel.”

About Credit Union of America

Established in 1935, Credit Union of America is a $1.4 billion member-owned financial institution dedicated to serving the needs of its members in the Wichita-metro area as well as other markets across Kansas. With a strong commitment to delivering personalized financial solutions, CUA offers a wide range of services, including savings and checking accounts, loans, mortgages, small-business services, and investment options. Credit Union of America strives to provide exceptional member service and build lasting relationships with its members. Learn more here:https://www.cuofamerica.com/

About Narmi

New York City-based Narmi's digital platform empowers financial institutions to unlock the very latest capabilities in digital banking and account opening, enabling them to move faster, tap new growth opportunities, and achieve true digital transformation. The Narmi platform was built with the customer experience in mind, empowering financial institutions with an experience that is always effortless, current, and dependable. As a result, Narmi's customers are seeing as much as 3x account growth in less than 30 days and 4x deposit growth in as little as 90 days. Additionally, Narmi's financial institution clients are winning awards like Bankrate's 2020 Best Online Bank and Nerdwallet's Best Bank of 2021 for Online Experience. For more information, please visit http://www.narmi.com.

Spotlight

SAP S/4HANA Migration 2023

SAPinsider Benchmark Report SAP S/4HANA migration continues to be one of the most important topics of discussion for SAP ERP customers. Since it was released in 2015, around 22,000 customers have licensed the solution, with approximately two-thirds of that number having completed a deployment. SAPinsider started tracking SAP S/4

More featured news

Spotlight

SAP S/4HANA Migration 2023

Related News

Payments, Fintech

Dwolla Launches Dwolla Connect to Streamline Payment Operations for Enterprises

PR Newswire | August 09, 2023

Dwolla, a leading provider of payment services, today announced the launch of Dwolla Connect, an innovative API solution designed for mid- to enterprise-sized businesses. This new solution simplifies the process of replacing legacy, batch-based technology with modern infrastructure, enhancing the management and reconciliation of payments across multiple financial institutions. With Connect's bank-agnostic approach and modern attributes, businesses can leverage their existing commercial accounts at top US banks, including JPMorgan Chase & Co. and Wells Fargo, to effortlessly initiate payments. Building on the success of their flagship digital wallet product, Dwolla Balance, Connect aims to continue to transform the account-to-account (A2A) payment landscape by making it easy to send and receive payments directly from bank accounts. "Expanding our product offering with Connect is an exciting step forward that showcases our commitment to offering simplified payment solutions tailored to our customers' needs," said Dave Glaser, COO & President at Dwolla. "Not every business needs a digital wallet, but they do want our industry-leading payment processing capabilities to streamline their payment operations. We're thrilled to introduce a new solution that brings together the best of our advanced payment technology with the flexibility to integrate with your own bank." Mid- to enterprise-sized organizations struggle with outdated payment processes and fragmented banking integrations, each with its own API and unique set of requirements. This can lead to lengthy integration processes and resource-intensive implementations. With Connect, businesses can embed a single API to avoid dealing with multiple bank integrations and simplify their treasury management by consolidating all payments into one cohesive view–ultimately leading to substantial time and cost savings. "At MX, we enable financial institutions, fintechs, and big techs to deliver embedded, personalized money experiences that empower consumers to be financially stronger. This new Connect offering — combined with our industry-leading open finance APIs — makes it even easier for businesses to quickly build a seamless payment experience for consumers. We're excited about our ongoing partnership with Dwolla and the possibilities it brings to our shared clients," shared Don Parker, Executive Vice President of Fintech at MX. Dwolla Connect serves a wide range of industries, such as financial services, lending, banking-as-a-service, marketplaces, and insurance, among others. Its API-first approach enables businesses to effortlessly integrate A2A payments into their apps or connect with existing ERP/cash management systems, offering a centralized location for payment information. "Mastercard and Dwolla are partnering to power open banking innovation and offer consumers more choice in how they use and manage their money," said Jess Turner, EVP, Global Open Banking & API at Mastercard. "By embedding our account validation services offering within the new Dwolla Connect solution, we're making it easy to facilitate secure account-to-account payments." Over the next 12 months, Dwolla looks forward to expanding banking network coverage, introducing new payment methods, and growing value-added services to further enhance the payment experience for its customers. About Dwolla Dwolla is a trusted leader in payment services, powering innovations with sophisticated account-to-account payment solutions. Dwolla's robust technology and easy-to-implement API simplify the complex process of integrating with the ACH and real-time payment networks to create a single end-to-end solution. Hundreds of SMBs and Fortune 500 companies use Dwolla's technology to help move over $45B annually. Dwolla's platform is the perfect solution for businesses seeking to streamline their payment processes, reduce errors and scale their operations. For more information on Dwolla's services, visit http://www.dwolla.com/.

Payments

Mastercard and Paysend Enhance SME Cross-Border Payments Partnership

Mastercard | September 15, 2023

The Open Payment Network streamlines global SME transactions, ensuring prompt and secure payment processing at every stage. Despite digital payment growth, SMEs still face transparency and predictability challenges in cross-border transactions, as per Mastercard's 2022 Borderless Payments report. As per the report, 39% of SMEs cited sluggish cross-border payments as hampering supply chains, with 25% reporting supplier refusals due to payment timing uncertainties. Mastercard and Paysend have formally solidified their ongoing partnership, marking a significant milestone in their shared commitment to enhancing the efficiency and effectiveness of cross-border payment services explicitly tailored to the needs of small and medium-sized enterprises (SMEs). This renewed collaboration underscores their dedication to addressing the intricate challenges faced by SMEs engaged in global trade, aiming to provide innovative solutions that facilitate seamless international financial transactions, foster business growth, and bolster economic resilience for these vital enterprises. This initiative, referred to as the 'Open Payment Network,' directly responds to the increasing need from SMEs for reliable and secure solutions that can facilitate prompt international fund transfers and vendor payments. It will manage the entire payment process, from inception to finalization, facilitating instantaneous fund transfers through established connections with local network affiliates and real-time payment systems. Mark Barnett, President of Mastercard Europe, expressed enthusiasm about strengthening the collaboration with Paysend to enable SMEs to conduct instant transactions globally, regardless of time or location. He emphasizes Mastercard's steadfast commitment to fostering the advancement and success of SMEs in the digital economy. Abdul Abdulkerimov, Co-Founder and Chairman, Paysend remarked, With a shared vision to provide innovative financial products and solutions to our customers, Mastercard has been a key partner to us on our journey to improve the efficiency of the financial system and make cross-border payments safe, fast and convenient. [Source: Cision PR Newswire] Furthermore, Paysend has become a Mastercard Send Partner Program member, designed to assist fintech companies, acquirers, processors, and platforms in providing nearly real-time digital payments to their clientele. The company will leverage Mastercard's extensive network to establish additional channels for person-to-person transactions connecting Europe with other regions worldwide. This initiative is an essential component of Mastercard's objective to facilitate an all-encompassing digital economy that yields advantages for individuals across the globe.

Investment Management

Finastra Advances Loan Document Strategy with Cloud-Based LaserPro

Finastra | September 08, 2023

In 2017, Finastra introduced FusionFabric.cloud, which has since become a leading open innovation platform for the industry. LaserPro, utilized by more than 2,500 financial institutions, is crafted to enhance and accelerate the loan processing journey for borrowers. LaserPro in the cloud will initially prioritize commercial and consumer closing document generation, with ongoing enhancements planned. Finastra has announced that its loan document preparation system, LaserPro, is currently accessible through cloud infrastructure. This introduction of LaserPro into the cloud environment aims to simplify loan document compliance management for financial institutions by employing a SaaS model. Mitch Lucas, Vice President of Retail Lending at Finastra, who heads the team based in Portland (Oregon) responsible for developing this solution, emphasized that deploying their lending technology in the cloud demonstrates their commitment to promoting cloud solutions across the financial services sector. He added that with the capabilities of LaserPro, borrowers can enjoy expedited decision-making, streamlined processes, and seamless integration with various vendors and services. LaserPro in the cloud equips financial institutions with the agility and scalability needed for expansion. It enables streamlined system access, accelerated compliance adjustments, and reduced IT costs for improved loan operation profitability. This solution lowers ownership expenses and enhances integration with core systems, e-signature solutions, and document management platforms, bolstering technological adaptability. LaserPro's provision of standard product templates and mandatory data fields also addresses evolving compliance requirements, expediting document preparation while ensuring compliance. Its cloud deployment strengthens regulatory adherence, bestowing a competitive edge by enabling swift adaptation to regulatory changes, reducing compliance costs, and fostering trust with customers and stakeholders. David O'Connell, Strategic Advisor at Datos Insights (formerly Aite Novarica Group), stated, The more cost-effectively lenders can have a uniform and automated approach to document generation, the better their borrower experience will be. This is particularly true in the case of the many smaller banks in North America competing against the small cohort of larger players. [Source: Cision PR Newswire] Finastra's introduction of LaserPro in the cloud underscores its commitment to delivering cutting-edge technological solutions to financial institutions. This cloud deployment streamlines operational processes, ensures continual compliance, and elevates the borrower experience. Finastra, a global provider of financial software applications and marketplaces, serves a diverse range of institutions, offering acclaimed software solutions and services encompassing lending, payments, treasury and capital markets, and universal banking, spanning retail, digital, and commercial banking. These solutions empower banks to foster direct customer relationships while expanding through indirect channels, such as embedded finance and banking-as-a-service.