Berkshire Bank, a purpose-driven community bank with locations throughout New England, New York and the Mid-Atlantic, today announced it has been working with Narmi, a leading financial technology company, to deliver a frictionless digital account opening experience to better serve customers with a quicker process that leverages the highest security standards. Included in the Narmi platform is a deep integration with Alloy, an operating system for identity which manages all related fraud, compliance, and risk decisioning.
Berkshire is now able to securely and automatically decision 100% of digital account openings. Qualified applicants are approved quickly with the comfort of using an intuitive state-of-the-art fraud detection system. Together with Narmi, Berkshire offers non-document-based verification, integrated with industry-leading data sources to verify applicants, administrator visibility and control to ensure the Bank is satisfying compliance guidelines. This new process enhances the overall customer experience by reducing the time for consumers to open an account and is more cost effective for the Bank.
Berkshire’s seamless deposit account opening process is omni-channel and optimized for mobile, desktop and tablet. It is connected to Berkshire’s FIS IBS core, allowing the Bank to keep its existing core banking processes in place and focus its efforts and resources on converting customers and growing deposits.
During the four months Berkshire has been using the Narmi platform, the data shows significant improvement in efficiency:
- Average time to complete application of 2 minutes and 13 seconds, 4x faster than the industry average.
- 57% decrease in application time.
- 100% account funding rate.
“Narmi has been instrumental in helping us move toward our goal of being a leader in 21st-century community banking,” said Sean Gray, Acting President & Chief Executive Officer, Berkshire Bank. “Narmi’s digital-first and innovative account opening experience will drive organic growth in new accounts while delivering a best-in-class customer and staff user experience.”
“We’re proud to align with Berkshire Bank to develop and launch an enterprise-grade account opening solution that will accelerate customer and deposit growth in an organic and responsible fashion,” said Nikhil Lakhanpal, Co-Founder of Narmi. “Most importantly, our extensive experience with core banking systems and user-centric design allows Berkshire to offer an exceptional, seamless account opening experience to its customers.”
Berkshire also worked with Narmi to offer an independent account opening experience for Reevx Labs, the Bank’s investment in the local communities it serves as a way to give opportunities to the underbanked to live healthier financial lives. This separate experience specifically caters to the needs of emerging entrepreneurs, artists and non-profit organizations.