BankingRadius Bank Launches Enhanced Online Banking

BusinessWire BusinessWireDecember 16, 20206 min

Radius Bank, a forward-thinking digital bank, announced today the recent launch of its enhanced online business banking platform and mobile app for small business clients. The overhauled user experience was the result of the bank’s continued partnership with NYC-based financial technology company Narmi, which also powers Radius’ consumer online banking and companion mobile app.

Two and a half years ago the Bank added an online account opening application that allows small businesses to open a Tailored Checking account digitally in under 10 minutes from anywhere in the country. Following growth and success of the product, the natural next step in Radius’ technology roadmap was a seamless online and mobile banking experience for their small and medium-sized business (SMB) portfolio. Radius looked to Narmi, one of their partners who played a major role in the Bank receiving Bankrate’s coveted Best Online Bank award for 2020, to once again deliver an enhanced banking experience for their clients. The two companies worked on an accelerated timeline to deliver the platform earlier than planned to support the surge in new business clients seeking a sophisticated digital banking solution as a result of the global pandemic.

“Historically banks have struggled to properly support small businesses because they have the high expectations and needs of a consumer but the complexities of a business owner,” said Alain Glanzman, VP of Small Business Banking. “Partnering with Narmi to extend the Radius consumer digital experience to our business clients, while adding in new functionality that allows them to easily manage their business operations, is us doubling-down to support a segment craving a platform that will propel their business in the right direction.”

“Offering a best of breed business digital banking solution is a pain point for majority of banks today. Often, businesses are forced to leverage antiquated platforms to fulfill their banking needs. The result is a broken relationship between the financial institution and the business, ultimately benefiting nobody,” says Nikhil Lakhanpal, Co-Founder of Narmi. “With the business in mind, Narmi’s business banking platform puts functionality, intuitiveness and flexibility back into the hands of Radius’ business customers. In turn, banks like Radius can spend more time focusing on digital-first deposits, profitability and customer growth.”

Improvements to the clients’ banking experience include:

● Elevated security and control for business owners

  • Businesses now have an intuitive way to assign and manage banking access based on roles. With dual approvals, business owners can also customize who can approve select transactions and how much money they can approve.

● Control and flexibility put back into the hands of the business

  • Full business ACH origination, wire transfers, mobile check deposit, integrated accounts payable/receivable functionality with Autobooks, and a Business Bill Pay API integration
  • Card controls for debit card security

● A simplified user experience

  • Businesses can now seamlessly transition across their personal and business accounts as well as deposit checks, pay bills, and make transactions with mobile banking
  • The ability to refer colleagues or friends via SMS or email
  • A location-based ATM finder

Recognized over the years with the Celent Model Bank Product Innovation Award and the Best of FinXTech Award, this upgrade to the Radius business banking platform continues to demonstrate a commitment to providing solutions for businesses looking to support their unique banking needs. Radius will look to expand the product and service offerings within the platform in 2021.

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