BOSTON, Oct. 8, 2020 /PRNewswire/ -- 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.
To learn more or to open an online account with Berkshire Bank,
please click here.
About Berkshire Bank
Berkshire Bank is transforming
into a 21st-century community bank with $13.1 billion in assets. We are pursuing purpose
driven performance based on our Be FIRST corporate responsibility
culture.
Berkshire Bank provides business and consumer banking, mortgage,
wealth management, investment and insurance services through 130
branch offices in New York,
Connecticut, Vermont, New
Jersey, Pennsylvania,
Rhode Island and Massachusetts, including Commerce Bank, a
division of Berkshire Bank. Berkshire Bank was awarded the Top
Corporate Steward Citizens award by the US Chamber of Commerce
Foundation in 2019 for the small-middle market business
category. Headquartered in Boston,
Berkshire Hills Bancorp (NYSE: BHLB) is the parent of Berkshire
Bank. To learn more, call 800- 773-5601 or follow us on:
Facebook, Twitter, Instagram, and
LinkedIn.
About Narmi
Narmi is a financial technology company that builds enterprise
solutions across consumer digital banking, business banking, and
digital account opening. Financial institutions work with Narmi to
be leading digital organizations, go to market faster with
industry-leading functionality, and better compete with Mega-Banks,
Challenger Banks, and FinTech companies. With a particular focus on
openness, Narmi's open framework allows financial institutions to
build their own extensions and features onto the base platform to
cater to their needs. Today, Narmi's platform powers financial
institutions with billions of dollars of assets and helps move
millions of dollars between financial institutions on a daily
basis. To learn more check out our website, LinkedIn,
or email us at contact@narmi.com.
About Alloy
Alloy helps financial services companies make better decisions with
better information, using a single API service and dashboard to
manage identity verification from signup through the lifecycle of
the customer. Alloy makes it easy for financial services companies
to quickly and safely onboard more customers, mitigating fraud and
high-cost financial risk. Learn more at Alloy.co and on
Twitter @UseAlloy.
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SOURCE Berkshire Bank