1st Colonial Community Bank partners with Narmi to open its digital front door and accelerate deposit growth through seamless account opening.
MOUNT LAUREL, N.J., April 4, 2023 /PRNewswire-PRWeb/ -- 1st Colonial Community Bank announced today the successful launch of a zero-friction digital account opening solution powered by Narmi to digitize the bank's consumer deposit account onboarding process and grow new revenue streams.
Through Narmi, 1st Colonial opens its new "digital front door." The bank will now be able to invite customers to open accounts quickly and entirely digitally, driving deposit growth. Prospective customers will be able to move through the account opening process in less than three minutes with the ability to fund accounts from anywhere in the bank's defined market area.
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.
"As a leading community bank, our focus remains on providing our clients with simple and easy money access solutions, allowing them to Bank Their Way," said Robert White, President, and Chief Executive Officer of 1st Colonial Community Bank. "In today's banking climate, digital offerings are essential to meeting the needs of our growing client base. We are very focused on delivering our products and services through a variety of channels while maintaining our commitment to quality, value, and service."
The New Jersey bank leverages FIS' Horizon Core Banking System. Narmi was one of the first providers to integrate to the Horizon Core with FIS' new REST API framework. With Narmi's secure and open framework, along with modern code base architecture, 1st Colonial was able to transition from core integration to go-live in under 60 days.
Highlights of Narmi's digital account opening product include:
- Advanced verification methods that can automate up to 100% of application decisions
- An account opening experience with an e-commerce approach designed to drive conversions in less than three minutes
- Flexible initial funding options that allow users to fund via bank account or debit/credit card
- A back-end portal that allows staff to quickly identify account details, application status, and success metrics
"1st Colonial and Narmi share a like-minded vision for the future of robust and seamless account opening and we look forward to seeing the growth of this partnership," said Nikhil Lakhanpal, Co-Founder of Narmi. "We're also incredibly excited to be one of the first account-opening companies to integrate with FIS Horizon's new REST API framework. This will enable banks like 1st Colonial to work with providers like Narmi while leveraging their core banking system."
About 1st Colonial Community Bank
1st Colonial Community Bank, the subsidiary of 1st Colonial Bancorp (NYSE: FCOB), provides a range of business and consumer financial services, placing emphasis on customer service and access to decision-makers. The bank has branches in Collingswood and Westville, New Jersey, and Limerick, Pennsylvania. The bank also has administrative offices in Mount Laurel, New Jersey. To learn more, call (877) 785-8550 or visit http://www.1stcolonial.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.
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Media Contact
Molly Riesenberger, Narmi, 1 941-724-9670, [email protected]
SOURCE Narmi
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