Radius Bank, a future-oriented digital bank, on December 15, 2020, broke the news of its most recent launch. The bank is all set to introduce an improved online business banking platform and mobile app for small business clients.
The modernized user experience made the bank continue and maintain its partnership with Narmi, a New York City-based fintech enterprise, which also drives Radius’ consumer online banking companion mobile app.
Some relevant history
Around two and a half years ago, Radius Bank added an online account opening app that enables small businesses to open a Tailored Checking account digitally, in less than ten minutes from anywhere in the country.
Subsequent to the growth and popularity of the product, further movement in Radius’ technology roadmap was to simplify the online and mobile banking experience for the SME (small and medium-sized) portfolio.
Additionally, Radius considered Narmi, one of the partners that played a vital role in winning the bank the Bankrate’s popular “Best Online Bank” award for 2020, to offer an improved banking experience once again to its clients.
The two entities worked on a tight deadline to deliver the platform way earlier than the planned timeline. These efforts were taken to support the rise in new business clients who were looking for an advanced digital banking solution to deal with the pandemic times.
Enhancements to the clients’ banking experience come with:
1. Higher security and control for business owners
- Enterprises now have an insightful way to allocate and manage banking access, depending on roles. With dual approvals, owners can also personalize and choose as to who can approve select transactions and also put a cap on the amount of money that can be approved.
2. Businesses get back control and flexibility
The following is how businesses get back control and flexibility,
- Full business ACH origination, mobile check deposit, wire transfers, integrated accounts payable/receivable functionality with Autobooks and Business Pay API integration
- Card controls for debit card security
3. Streamlined user experience
- Businesses can now smoothly transition across personal and business accounts along with deposit checks, make mobile banking transactions, and pay bills
- The freedom to refer friends or colleagues via email or SMS
- A location-based ATM finder
The experts’ take
Alain Glanzman, VP of Small Business Banking at Radius Bank, said, “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.” He added, “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.”
Nikhil Lakhanpal, Co-Founder of Narmi, said, “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.” He adds, “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.”
About Radius Bank
Based in Boston, Massachusetts, Radius Bank is a digitally-focused bank with assets of approximately USD 2.3 billion. Operating with a modern approach, the bank is dedicated to delivering services to meet the banking needs of consumers and businesses across the country.
Awarded over the years with the Celent Model Bank Product Innovation Award and the Best of FinXTech Award, Radius continuously proves itself a committed banking platform that delivers solutions to businesses in search of unique banking needs.
Radius plans to expand the product and service line within the platform in 2021.
Narmi operates as a financial technology (fintech) company that develops enterprise solutions across consumer digital banking, digital account opening, and business banking.
Financial institutions collaborate with Narmi to become successful digital organizations, go to market faster with industry-leading functionality, and get more power to compete with challenger banks, mega-banks, and fintech enterprises.