Radius Bank now LendingClub, a $1.4B digital-only bank based in Boston, MA, wanted to streamline their customers’ digital experience while also improving the power and capabilities of their digital platforms. To ensure the highest level of quality improvements, customer care and cutting-edge integrations be delivered on an aggressive timeline, Radius chose Narmi. In 2020, Bankrate.com named Radius Bank the #1 Online Bank in their Best Banks list.
Radius Bank saw both a challenge and an opportunity with the rise of fintechs. Their forward-thinking customer base was quickly evolving in their preferences and desiring more niche financial services that a plethora of fintechs were already offering them. Specifically, the younger, digitally savvy customers were a growing customer segment that propelled Radius to reassess their approach or else lose market share.
Radius looked to Narmi to help them get closer to the “Amazon-like” experience their customer base craved. They recognized that in order to move quickly and cost-effectively they would need to leverage an ecosystem of existing fintechs. With Narmi’s open API framework, Radius was able to natively integrate a multitude of fintechs into the consumer and business banking platforms at a speed to market unheard of in the industry.
1. Feature usage encouraged across multiple Radius products and services by employing Cards, a customizable component that enables Radius to deliver highly diversified content to customers
2. In-app Billshark integration so customers can save money on their monthly bills
3. In-app Lemonade integration so customers can purchase certified and reliable property insurance in 90 seconds or less, directly from the Radius banking suite
As a result of the COVID-19 pandemic, Radius Bank felt a surge in new small business customers seeking a digital banking solution that would give them more tools and flexibility to build financial resilience. On top of the intense pressure from the economic effects of COVID-19, this segment struggled to find a banking solution that offered them both sophisticated tools that went beyond consumer digital banking and an easy user experience.
Following the success of the consumer digital banking experience, Radius decided to use Narmi again to launch a small business digital banking platform in 2020 to serve and grow new revenue streams with the underserved SMB market. As a result, Radius now LendingClub has seen four times the growth in deposit volume with small business clients.
1. Businesses now have an intuitive way to assign and manage granular controls and banking access based on roles
2. Full business ACH origination, wire transfers, mobile check deposits, integrated accounts payable and receivable functionality with Autobooks, and a Business Bill Pay API integration
3. Businesses can seamlessly transition across their personal and business accounts without having to re-authenticate
The Radius Call Center suffered from inefficiencies due to multiple administrator portals (internal CRM, antiquated digital banking system, and third-party live chat), resulting in longer call and wait times for customers.
Narmi delivered an omnichannel mobile and online banking platform - one that's mobile-first, feature-rich, and designed to integrate. Narmi's open platform architecture offers long-term solutions for immediate challenges while allowing room to grow and adapt in the future, thus ensuring lasting value to Radius and their customers.
1. Narmi’s API was leveraged to move all support messages into the centralized CRM system (Oracle) already being utilized by Radius.
2. By streamlining many administrative functions, average call times were reduced.
3. Radius Call Center started operating with optimal efficiency after the move.
