What to do when your digital front door is broken

Interested in addressing the gaps with your Digital Account Opening, but not sure where to start? Narmi has everything you need to know in this free whitepaper!
Jan 12, 2023
Ryan Donaldson
Sr. Content Editor & Writer
Laura Caseley
Content Writer

Is your digital front door broken? If you don’t know the answer, it might be. And that might put your financial institution in very real danger of slipping below the digital account opening survival line. 

Don’t let your financial institution slip below the “survival line”

Financial institution leaders have had to adapt quickly and improve how they decide which features and services to invest in over the last few years. But, even when there’s consensus on ditching the status quo for highly requested innovations, there’s no clear indicator of where the threshold is between staying ahead of the curve and becoming irrelevant. In an effort to simplify things, industry expert Kirk Wycoff shared at Narmi’s 2022 Digital Account Opening Summit what he refers to as the “survival line” for banks and credit unions – defining it as “somewhere between mediocrity and just good enough.” Kirk’s advice for staying above this line: offering an end-to-end digital experience that encourages people to bring in more of their money.  

The Survival Line

Kirk Wycoff | DAO Summit 2022
Patriot Financial Managing Partner Kirk Wycoff on the "survival line" in banking.

As we head into 2023 with interest rates continuing to skyrocket, it’s time to take a hard look at where your survival line is, and where you are in relation to it. 

Digital account opening is an obvious place to start improvements, but it can admittedly be a lot to take on. That’s why we’ve compiled everything you need to know in one whitepaper so you can see for yourself how Digital Account Opening has been a game-changer for financial institutions around the country – community banks and credit unions we’re proud to call our customers, partners, and friends. 

Get insight from fintech thought-leaders on the current state of digital account opening and where banking is going, and how to make sure you’re on the same path to keep being dependable, effortless, and current for your community. 

Learn how to fix your financial institution’s digital front door.

Narmi’s Digital Account Opening has everything you need to get your financial institution where it needs to be to meet the ever-evolving tech needs of your customers and members. But, we also know that overhauling an institution’s processes, some of which may have been in place for many years, can seem like an insurmountable challenge. We understand.

In Chapter 1, we take an introductory look at Digital Account Opening, including the very real challenges that hold institutions back – and how the cost of complacency will be greater than any tech spend or time investment. 

Is now the right time to embrace Digital Account Opening?

Yes! Digital Account Opening isn’t the future of banking – it’s the present. But the greater benefits that come with best-in-class digital onboarding aren’t always obvious. 

Chapter 2  of Your Digital Front Door Is Broken takes a look at all the benefits institutions can expect, and how it can be a win-win-win for your customers and members, your back-office staff, and your balance sheet. Plus, we explore how Digital Account Opening can unlock even more options and marketing tactics that can propel banks and credit unions forward. 

What about the risks?

Narmi’s Digital Account Opening comes ready to keep your institution safe with a robust and automated identity verification system built in, keeping bad actors out. 

In Chapter 3, you’ll learn how current Narmi customers have seen their fraud rates drop exponentially with Narmi’s platform, and how it takes the stress of playing catch-up out of the equation altogether so they can focus on their people. 

Get a real return on your DAO investment

Converting to a  new platform is a big accomplishment, but it has to also result in an impactful return on investment. Narmi’s Digital Account Opening platform does just that. Our customers are able to see the benefits of digital account opening in as little as 90 days due to processes we’ve built for implementing and going live. 

In Chapter 4, we pull back the curtain to show how Narmi has distilled our process to make smooth, repeatable implementations a reality for our customers. 

Download the whitepaper

Be where banking is going alongside Narmi by downloading your copy of our comprehensive whitepaper on Digital Account Opening and learning what it can do for your bank or credit union, your staff, your customers and members, and your community. 

Get this free whitepaper

Everything your financial institution needs to remove the obstacles standing in the way of digital account growth at scale.
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What to do when your digital front door is broken