Magnolia Bank, a leading financial institution in Kentucky since 1919, is excited to bring the Narmi Grow Consumer and Business Account Opening solutions to its customers, ensuring a leading digital experience from their first touchpoint.
Magnolia Bank’s decision to leverage both solutions will allow for a consistent customer experience across onboarding channels, and new customers will now be able to open accounts in less than three minutes entirely online, on the device of their choice.
Magnolia Bank’s new customers will also benefit from ironclad defenses against fraud resulting from Narmi’s network of security partners, including an integration with end-to-end security risk solution Alloy. Magnolia Bank’s new fraud protection capabilities include instant KYC (Know Your Customer) verification that provides up to 100% automated decisioning, and a portal that allows staff to review all incoming applications with ease, among other functions.
“Narmi’s team brings deep expertise and a collaborative approach, working closely with us to implement a cutting-edge digital solution that aligns with our innovative strategy of providing financial tools for our customers,” said Deena London, President and CEO of Magnolia Bank. “This partnership empowers us to deliver a best-in-class digital experience while staying agile and relevant. They are a true partner by driving innovation and improving integration capabilities while accelerating deposit growth.”
By simplifying the account opening process and eliminating geographical barriers, these new account opening solutions enable more people to experience the Magnolia Way. By embracing digital innovation, Magnolia Bank will ensure that every new customer has the opportunity to enjoy exceptional service and community banking, no matter where they are.
“In today’s environment, it no longer matters if an applicant is a business or consumer: the expectation for a seamless, fully secure account opening experience is paramount,” said Nikhil Lakhanpal, co-founder of Narmi. “We’re thrilled to partner with Magnolia Bank and provide such an experience for their customers.”
About Magnolia Bank
Magnolia Bank is an independent, community bank serving customers since its establishment in 1919. With over 100 years of banking history, Magnolia Bank is committed to an excellent customer experience, enhancing shareholder value and supporting local communities. For more information, please visit magnoliabank.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 Best Online Bank and Nerdwallet's Best Bank for Online Experience. For more information, please visit narmi.com.