03/06/2024: Community Savings Drives Millions in Deposits After Partnering with Narmi to Introduce Consumer and Business Account Opening

Community Savings has partnered with Narmi, a leading provider of digital banking solutions, to launch Narmi’s Consumer Account Opening and Business Account Opening solutions. This partnership allows Community Savings to offer Business Account Opening online for the first time, expanding their digital presence beyond the eastern Ohio region. This launch is a testament to Community Savings’ continued commitment to enhance the customer experience while driving deposit growth.

With both teams ambitious to get these products live, the Consumer and Business Account Opening solutions were ready for production in just 49 days, Narmi’s quickest implementation to date. This shows Community Savings’ dedication to enhancing the account opening experience for consumers and businesses, keeping them at the forefront of the latest account opening technology while preserving their long history within the community. In the first month following go-live, Community Savings was able to capture $2.5 Million in new deposits.

Community Savings will now provide a cohesive digital experience for customers and businesses, creating a seamless user experience. Narmi’s Consumer Account Opening experience enables customers to securely open new accounts in under three minutes from anywhere. Narmi’s Business Account Opening solution also eliminates the need for in-person visits, enabling businesses to open accounts online. The process includes tailored flows for different business types and instant document collection.

The integration with Narmi through the COCC core includes automated and customizable Know Your Customer (KYC) and Know Your Business (KYB) decisioning on all consumers, businesses, and entities. The solution meets all compliance requirements and provides complete applicant visibility with verification of over 50 attributes, including entity names, watchlist screening, officers and more.

“We could not be more excited to launch this partnership with Narmi,” said John Gulas, President and CEO of Community Savings. “Partnering with Narmi has allowed us to streamline the account opening process for both consumers and business accounts. Doing so supports our company wide goals of driving deposit growth and scaling nationally through our online presence to better serve our valued customers. We’re thrilled to have this solution live at record speed and grateful for our partnership with Narmi. Narmi has been an incredible partner and we’re thrilled with how quickly we were able to get both solutions live.”

“Narmi is very excited to see how Consumer and Business Account Opening will help Community Savings reach more customers and grow deposits,” said Nikhil Lakhanpal, Co-Founder of Narmi. “We’re proud to partner with such a great team, and the speed of implementation is a true testament to the bank’s commitment to bringing a best-in-class digital experience to its customers.”