First Internet Bank announced it has launched a new business account opening process. The streamlined user experience enables business owners to open and fund accounts online in minutes, improving conversion rates, reducing support calls and boosting customer satisfaction.
“Our new account opening experience is efficient, compliant and, more importantly, sets a better tone for the banking relationship with our business customers.”
With software powered by Narmi, coupled with re-engineered back office processes, First Internet Bank has decreased the time needed to open a new business account by 65%. Additionally, checking and savings applicants are now two times likelier to complete the application and fund the new account, compared to the previous process.
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“We are committed to providing a world-class banking service to business owners,” said Nicole Lorch, President and Chief Operating Officer of First Internet Bank. “Our new account opening experience is efficient, compliant and, more importantly, sets a better tone for the banking relationship with our business customers.”
“We’re beyond thrilled to be partnering with First Internet Bank, an institution that has consistently demonstrated innovation and adaptability in a rapidly changing industry. Together, we’re transforming how businesses engage with banking services – making it quicker, easier, and entirely digital. This is a pivotal step towards a more accessible and convenient financial future for businesses,” said Nikhil Lakhanpal, Co-Founder of Narmi.
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Narmi’s platform offers integrated Know Your Customer (KYC) and Know Your Business (KYB) decisioning engines powered by Alloy. This allows their banking partners to gain greater processing efficiency by removing the need for banks to utilize multiple systems to verify submitted documents in order to help mitigate fraudulent applications.
About First Internet Bank
First Internet Bank opened for business in 1999 as an industry pioneer in the branchless delivery of banking services. With assets of $4.7 billion as of March 31, 2023, the Bank provides consumer and small business deposits, consumer loans and specialty finance services nationally. The Bank also offers commercial real estate loans, commercial and industrial loans, SBA financing and treasury management services.
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