Langley FCU Partners with Narmi to Open Accounts Online in 2.5 Minutes

There is a new player in the Online Account Opening space!

We’re excited to announce Langley Federal Credit Union, a $3.0 billion financial institution in Virginia, and fintech Narmi, partnered to launch a seamless digital account opening process which allows members to open new Langley FCU accounts in 2.5 minutes. Wow!

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CU 2.0’s Top Online Account Opening Vendors of 2019

Let’s face it. if you are about to join a new financial institution and they bring out the dreaded paperwork stack, the game is over. Just get up, walk out, and find someplace that isn’t stuck in 1995.

With everyone talking about digital transformation, we thought it would be helpful to provide an overview of the top providers of online account opening vendors in the credit union industry.

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Updates in Credit Union–Fintech Partnerships

To credit unions and other traditional financial institutions, fintechs can often sound like the enemy. Or, if not an enemy, they can seem like the upstart competition. Yet, most fintechs present more opportunities for partnership than for rivalry.

Narmi provides an API-enabled digital banking platform. It includes mobile banking, online banking, digital account opening, fraud detection, support applications, and seamless integration with other end-user apps.

Because Narmi offers its platform to end-users, they would almost appear to be credit union competition. However, to think that would be an unfair assessment of Narmi’s strategy.

Here’s why:

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CU-2’s Top Online Banking Providers of 2019 (Part 2)

While mobile banking dominates much of our focus these days, the reality is that the desktop favorite of online banking isn’t going anywhere. We all know credit unions rarely kill off an old delivery channel, so we can expect it is going to be around for quite some time.

In CU2.0’s Top Online Banking Providers of 2019 (Part 1), we examined many of the strategy considerations for Online Banking selection. In Part 2, we will delve into some of the more tactical but important components.

These components include some things that may greatly impact your members’ experience. For example, for each online banking provider, we’ll evaluate the quality or their assurance testing or the ability to authorize your members into things beyond the online banking world. Many of these items go beyond innovation cycles or road map, but are often represent the feature functionality that directly impacts your members.

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CU-2’s Top Online Banking Providers of 2019 (Part 1)

Online banking is a dynamic and ever-changing landscape. Since Paul Fiore and Digital Insight launched and dominated the market almost 20 years ago, the marketplace has morphed, changed, and innovated.

Yet, in some ways, things haven’t changed at all.

Online banking is still the most dominant member connection point. Aside from the credit union’s website, there is no place that is more influential on member brand experience than through your online banking portal. If you have a clunky product or a stale design, that is how your members see you every day.

On the other hand, if you have a great user interface, where it is easy to add products, make changes, or help members understand their financial life better, then you will seem sophisticated, transparent, trustworthy, and innovative.

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