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:

“It’s Not Us vs Them”

The $1.3bn Radius Bank recently partnered with Narmi to address its online and mobile banking needs. They needed a fast-moving, forward thinking partner to support their customers’ rapidly-evolving banking habits.

The partnership is working. In six months, they’ve provided as many app upgrades as their former provider had managed in 18. At their current pace, they’re better positioned to keep up with the changing needs of their customers.

To learn more, check out the case study and the article.

Narmi and NWCUA Partner to Deliver Digital Banking to 180+ Credit Unions

Narmi and the Northwest Credit Union Association (NWCUA) have partnered to deliver digital banking platforms for NWCUA’s member credit unions. Narmi’s differentiated, member-centric platform was carefully vetted by the executive and technology leaders of the association.

The NWCUA chose Narmi because their platform will help Northwest credit unions compete with mega-banks, challenger banks, and fintechs. They’ll be able to use Narmi’s online and mobile banking, online account opening, CRM and support applications, and web design services. “Narmi offers turnkey digital banking and account opening capability, plus the ability to provide unique benefits to members,” said Jason Smith, VP of Strategic Resources, NWCUA. “These services will help credit unions to stay a step ahead of their members’ expectations.”

You can read the full press release here.

Where to Find Narmi Next

Narmi is hitting the road this year. You can find them at the following conferences and events.

  • Symitar West Conference (5/15-5/17) – Denver, CO
  • Pennsylvania CU Association (5/16 – 5/18) – Hershey, PA
  • Corelation Client Conference (5/22-5/23) – San Diego, CA
  • American Banker Digital Banking (6/19-6/21) – Austin, TX
  • FinXTech Conference (9/9 – 9/10) – Chicago, IL
  • CUNA Tech (9/11-9/14) – Chicago, IL
  • Symitar Conference (9/16-9/19) – San Diego, CA
  • FinovateFall 2019 (9/23-9/25) New York, NY
  • Jack Henry Conference (10/6-10/10) – San Diego, CA
  • BAI Beacon (10/8-10/10) – Boston, MA
  • Northwest CU Association (10/15 – 10/17) – Spokane, WA
  • Money20/20 (10/27-10/30) – Las Vegas, NV

We’re always happy to see credit union–fintech partnerships. The financial industry doesn’t need to be adversarial! The success of complementary providers is critical to a healthy financial ecosystem. And, if maxims are to be believed, then a rising tide raises all boats. Early evidence shows that credit unions and fintechs can not only exist in harmony—they can form mutually-beneficial relationships, too.

Additional Reading

We’re paying a little extra attention to Narmi these days because they recently performed very well in our list of top online banking providers for credit unions. We’re keeping our eyes on this particular marketplace to watch for new developments.

If you’d like to read more about credit union and fintech partnerships, relationships, and possibilities, follow the links below!

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

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