Narmi integrates top fintech companies into digital banking platform for credit unions
NEW YORK CITY, NY (February 9, 2018) — Narmi, a financial technology company, showcases two of its remarkable fintech integrations – Billshark and Lemonade.
Nikhil Lakhanpal, Co-Founder of Narmi, explained, “Currently, there is a huge disconnect between the FinTech world and the Credit Union world. Many FinTech companies have amazing technology and direct to consumer business models. Credit Unions have the desire to grow, implement new technologies and already possess an established user base. Narmi connects these two worlds through our beautiful digital banking platform and the member ultimately benefits the most.”
Members are able to the enjoy the modern user experience and value-added benefits of FinTech, all while using their credit union mobile or online banking application. Lakhanpal says that, “credit unions need to move away from a transactional mindset when it comes to digital banking and instead build an emotional relationship with their members. Credit Unions accomplish this by offering the member unique and differentiated value propositions.”
Billshark – Helping Reduce Monthly Bills for Millions of Americans
Billshark helps consumers reduce monthly bills on cable, satellite TV, wireless phone, internet and many other categories. There are currently approximately 375 million monthly bills in America and roughly 80% can be negotiated. The average amount saved per bill is $280-300.
Members will be able to submit monthly bills for negotiation with just a few taps in their credit union branded mobile application. Narmi facilitates the information transfer from the account holder to Billshark, and Billshark’s “sharks” take care of the rest.
Most consumers do not know how or when to negotiate – or do not have time to wait on hold. Furthermore, 72% of consumers who complain about high bills never attempt to negotiate.
“Billshark is excited to partner with Narmi to bring our convenient, no-hassle approach to lowering monthly bills to their growing network of credit unions and banks. Our team of expert negotiators will make sure consumers never overpay again,” Billshark Co-Founder, Steve McKean, stated.
Lemonade – Reinventing Insurance Through Artificial Intelligence
Lemonade provides a mobile-first, artificial intelligence-infused way to obtain a home insurance policy. The company’s focus is on homeowners and renters insurance, and policies start at $25 a month and $5 a month, respectively.
The value proposition is simple: currently, purchasing and managing property insurance is expensive, painful and complex. Lemonade solves all these problems with technology and delivers a beautiful user experience and high customer service satisfaction levels along the way.
Narmi has integrated Lemonade’s offerings into its digital banking platform. Credit Unions can now offer Lemonade’s products to their members via their own institution-branded application. By offering Lemonade’s products, institutions can help their account holders improve their financial stability with proper and affordable coverage.
Consumers can get insured in as fast as 90 seconds. Claims can be paid as fast as three minutes.
Part of Lemonade’s business model is “The Lemonade Giveback, where underwriting profits go to nonprofits customers choose”. Consumers select a nonprofit they care about when purchasing a policy. On an annual basis, Lemonade calculates any unclaimed money left from consumers who chose that cause and donates it to the selected nonprofit.
About Narmi Inc
Narmi offers a modern and fintech oriented digital banking platform to the 11,500 financial institutions in the United States. The tightly integrated product suite includes: online banking, mobile banking, open banking APIs and website redesign. Narmi was founded by the former CEO and CTO of the largest student-run credit union in the country. For more information, please visit www.narmitech.com.