Narmi

Narmi supplies digital banking and account opening technology to banks and credit unions, competing in a market long served by a small number of large incumbents. Being a newer entrant is the relevant fact about it commercially and technically.

The opportunity newer vendors are addressing is that incumbent platforms carry a great deal of history. Software written over decades accumulates constraints, and a platform built recently can assume things about mobile use, application programming interfaces and cloud deployment that an older one has to work around.

Account opening is where a newer platform can demonstrate the difference most clearly. Opening an account online should take minutes, requires identity verification and funding, and every additional step loses a proportion of applicants, so the measurable outcome is conversion rate rather than feature count.

The consideration for a buyer is the one every newer vendor faces. A bank is making a long commitment to a company with a shorter track record, so financial stability, the customer reference list and the support model deserve more weight in the evaluation than they would with an established supplier. That is a fair question to put to any newer vendor and not a reason on its own to rule one out. No pricing is published.