First Internet Bank Streamlines New Digital Business Account Opening

Rhea-AI Summary

First Internet Bank has launched a new business account opening process, reducing the time needed to open an account by 65%. Checking and savings applicants are now two times likelier to complete the application and fund the new account. The streamlined user experience aims to improve conversion rates, reduce support calls, and boost customer satisfaction.

Positive

• First Internet Bank has decreased the time needed to open a new business account by 65%
• Checking and savings applicants are now two times likelier to complete the application and fund the new account

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• None.

FISHERS, Ind.--(BUSINESS WIRE)-- First Internet Bank announced today 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.

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.

“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.

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.

For more information about First Internet Bank visit firstib.com, for Narmi visit narmi.com.

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. Additional information about the Bank, including its products and services, is available at firstib.com. The Bank is a wholly-owned subsidiary of First Internet Bancorp (Nasdaq: INBK). First Internet Bank is a Member FDIC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230720550330/en/

First Internet Bank Investors/Analysts Media

Paula Deemer

Director of Corporate Administration

(317) 428-4628

investors@firstib.com

BLASTmedia for First Internet Bank

Spencer Hotz

firstib@blastmedia.com

Narmi

Audrey Song

(443) 987-1469

audrey@narmi.com

Source: First Internet Bank

FAQ

What is the new business account opening process launched by First Internet Bank?

First Internet Bank has launched a new business account opening process that aims to reduce the time needed to open an account by 65%.

How has the streamlined user experience affected checking and savings applicants?

Checking and savings applicants are now two times likelier to complete the application and fund the new account compared to the previous process.

Who is the software provider for the new account opening process?

The software for the new account opening process is powered by Narmi.

What are the benefits of the new account opening experience?

The new account opening experience aims to improve conversion rates, reduce support calls, and boost customer satisfaction.