U.S. digital bank Radius Bank announced on Tuesday the recent launch of its enhanced online business banking platform and mobile app for small business clients. According to Radius Bank, The overhauled user experience was the result of the bank’s continued partnership with fintech startup Narmi, which also powers Radius’ consumer online banking and companion mobile app.
While sharing more details about the experience, Alain Glanzman, VP of Small Business Banking, stated:
“Historically banks have struggled to properly support small businesses because they have the high expectations and needs of a consumer but the complexities of a business owner. Partnering with Narmi to extend the Radius consumer digital experience to our business clients, while adding in new functionality that allows them to easily manage their business operations, is us doubling-down to support a segment craving a platform that will propel their business in the right direction.”
Radius further revealed improvements to the clients’ banking experience include:
- Elevated security and control for business owners: Businesses now have an intuitive way to assign and manage banking access based on roles. With dual approvals, business owners can also customize who can approve select transactions and how much money they can approve.
- Control and flexibility put back into the hands of the business: Full business ACH origination, wire transfers, mobile check deposit, integrated accounts payable/receivable functionality with Autobooks, and a Business Bill Pay API integration and card controls for debit card security
- A simplified user experience: Businesses can now seamlessly transition across their personal and business accounts as well as deposit checks, pay bills, and make transactions with mobile banking, as well as the ability to refer colleagues or friends via SMS or email. There is also a location-based ATM finder
Nikhil Lakhanpal, Co-Founder of Narmi, added:
“With the business in mind, Narmi’s business banking platform puts functionality, intuitiveness and flexibility back into the hands of Radius’ business customers. In turn, banks like Radius can spend more time focusing on digital-first deposits, profitability and customer growth.”
Radius Bank describes itself as an innovative full-service bank offering a full complement of consumer and business products and services. The bank is currently in the process of being acquired by LendingClub.