Evergreen Bank Group partners with Narmi to launch best-in-class digital banking and online account opening platforms

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Oct 26, 2022, 12:00 ET

OAK BROOK, Ill., Oct. 26, 2022 /PRNewswire/ -- Evergreen Bank Group (the "Bank" or "Evergreen") has successfully launched Narmi's award-winning mobile and web-based banking platform and digital account opening solution for its Evergreen Bank Group, Performance Finance and FreedomRoad Financial brands. The new platform greatly enhances our customer's digital banking experience, both via a computer or mobile device, and allows current and new customers to open deposit accounts online in just minutes.

Oak Brook, Illinois-based Evergreen Bank Group is a full-service commercial bank with three branch locations serving the Chicago metropolitan area. The Bank also has two national powersports lending divisions, Performance Finance and FreedomRoad Financial, that partner with many of the leading powersports Original Equipment Manufacturers to help riders live out their dream of motorcycle and off-road vehicle ownership. Since opening in 2007, Evergreen has aspired to offer deposit products to its national customer base but didn't have an efficient way of doing so. That's all changed with Narmi.

"This is an exciting time, and a tremendous opportunity for our bank," said Dan Inendino, EVP and Chief Digital Officer. "With the Narmi platform, we can effectively cross-sell deposit products to our customers, including our nearly 100,000 loan-only powersports and other consumer loan customers. It also gives us the opportunity to expand our Evergreen brand to acquire deposits nationally, which fits our model perfectly as we're already a national lender. We sought a partner who is forward thinking and nimble, placing a heavy emphasis on user experience. We also wanted a partner with an open-API and Application Framework so we have the flexibility to add new customer-centric products and services as technology continues to rapidly change."

New York City-based Narmi's digital platform empowers financial institutions to unlock the very latest capabilities in digital banking and account opening, enabling them to move faster, tap new growth opportunities, and achieve true digital transformation. The Narmi platform was built with the customer experience in mind, empowering financial institutions with an experience that is always effortless, current, and dependable. As a result, Narmi's customers are seeing as much as 3x account growth in less than 30 days and 4x deposit growth in as little as 90 days. Additionally, Narmi's financial institution clients are winning awards like Bankrate's 2020 Best Online Bank and Nerdwallet's Best Bank of 2021 for Online Experience.

Highlights of the Narmi suite include:

An account opening experience focused on driving conversions with a modern e-commerce interface.
Industry-leading identity decisioning capabilities that improve auto-approvals and reduce manual review time.
Personal Financial Management tools that help users budget and get a 360-degree view of their finances.
Access to other leading fintechs such as BillShark and Lemonade with the Narmi AppXchange.
Banking services, such as instant account verification, person-to-person payments, bill pay, and mobile deposits.

"Narmi is incredibly excited to expand on our partnership with Evergreen Bank. The launch of all three brands is a testament to Evergreen's deep commitment to serving the evolving needs of not only the greater-Chicago community, but also the nation. We embarked on this journey understanding Evergreen's goals to expand its national reach and this is a huge step in that direction. Three digital banking and account opening experiences will allow Evergreen to enable a consistent, best-in-class experience across its customer segments while also accelerating national growth for years to come. This is innovation at its finest," said Nikhil Lakhanpal, Co-Founder of Narmi.

"We're thrilled to have completed the launches of the Narmi platform for all three of our brands. This is the first step in our much larger digital transformation plan," said Darin Campbell, President & CEO. "Over the past 15 years, we've built one of the strongest performing community banks in the country. Going forward, we are laser focused on executing on our strategy as a tech-savvy bank with a national footprint, focused on providing superior products, services and experiences for both borrowers and savers alike."

About Evergreen
Evergreen Bank Group (the "Bank") is an Illinois-chartered community bank wholly owned by Bancorp Financial, Inc., a Delaware corporation (the "Company"). The Bank was formed in 1999 and became a subsidiary of the Company as a result of a merger transaction during 2007. The Bank is headquartered in Oak Brook, Illinois. Evergreen is a technology-driven bank, lending in all 50 states and Puerto Rico and committed to delivering world-class experiences nationally by making borrowing and saving simple and easy. Evergreen also offers banking services through its lending divisions, FreedomRoad Financial and Performance Finance - two of the most recognizable names in the national motorcycle and powersports lending space. www.evergreenbankgroup.com

About Narmi
Narmi is a financial technology company that builds enterprise solutions across consumer digital banking, business banking and digital account opening. Financial institutions work with Narmi to be leading digital organizations, go to market faster with industry-leading functionality and better compete with Mega-Banks, Challenger Banks, and FinTech companies. With a particular focus on openness, Narmi's open framework allows financial institutions to build their own extensions and features onto the base platform to cater to their needs. Today, Narmi powers financial institutions with billions of dollars of assets and helps move millions of dollars between financial institutions on a daily basis. To learn more about Narmi, visit: www.narmi.com.

Forward-Looking Statements
This document contains certain forward-looking statements as defined in applicable federal securities laws. These forward-looking statements describe future plans or strategies and may include the Company's and the Bank's expectations of future results. The Company's and the Bank's ability to predict results or the effect of future plans or strategies or qualitative or quantitative changes is inherently uncertain. Actual results may differ materially from stated expectations.

SOURCE Evergreen Bank Group