Case Study: Beacon Bank achieves faster digital growth and stronger fraud protection with Narmi

Beacon Bank grows digital deposits 55% with Narmi

Beacon Bank, a community-focused financial institution based in Boston, faced the challenge of launching a new digital-first banking suite, Beacon One, without compromising on security or user experience. They needed to mitigate increasing fraud risks during digital account openings while also attracting new customers and keeping existing depositors engaged. To address this, Beacon Bank partnered with vendor Narmi to enhance its KYC processes and create a modern digital offering.

Narmi implemented a multi-layered solution, integrating NeuroID and Vouched into the bank's existing fraud prevention framework and onboarding its Native NACHA solution for ACH processing. This allowed Beacon Bank to streamline operations and improve security. The results were significant, including a 100% success rate in stopping a coordinated fraud attack, a 31% increase in the average size of deposits within two months, and a 55% growth in total deposits through digital channels since the launch of Beacon One.

Beacon Bank