Virtual bank Radius Bank — which services small businesses (SMBs), micro-firms and consumers — is rolling out a revamped digital banking platform and a mobile banking app, the company said on Monday (Dec. 17). Resulting from its partnership with FinTech firm Narmi, the upgrades target the customer experience, according to Radius CEO and President Mike Butler.
"Our national client base demands a great 24/7 digital banking experience across all of their devices, and this enhanced technology provides just that," he said.
In addition to an upgraded user interface, Radius has implemented enhancements to mobile check deposit, bill payment and an integration with Venmo to facilitate peer-to-peer (P2P) payments. The platforms have added new digital solutions for financial budgeting and tracking as well.
Furthermore, Radius noted, the online and mobile platforms are linking end users to a marketplace of other FinTech solutions, including consumer bill payment app Billshark. The bank has also raised limits for users to move money from their Radius account to an account at a different bank.
"[FinTech firms] will play a role more and more in this industry as a whole, and they've started to really focus on this small business sector," said Butler. "It's an underserved component of the market, and we think there is a lot of room for significant improvement."
Treasury Prime CEO Chris Dean spoke with PYMNTS at the time, noting that "micro-business owners are consumers, too," and, therefore, are looking for the same services and user experiences in their business banking lives as they do in their consumer banking lives.
"They're using technology in their consumer banking life that hasn't kept pace on the business side," Dean said.