Narmi One: Integrated Digital Banking Solutions for Community Banks

Many entrepreneurial journeys begin with an unshakable belief that things can be done better. The search for improvement is what led Nikhil Lakhanpal to co-found Narmi, a New York consulting firm that specializes in advising small banks on technological advances. 

Lakhanpal and his business partner Chris Griffin saw firsthand how financial institutions struggle with legacy digital banking systems. Their insights gelled into the recognition of an industry-wide complacency, evidenced by reliance on outdated and bundled solutions. This logjam, Lakhanpal believes, was stifling innovation in the financial services industry. 

As explained in an interview with Travillian Principal of Banking & Fintech Search Keith Daly, Lakhanpal and Griffin sought to inject some adrenaline into the fintech market. They wanted to challenge the status quo and determinedly deliver a digital banking experience that was not just functional, but transformative. 

Listening to Banks & Credit Unions: 100 Conversations That Changed Everything 

Before taking the entrepreneurial leap, Lakhanpal and Griffin sought validation. They didn’t assume they knew what financial institutions needed—they asked. Numerous conversations with banks and credit unions confirmed a consistent frustration: reliance on single-provider technology stacks that limited flexibility and innovation. 

“We needed to talk to 100 banks and credit unions to really pitch to,” Lakhanpal recalls. “Are they craving a better digital solution? Or, frankly, a technology provider that they’re excited about?” 

The response was mixed; many saw the need for better technology, but some cautioned against the challenge of competing with industry giants. “There are a lot of people that were just like: ‘Look, just don’t do it. There are these three industry behemoths, and we have to go with them because it’s just easy and it’s all bundled and it just is what it is,’” he says. 

The Inefficiency of Legacy Banking Systems 

The pair’s fact-finding efforts revealed a traditional banking technology approach that was operating on a piecemeal basis: one provider for core banking, another for fraud prevention, yet another for payments. The result? A disjointed experience for both the customer and the bank’s internal teams. 

“Why does a bank have to run 13 providers to provide one user experience?” Lakhanpal questions. “Well, they are really good at fraud. And this was a legacy contract for this core banking contract we signed five years ago. And this vendor works only with this vendor, so it’s bundled in. 

He saw an alternative to this legacy thought process. “It’s like, No. Let’s challenge that a bit.” 

A New Era of Integrated Banking 

Narmi was founded on a different premise: integration as the key to superior digital banking. Rather than layering solutions that barely communicate with one another, Narmi developed a unified platform—Narmi One—that connects account opening, digital banking, fraud prevention, and payments in a seamless ecosystem. “It’s really the integration advantages that create a good experience—or the lack thereof that creates a bad experience,” Lakhanpal explains. 

Proactive Digital Transformation in Banking 

For community and regional banks, technology has long been viewed as a necessary expenditure rather than a strategic advantage. Narmi is pushing a mindset shift, one in which banks proactively embrace digital transformation rather than reacting to industry pressures. By consolidating key functionalities under one umbrella, institutions can focus less on managing vendors and more on serving customers. 

“Think about the customer journey,” says Lakhanpal. “And think about all the systems they currently interact with at the bank. Are you ever going to get to a point where those all seamlessly talk to each other? What level of effort will it take for you to get to that point? Our estimates are 70 percent of a bank’s time and budget is spent integrating partners that they already have. Instead of finding a platform that can do a lot more than just mobile banking or just account opening or just fraud.” 

This philosophy extends beyond consumer banking. Business banking, historically underserved in terms of digital innovation, is a major area of investment for Narmi. “We view that as a really important growth market,” says Lakhanpal. “And there’s a lot of room for innovation there.” 

Advice for the Next Generation of Fintech Founders 

Reflecting on Narmi’s journey, Lakhanpal offers three key lessons that bankers can pass onto aspiring entrepreneurs: 

“You have to make sure you’re solving a customer’s problem. You’re going to hear that time and time again from any company leader. This really doesn’t work if you’re truly not bringing a solution that is mission-critical to your customers. 

“Second, you need to differentiate between what I call building a better mousetrap and what I call having a distinct competitive advantage. Better mousetraps? There is 100 percent a place for them. The only problem is there will be a new better mousetrap every two or three years. 

“And finally, just make sure you’re committed. Stuff takes longer than you think. Just double every timeline. It truly is the rule of thumb. You just have to be ready for that. There are going to be times you’re sitting in front of your computer at two in the morning asking, ‘What am I doing?’ But stay committed.” 

Challenging the Banking Status Quo 

Nine years in, Narmi continues to challenge the status quo in the banking industry. The company remains focused on reimagining what’s possible in digital banking—pushing beyond incremental improvements to deliver solutions that fundamentally reshape the industry. 

For financial institutions seeking to differentiate in an increasingly competitive landscape, the lesson is clear: integration isn’t just a technical consideration; it’s the foundation for delivering the banking experiences customers expect today—and tomorrow. 

The complete interview about challenging the status quo in community banking is available at Travillian Next.