Directly within Narmi Banking, your institution can leverage a Personal Finance Management (PFM) solution offered by Narmi’s partner, MX. This tool provides consumer users with a comprehensive financial overview at a glance. Using a single platform, consumers can track their cash flow, identify recurring transactions, set personal financial goals, and manage their budgets. Please contact your Narmi Relationship Manager to enable Trends.
Once enabled, users access Trends from Tools > Trends in the web app or More menu > Services > Trends in the mobile app. (Your institution can also change the “Trends” menu name to a custom name.) Narmi connects to MX’s API and renders the user’s financial information via iFrame. MX pulls the user's connected internal and external account details, including balances, deposits, and spending. The PFM tool is also used for the Spending widget on the web dashboard, which provides users with quick insights into their financial activity by category.
Scroll down for more information about Narmi and MX. For instructions on using PFM, go to Using Trends.
Communication Between Narmi and MX
If the user’s segment has access to MX Trends, Narmi imports a transaction from the core banking system and passes the transaction information to MX every time. If the user or account does not exist in MX, it will be created automatically. The exact timing for when Narmi imports a transaction from the core depends on several factors, including:
If the core banking integration has any type of events service
If the end-user has an alert configured
The frequency of historical transactions that have occurred in the account over time
If Narmi attempts to update a user but the account is no longer returned by the core banking system (i.e., the user has lost access or the account is closed), Narmi will delete the account and any subsequent transactions from MX.
However, Narmi will never delete a user from MX. This is because a user can be temporarily locked or archived in Narmi. Deleting the user from MX would eliminate all linked external accounts and custom data entered by the user.
End-User Counts in Narmi vs. MX
The number of users in Narmi Banking will NOT always equal the number of users of PFM in MX. This is due to several reasons:
Locked or archived users in Narmi – Users can be temporarily locked or archived in Narmi. Deleting these users from MX would remove all linked external accounts and custom data that the user had entered. If the locked/archived user is reactivated in Narmi, that user will not have any linked external accounts or custom data available.
Narmi segments not having access to PFM in MX – If the segment an end-user belongs to does not have access to PFM in MX, they will not have an MX account. They would be counted as a user in Narmi but not MX. Learn more about segmentation here.
Some end-users may not have accounts or transactions – If Narmi Banking end-users have only a profile created, but no accounts or transactions, their information will not be imported to MX from Narmi. They would be counted as a user in Narmi but not MX.
MX was enabled after go-live – If your institution enabled PFM in MX after the Narmi Banking go-live, not all Narmi Banking users would have been imported from Narmi to MX. An MX account for those users will only be created once they have transacted on Narmi Banking.