Alkami Introduces the TechFin Concept

Alkami Co:lab 2023 explored emerging trends in digital banking and data analytics; long-term Alkami clients outperforming peers in major financial metrics
PRNewswireApril 14, 20235 min

Alkami Technology, Inc. (Nasdaq:¬†ALKT) (“Alkami”), a leading cloud-based¬†digital banking solutions¬†provider for banks and credit unions in the U.S., wrapped up¬†Alkami Co:lab 2023¬†in¬†Grapevine, TX, last week after presenting a vision of digital banking’s future, focused on helping financial institutions (FIs) leverage data to personalize account holder interactions, grow, and sustain their businesses. Alkami unveiled a distinction from the FinTech industry called the “TechFin” concept: a¬†technology¬†company that builds¬†financial solutions, with Alkami’s end goal to provide the primary digital banking Sales and Service Platform for FIs. Deep Varma, chief technology officer at Alkami stated, “Technology is one of the most powerful weapons in our arsenal that enables us to move at the pace of consumer demand as they are in the driver’s seat, and moving to TechFin allows us to focus on a technology platform to build financial solutions at scale.”

“Consumers don’t want a digital bank. They want their bank to digitize. That is why Alkami is focusing investment in three key areas: extending the user experience and reliability of the digital banking application, expanding the capabilities within the Alkami platform, and unleashing the power of data for each of our FIs,” said¬†Alex Shootman, Alkami chief executive officer, during his kickoff keynote.

Alkami’s strategic vision is to elevate beyond digital banking and promote product adoption and user engagement, all while leveraging data to deliver a next-generation sales and service platform that increases revenue and lowers costs for financial institutions. “Alkami will deliver specialized¬†data and marketing technology¬†to make it easy for financial institutions to create personalized customer and member experiences,” Shootman added.

Jim Marous, financial industry strategist, co-publisher of¬†The Financial Brand, and one of the top five most influential people in banking according to¬†Thinkers360, shared the main stage in a fireside chat and stated, “… when you look at the hyper-personalization capabilities, we have more opportunities today for customers and members to know that we know them, that we understand them, and that we’re going to look out for them. And the reality is we have the opportunity to build better relationships on an individualized basis with every single customer and member in a way that can transform their life.”

The shift to the digital banking channel being the most effective means of driving revenue comes as Alkami clients lead the market through a growth mindset and digital innovation. Using third party data, Alkami compared the financial results of its clients to those FI peers with alternative digital banking applications. Per FI Navigator data, Alkami clients that have been on the platform for at least five years have, on average, outperformed their peers on major financial metrics including deposit growth, loan growth, return on equity, return on assets and revenue growth. Alkami and its clients will continue to be pacesetters in the market, driving the next stage of digital banking transformation: connecting sales and service to deliver personalization at scale.


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