“Consumers don’t want a digital bank. They want their bank to digitize.”
.…on his company’s new “TechFin” concept.
Plano-based Alkami—a leading cloud-based digital banking solutions provider for banks and credit unions—presented a new concept at its annual Co:lab 2023 conference in Grapevine last week.
Drawing a distinction from the FinTech industry, Alkami unveiled its “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 financial institutions.
In his kickoff keynote, Shootman said Alkami will deliver this by “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 [financial institutions].”
Promoting product adoption and user engagement
The company said its strategic vision aims 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.
“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,” CTO Deep Varma added, “and moving to TechFin allows us to focus on a technology platform to build financial solutions at scale.”
In a fireside chat at the conference, Jim Marous, financial industry strategist and co-publisher of The Financial Brand, described an evolution in the industry’s digital capabilities.
“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,” Marous said. “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.”
Alkami says its clients are “leading the market through a growth mindset and digital innovation.” Citing Per FI Navigator data, the company said “clients that have been on [its] 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.”
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