Adoption of Alkami's Data & Marketing Solutions Grows as Demand for Personalized Digital Banking Experiences Increases

Rhea-AI Summary

Alkami Technology, a leader in cloud-based digital banking solutions, has seen a 76.5% rise in new contracts for its Data & Marketing Solutions over the past two years compared to the previous period. Financial institutions using these solutions achieve an average 13X ROI. The tools include Transaction Data Cleansing, Customer Insights & Marketing Automation, and AI Predictive Models, which help banks and credit unions better understand and serve their account holders. These advanced solutions enable personalized banking experiences, deeper user engagement, and more effective marketing campaigns. Financial institutions are increasingly adopting these technologies to stay competitive in a fragmented market.

Positive

• 76.5% increase in new contracts for Data & Marketing Solutions over two years.
• Average 13X ROI for financial institutions using Alkami's solutions.
• Enhanced understanding and service to account holders through data-driven insights.
• Automated marketing campaign reporting and adaptation.
• Prediction of account holder behavior using AI and machine learning.

Negative

• No specific financial figures or detailed revenue impact provided.
• General statements on competitive market pressures without concrete data.

News Market Reaction

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Financial institutions using Alkami's Data & Marketing Solutions attain 13X ROI on average

PLANO, Texas, June 5, 2024 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced that the number of new contracts signed by financial institutions for Alkami's Data & Marketing Solutions have increased a total of 76.5% for 2022 and 2023 combined compared to contract signings for the previous two-year-period (2020 and 2021 combined). This momentum comes as regional and community banks and credit unions face increased pressure to provide a top tier digital banking experience for account holders, and search for innovative marketing, data and artificial intelligence (AI)-driven solutions to help them deliver a digital sales and service platform.

"Alkami's Data & Marketing Solutions have allowed us to better understand our account holders, and in turn, better serve them," said Cayla Keyes, vice president and retail sales manager at INB, National Association. "In addition, being able to accurately measure engagement with campaigns and see who are using competitive products empowers us to more relevantly build marketing messaging that in turn, drives more ROI."

Through Alkami's Data & Marketing Solutions, banks and credit unions can leverage clean, tagged transaction data to uncover actionable insights, create personalized banking experiences, drive user engagement and deepen relationships with account holders. The solutions include:

• Alkami's Transaction Data Cleansing which transforms complex transaction descriptions into simple, usable merchant names, categories and logos. As a result, financial institutions can outsource their transaction data analysis through an automated, accurate, daily data cleansing process.
• Alkami's Customer Insights & Marketing Automation which helps banks and credit unions predict what account holders are going to do next, and then transform those insights into personalized marketing campaigns. This solution also automates marketing campaign reporting, allowing marketers to quickly adapt to campaign engagement and better target initiatives.
• Alkami's AI Predictive Models which use machine learning and AI to predict account holder behavior by using data to identify daily shifts in spend categories and financial patterns. This ultimately helps predict account holders' financial behaviors and needs, empowering financial institutions to identify and then further engage with those who demonstrate behaviors most likely to lead to retention and account growth.

"Alkami's data-driven solutions, including the customer insights and market automation tool, have allowed us to quickly adapt to campaign engagement and shift our resources to where they are most beneficial," said Steve Zich, chief marketing officer at Capital Credit Union. "In today's competitive environment, our marketing professionals must be data savvy to achieve results. Solutions like these that allow us to act nimbly will be key to our continued growth."

As U.S. financial institutions become more digitally mature to remain competitive in a fragmented, evolving market, all facets of their operations are becoming more technology and data-driven – and marketing is no exception.

"More than ever, revenue growth and data are intertwined for financial institutions. As our recent Digital Sales & Service Maturity Model research found, a hallmark of the most digitally advanced financial institutions is the democratization of data-fueled decisions. Data underpins the individualized experiences that account holders are looking for today, and it is essential that financial institution leaders transform to the data-informed digital banker that leverages this crucial resource to drive their financial institutions forward," said Nate Shahan, vice president, product management at Alkami. "Alkami is proud to provide these solutions that enable banks and credit unions of all sizes to achieve the highest level of digital maturity with data."

To learn more about Alkami's Data & Marketing Solutions, visit here.

About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and commercial banking, digital account opening, and data and marketing solutions. To learn more, visit www.alkami.com.

Media Relations Contacts
Vested
alkami@fullyvested.com

Marla Pieton
marla.pieton@alkami.com

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SOURCE Alkami Technology, Inc.

FAQ

What is the ROI for financial institutions using Alkami's Data & Marketing Solutions?

Financial institutions using Alkami's Data & Marketing Solutions attain an average 13X ROI.

How much has Alkami's Data & Marketing Solutions contracts increased?

The number of new contracts for Alkami's Data & Marketing Solutions increased by 76.5% over the past two years.

What technologies do Alkami's Data & Marketing Solutions include?

Alkami's solutions include Transaction Data Cleansing, Customer Insights & Marketing Automation, and AI Predictive Models.

How do Alkami's Data & Marketing Solutions benefit financial institutions?

They help financial institutions better understand account holders, create personalized experiences, drive engagement, and improve marketing campaigns.

Which financial institutions are adopting Alkami's Data & Marketing Solutions?

U.S. regional and community banks, as well as credit unions, are adopting these solutions to enhance digital banking experiences.