Empowers financial institutions to grow relationships with their most engaged account holders
PLANO, Texas, Aug. 9, 2023 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., has developed and launched an Engagement AI Model via its AI Predictive Modeling solution. The new model—the first of its kind in the industry—combines artificial intelligence (AI), machine learning (ML), and Alkami's proprietary Key Lifestyle Indicators® (KLIs) empowering financial institutions to identify account holders who demonstrate behaviors most likely to lead to retention and account growth, and increase their engagement with products, service offerings and digital channels.
Financial institutions can use an attrition model to identify account holders that have a high risk of leaving, allowing the institution a chance to develop win-back strategies. According to Alkami's internal research, account holders who score the highest risk for attrition are, on average, 15x more likely to leave a financial institution than account holders who score as highly engaged. Alkami's Engagement AI Model inverts their attrition model so financial institutions can focus their time and budget where it matters most—in retaining and growing their engaged account holders.
"When we looked at the full spectrum of attrition scoring, our research showed that attrition is significantly lower among highly engaged account holders, so we developed a model that not only identifies these highly engaged account holders but also layers in Alkami's KLIs—labels describing the type of transaction or behavior a customer or member engages in—to best predict which behaviors drive incremental engagement," said Mark Leher, director, product management at Alkami.
"The model assesses the entire universe of a financial institution's account holders on a daily basis to identify those account holders exhibiting behaviors that have historically led to deeper engagement," Leher continued. "This allows the financial institution to auto-surface highly relevant campaigns that are more effective at driving growth. Not only does this save on account acquisition costs, but it also empowers the financial institution to engage with those who are more likely to take action on a targeted campaign."
For more information on Alkami's Data & Marketing Solutions, visit Alkami's website.
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 business banking, digital account opening, payment security, and data analytics and marketing solutions. To learn more, visit www.alkami.com.
Media Relations Contact
Marla Pieton
marla.pieton@alkami.com
Katie Schimmel
katie@outlookmarketingsrv.com
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SOURCE Alkami Technology, Inc.
