Alkami Surpasses All Digital Banking Providers To Become #1 in Credit Union Market Share

Rhea-AI Summary

Alkami Technology (Nasdaq: ALKT) has achieved the top position in credit union market share among digital banking providers, according to FI Navigator data. The company's success is evidenced by superior performance metrics of their credit union clients, who showed stronger deposit, loan, and revenue growth from January 2020 to June 2024 compared to peers. Additionally, Alkami's Mobile Platform recently received J.D. Power certification for 'An Outstanding Mobile Banking Platform Experience,' outperforming industry benchmarks across 146 best practices in mobile app development, design, and operational performance.

Positive

• Achieved #1 market share position in credit union digital banking
• Clients outperformed peers in deposit, loan, and revenue growth (Jan 2020 - Jun 2024)
• Received J.D. Power certification for mobile banking platform
• Exceeded industry benchmarks across 146 mobile app best practices

Negative

• None.

Insights

Market Research Analyst

The market leadership position in credit union digital banking represents a significant competitive advantage for Alkami. The FI Navigator data showing superior performance metrics for Alkami's clients (deposit, loan and revenue growth) validates the platform's effectiveness in driving financial institution success. The J.D. Power certification adds credibility, particularly considering the rigorous 146-point evaluation criteria.

This dual validation from independent sources strengthens Alkami's market position and could drive increased adoption among the remaining credit unions looking to upgrade their digital infrastructure. The credit union market represents a stable, growing segment with high retention rates once relationships are established. With the highest market share of mobile users, Alkami is well-positioned to benefit from the ongoing digital transformation in financial services.

Recognition follows Alkami's J.D. Power certification for its Mobile Banking Platform

PLANO, Texas, Nov. 6, 2024 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions for financial institutions in the U.S., today announced it has been listed as the top digital banking provider in credit union market share based on the number of enrolled mobile users by FI Navigator, a leading U.S. banking vertical data and analytics company. FI Navigator data also shows that credit unions on the Alkami platform outperformed their peers in deposit, loan, and revenue growth from January 1, 2020 to June 30, 2024.

"Alkami is privileged to be the trusted leader in digital banking among credit unions and to serve the most successful institutions in the market," said Alex Shootman, chief executive officer at Alkami. "We are honored to deliver a digital sales and service platform that helps our clients engage and retain their account holders to outpace their peers in key financial metrics."

This announcement comes on the heels of Alkami's Mobile Platform being certified by J.D. Power for "An Outstanding Mobile Banking Platform Experience¹" for clients. To earn this certification, Alkami's mobile banking app ranked among top performers in the most recent J.D. Power North America Mobile App Satisfaction Index^SM and Alkami outperformed industry benchmarks across 146 best practices covering all aspects of mobile app development, design, and operational performance.

Curry Pelot, chief information officer and founder at FI Navigator added, "At FI Navigator, our mission is to provide financial institutions and their partners with business insights that inform strategic decisions, from profitability and franchise growth to risk management and product development. This achievement highlights the exceptional level of service that Alkami consistently delivers to its credit union customers."

To learn more about Alkami's Digital Banking Solutions, visit here. 

1J.D. Power 2024 Mobile App Platform Certification ProgramSM recognition is based on successful completion of an audit and exceeding a customer experience benchmark through a survey of recent servicing interactions. For more information, visit www.jdpower.com/awards.

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 and marketing solutions. To learn more, visit www.alkami.com.

Media Relations Contacts
Vested
alkami@fullyvested.com

Marla Pieton
marla.pieton@alkami.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/alkami-surpasses-all-digital-banking-providers-to-become-1-in-credit-union-market-share-302296825.html

SOURCE Alkami Technology, Inc.

FAQ

What recognition did Alkami (ALKT) receive in the credit union market in 2024?

Alkami became the #1 digital banking provider in credit union market share based on enrolled mobile users, according to FI Navigator data.

How did Alkami's (ALKT) credit union clients perform between 2020-2024?

Credit unions using Alkami's platform outperformed their peers in deposit, loan, and revenue growth from January 1, 2020 to June 30, 2024.

What certification did Alkami (ALKT) receive from J.D. Power in 2024?

Alkami's Mobile Platform received J.D. Power certification for 'An Outstanding Mobile Banking Platform Experience,' outperforming benchmarks across 146 best practices.