Gate City Bank Launches Alkami's Full Suite of Digital Banking Solutions

Rhea-AI Summary

Alkami Technology (Nasdaq: ALKT) announced that Gate City Bank has implemented Alkami's comprehensive Digital Banking Platform. The partnership includes the launch of retail and business banking solutions, Positive Pay & ACH Reporting, and digital account opening capabilities. The platform provides Gate City Bank's customers with self-service tools, personalized user experience, and enhanced security features including payment fraud prevention.

The platform enables financial institutions to drive growth and cross-sell opportunities while offering businesses real-time transaction visibility and streamlined account management. Gate City Bank aims to enhance its digital banking experience through this partnership, leveraging Alkami's technology to compete with larger institutions.

Positive

• Partnership with Gate City Bank expands Alkami's market presence
• Platform offers comprehensive solution including retail, business banking, and fraud prevention
• Technology enables cross-selling opportunities and customer loyalty enhancement

Negative

• None.

Insights

Market Research Analyst

This partnership represents a strategic move in the competitive digital banking landscape. Gate City Bank's adoption of Alkami's full digital banking suite signals a significant expansion of Alkami's market presence in the regional banking sector. The implementation includes critical features like Positive Pay & ACH Reporting and digital account opening, which are essential for competing with larger financial institutions.

The deal's value extends beyond immediate revenue potential - it demonstrates Alkami's ability to secure comprehensive platform adoptions from established financial institutions. The J.D. Power certification adds credibility and could help accelerate future client acquisitions. However, while positive for Alkami's growth trajectory, the single-client implementation's immediate financial impact is likely modest relative to Alkami's $3.8B market cap.

Elevating retail and business customers' experience with the power of Alkami's full suite of products – digital banking, Positive Pay & ACH Reporting

PLANO, Texas, Nov. 13, 2024 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today that Gate City Bank, a Fargo, North Dakota-based mutual bank, has partnered with Alkami to launch its full suite of solutions to include retail and business banking, Positive Pay & ACH Reporting, as well as streamlined digital account opening capabilities.

Alkami's comprehensive Digital Banking Platform provides Gate City Bank's account holders with intuitive, self-service tools within a personalized user experience, powered by a dataset that rivals the largest megabanks. Gate City Bank's customers now also benefit from enhanced digital account opening capabilities, data analytics that can drive improved engagement, and payment fraud prevention. Alkami's single platform experience for retail and business banking enables financial institutions like Gate City Bank to drive growth and cross-sell opportunities while deepening customer loyalty. For businesses, the Platform delivers real-time transaction visibility and streamlined account management capabilities, empowering companies to effectively manage cash flow and mitigate fraud, all while ensuring a seamless experience for both businesses and financial institution administrators.

"We have been proud to provide our customers with a leading banking experience for over a century, and we are excited to take the next step with Alkami to bring their digital banking journey to the next level," said Jessica Ebeling, executive vice president of innovation, digital solutions, and payments at Gate City Bank. "Our customers are at the heart of what we do, and we knew we needed a true partner who aligned with our culture and could enhance our digital experience."

"By implementing Alkami's Digital Sales & Service Platform, Gate City Bank can offer its customers seamless interactions across both retail and business banking, allowing them to compete with the largest institutions and fintech insurgents," added Taylor Adkins, vice president, product management at Alkami. "We look forward to watching the Bank continue to grow by delivering innovative solutions that address the evolving needs of their diverse customer base."

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

Alkami has been certified by J.D. Power for providing "An Outstanding Mobile Banking Platform Experience¹."

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.

About Gate City Bank
A $3.6 billion mutual bank founded in 1923, Gate City Bank is the region's leading financial institution and the #1 mortgage lender in North Dakota. For over 100 years, the bank has created a better way of life for customers, communities and team members, and today it employs more than 770 team members at 45 locations in 23 communities across North Dakota and central Minnesota. Since 2003, Gate City Bank has contributed $40.9 million in philanthropic giving and more than 310,000 volunteer hours. The bank has also received a five-star rating from BauerFinancial for the past 28 years, and has been named one of the "50 Best Places to Work" 11 years in a row by Prairie Business magazine.

Media Relations Contacts
Vested
alkami@fullyvested.com

Marla Pieton
marla.pieton@alkami.com

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1	J.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.

 

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SOURCE Alkami Technology, Inc.

FAQ

What new digital banking solutions did Gate City Bank launch with Alkami (ALKT)?

Gate City Bank launched Alkami's full suite of solutions including retail and business banking, Positive Pay & ACH Reporting, and digital account opening capabilities.

What features does Alkami's (ALKT) Digital Banking Platform offer to Gate City Bank customers?

The platform offers self-service tools, personalized user experience, data analytics for improved engagement, payment fraud prevention, and real-time transaction visibility for business customers.

How does Alkami's (ALKT) platform benefit financial institutions like Gate City Bank?

The platform helps institutions drive growth, create cross-sell opportunities, deepen customer loyalty, and compete with larger institutions through comprehensive digital banking solutions.