Alkami Technology, Inc. Stock Price, News & Analysis

Texans Credit Union has launched Atomic Financial's direct deposit switching solution in partnership with Alkami Technology (Nasdaq: ALKT). This integration combines Atomic's technology with Alkami's Digital Banking Platform, allowing Texans' members to manage and switch their direct deposits efficiently through their payroll providers without HR involvement. The new feature aims to increase deposit growth, improve account acquisition, and strengthen member relationships.

The partnership has already shown significant improvements in direct deposit conversion rates while eliminating paper processes and reducing wait times. Texans Credit Union has been working with Alkami since 2022 to develop customized digital banking enhancements, including a user-friendly online loan application interface. These advancements offer increased functionality, customization, and control over account features for a modern digital banking experience.

Alkami Technology (Nasdaq: ALKT) reported strong Q2 2024 financial results, with total revenue reaching $82.2 million, up 24.9% year-over-year. The company's GAAP gross margin improved to 59.4% from 53.9% in the previous year, while non-GAAP gross margin rose to 63.2%. Despite a GAAP net loss of $(12.3) million, Alkami achieved a positive Adjusted EBITDA of $4.6 million, compared to a loss in the year-ago quarter.

The company added 2.7 million live registered users, bringing the total to 18.6 million. Alkami signed eight new digital banking clients in Q2, including a tier one credit union and a large Midwestern bank. The company's subscription revenue grew by 28%, outpacing overall revenue growth.

Alkami Technology, Inc. (Nasdaq: ALKT), a leading cloud-based digital banking solutions provider for U.S. financial institutions, has announced its plan to report second quarter 2024 financial results on Wednesday, July 31, 2024, after the market close. The company will host a conference call at 5:00 p.m. ET on the same day to discuss the results with investors.

A live webcast of the event will be available on the 'News & Events' page of Alkami's investor relations website. Additionally, a live dial-in will be accessible domestically at 1-800-836-8184 and internationally at 1-646-357-8785, using conference code 83045. A webcast replay will be made available on the Alkami investor relations website following the call.

Alkami Technology (Nasdaq: ALKT), a leading cloud-based digital banking solutions provider, has become the first digital banking provider certified by J.D. Power for "An Outstanding Mobile Banking Platform Experience." This certification places Alkami in the top quintile of all companies assessed by the J.D. Power mobile experience benchmark, covering both user satisfaction and sustainable UX practices. The assessment includes metrics such as visual appeal, speed, range of services, ease of navigation, and clarity. Recent research commissioned by Alkami highlights the digital banking experience as the top priority for consumers selecting financial providers. Alkami CEO, Alex Shootman, emphasizes the importance of this certification in offering confidence to financial institutions regarding mobile user experience excellence.

Alkami Technology, a leading provider of cloud-based digital banking solutions, announced that Mountain America Credit Union (MACU) has extended its partnership with Alkami for another five years. Initially partnered in 2017, Alkami has supplied MACU with advanced digital banking tools and Data & Marketing Solutions, allowing MACU to make data-driven strategic decisions using cleansed and categorized data.

The Alkami Digital Banking Platform offers intuitive, self-service tools and a personalized user experience, helping community financial institutions like MACU increase revenue and reduce costs. MACU's CTO, Kelly Albiston, emphasized the continued enhancement of their digital banking experience, aligning with their commitment to cutting-edge technology. Alkami's CTO, Deep Varma, expressed pride in maintaining MACU's trust amid a competitive market and looks forward to furthering their partnership with new technological innovations.

Alkami Technology has released its 2024 Telemetry Data Report, which examines the impact of high interest rates on U.S. consumers and financial institutions. The report is based on transaction data from over 2.5 million account holders and a survey of 1,500 digital banking consumers. Key findings include that 67% of Americans report a significant impact on their living standards due to rising interest rates, with 59% living paycheck to paycheck. Mortgage originations have declined by 72.5% from December 2020 to December 2023, while HELOC balances rose by 31.7% from December 2021 to December 2023. Auto loan payments increased by 57.1% from December 2019 to December 2023, and CD openings surged by 10.8x from Q4 2021 to Q1 2023. Credit card payments increased by 19% since 2020, and BNPL users grew 5.17x from 2019 to 2023. The report aims to help financial institutions understand and navigate these trends to improve customer loyalty and digital banking experiences.

Alkami Technology (Nasdaq: ALKT), a cloud-based digital banking solutions provider, launched a video campaign highlighting the role of community financial institutions in supporting their account holders. The initiative, in collaboration with Northwest Federal Credit Union, Connexus Credit Union, and Patelco Credit Union, was showcased at Alkami Co:lab 2024. The campaign features stories of how these credit unions assist members in key life moments, such as obtaining loans for cars or small businesses. This project builds on last year's social media campaign, emphasizing the integral role of regional banks in their communities. CEO Alex Shootman expressed pride in partnering with these institutions to deliver exceptional service and foster long-term relationships.

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.

Alkami Technology (Nasdaq: ALKT), a top provider of cloud-based digital banking solutions in the U.S., will present at the William Blair 44th Annual Growth Stock Conference on June 4, 2024. CEO Alex Shootman and CFO Bryan Hill will represent the company. A webcast and replay of their presentation will be available on the company's investor relations website post-conference.