Towpath Credit Union Transforms their Digital Banking Experience with Alkami's Solutions

Rhea-AI Summary

Alkami Technology (Nasdaq: ALKT) announced that Towpath Credit Union has successfully implemented its Digital Banking Platform, completing a comprehensive digital transformation. The Ohio-based credit union replaced its core systems and adopted Alkami's Data & Marketing Solution, resulting in significant improvements in member engagement and business metrics.

Key achievements include over 800 members switching to e-documents, $2.6 million in auto loan business, and an increase in product adoption from 1.7 to 2.45 products per member. The credit union reported a 15% year-over-year revenue growth and improved efficiency ratio despite increased technology investments.

Positive

• Product adoption increased from 1.7 to 2.45 products per member
• Revenue growth of 15% year-over-year
• Generated $2.6 million in auto loan business
• Improved efficiency ratio despite technology investments
• Successfully converted 800+ members to e-documents

Negative

• None.

Insights

Financial Technology Analyst

Alkami's partnership with Towpath Credit Union demonstrates measurable success with 15% revenue growth and increased product adoption, validating their digital banking strategy.

Alkami's announcement about Towpath Credit Union's digital transformation showcases a comprehensive implementation that replaced core systems, digital banking, loan origination, and document management infrastructure. The results demonstrate clear quantifiable success metrics that investors should note: product adoption increased from 1.7 to 2.45 products per member, revenue grew 15% year-over-year, and the credit union's efficiency ratio improved despite increased technology investment.

The implementation's financial impact is further quantified by $2.6 million in estimated auto loan business generated through Alkami's Data & Marketing Solution, which leverages real-time behavioral insights for targeted campaigns. The platform has also driven 800+ members to switch to e-documents, reducing operational costs.

For Alkami investors, this case study provides valuable proof points of the platform's ability to deliver tangible financial returns for financial institutions. The J.D. Power certifications for "An Outstanding Mobile Banking Platform Experience" in both 2024 and 2025 add third-party validation to Alkami's value proposition. The comprehensive nature of this implementation (replacing multiple legacy systems) highlights Alkami's ability to capture larger contract values through full-scale digital transformations rather than just point solutions, potentially driving higher average revenue per user and stickier client relationships.

Ohio-based credit union modernizes member experience with full-scale conversion, boosting product adoption, revenue growth, and efficiency ratio

PLANO, Texas, July 16, 2025 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced that Towpath Credit Union (Towpath) has successfully completed a comprehensive digital transformation using the Alkami Digital Banking Platform. The credit union, headquartered in Northeast Ohio, executed a full conversion, replacing its core, digital banking, loan origination, and document management systems to deliver a seamless and modern member experience.

Towpath is also leveraging Alkami's Data & Marketing Solution to deepen member engagement and deliver targeted, needs-based campaigns. By using real-time behavioral insights, Towpath connects members with timely offers—such as auto loan recapture, debt consolidation, and e-statement adoption—that support their financial well-being. Since their implementation, these efforts have resulted in over 800 members switching to e-documents and an estimated $2.6 million in auto loan business.

Towpath's leadership team set out to eliminate digital limitations and provide a frictionless experience that could compete with any financial provider—without sacrificing the personal service that defines the credit union's local roots.

"We didn't want a lack of digital capability to be a reason someone chose not to bank with us," said Michael Sferro, president and chief executive officer of Towpath. "With Alkami, we found the right combination of innovation, reliability, and scalability that allows us to offer a no-compromise solution. Our members now have the tools they need and the experience they expect—all in one place."

Since launch, Towpath's enhanced digital tools—including integrated card controls, SavvyMoney^® credit score monitoring, transaction enrichment, and account aggregation—are delivering a more intuitive, personalized experience. The platform is helping the credit union deepen relationships and engage members in new, meaningful ways. Product adoption rose from 1.7 to 2.45 products per member. Revenue is up 15 percent year-over-year, and the credit union's efficiency ratio has improved despite increased investment in technology.

"Towpath Credit Union's approach reflects the type of forward-thinking leadership we're proud to support," said Taylor Adkins, vice president, product management at Alkami. "Their team didn't just implement new technology—they made strategic moves to future-proof their institution while staying true to their community-first mission. We're honored to be their partner on that journey."

To explore the Towpath Credit Union case study for more details, visit here.

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

Alkami has been certified by J.D. Power in 2024 and 2025 for providing "An Outstanding Mobile Banking Platform Experience."¹

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, onboarding and account opening, payment security, and data and marketing solutions. To learn more, visit www.alkami.com.

About Towpath Credit Union
Towpath Credit Union is a full-service financial cooperative that provides an effective and viable alternative to for-profit financial institutions for more than 26,000 Members. Towpath Credit Union's mission is to pave pathways to modern financial opportunities that uplift the community. With four branches spanning Summit County, complemented by state-of-the-art digital banking solutions, Towpath CU is proud to serve the financial needs of our community now, and into the future.

Media Relations Contacts
Vested
alkami@fullyvested.com 

Marla Pieton
marla.pieton@alkami.com 

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1 J.D. Power 2025 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 results has Towpath Credit Union achieved using Alkami's (ALKT) digital banking platform?

Towpath achieved 15% year-over-year revenue growth, increased product adoption from 1.7 to 2.45 products per member, generated $2.6 million in auto loan business, and converted over 800 members to e-documents.

What new features did Alkami (ALKT) implement for Towpath Credit Union?

Alkami implemented integrated card controls, SavvyMoney credit score monitoring, transaction enrichment, account aggregation, and their Data & Marketing Solution for targeted campaigns.

How has Alkami's (ALKT) platform improved Towpath Credit Union's digital capabilities?

The platform enabled a complete digital transformation, replacing core banking, loan origination, and document management systems while providing real-time behavioral insights for targeted member campaigns.

What certifications has Alkami (ALKT) received for its banking platform?

Alkami has been certified by J.D. Power in 2024 and 2025 for providing 'An Outstanding Mobile Banking Platform Experience.'