Welcome to our dedicated page for Alkami Technology news (Ticker: ALKT), a resource for investors and traders seeking the latest updates and insights on Alkami Technology stock.
Alkami Technology, Inc. (Nasdaq: ALKT) is a leading cloud-based digital banking solutions provider headquartered in Plano, Texas. The company offers cutting-edge online and mobile banking solutions designed to serve credit unions and banks. Its flagship product, the Alkami Platform, known as the ORB Platform, provides financial institutions with a future-proof digital banking experience characterized by unmatched security, flexibility, extensibility, and superior architecture.
The ORB Platform stands out for its modern user interface, intelligent content delivery system, and customizable features. It enables financial institutions to efficiently onboard and engage users, accelerate revenue streams, and enhance operational efficiency through a true cloud-based, multi-tenant architecture.
Alkami's recent collaboration with Greylock Federal Credit Union exemplifies its commitment to digital transformation. This partnership has empowered Greylock Federal to enhance its retail, business, and mobile banking offerings while providing an intuitive and seamless user experience. Additionally, the new Digital Sales & Service Maturity Model Assessment launched by Alkami allows banks and credit unions to measure and improve their digital maturity.
On the financial front, Alkami has showcased robust performance with a notable increase in revenue and user base. In Q1 2024, the company reported GAAP total revenue of $76.1 million and a significant rise in digital banking users, with 18.1 million live registered users.
Moreover, Alkami's innovative partnerships, like the one with SWIVEL, have further enhanced its product offerings. This collaboration introduced advanced loan payment capabilities, providing greater choice, speed, and flexibility to account holders.
Alkami's focus is not only on current solutions but also on the future of banking technology. The introduction of the SDK Wizard “Merlin” at the 2024 Alkami Co:lab conference underscores its commitment to technological advancements, offering developers a streamlined environment to create custom digital banking functionalities.
As a recognized leader in the industry, Alkami continues to support financial institutions in their digital transformation journey, helping them stay competitive and deliver superior digital banking experiences to their account holders.
Alkami Technology (Nasdaq: ALKT) has enhanced its Data & Marketing Solutions platform with expanded behavioral data tag capabilities. The upgrade aims to provide financial institutions with deeper account holder intelligence for personalized banking experiences across marketing channels and digital banking.
The enhanced suite includes new features such as SavvyMoney data tags for offer engine insights, aggregated account data tags for tracking external accounts, anniversary data tags for personalized messaging, and outbound transfer data tags for monitoring fund movements. This development addresses the growing demand for personalized digital banking, with research showing 44% of digital banking Americans desire more personalized experiences.
Alkami Technology (NASDAQ: ALKT) has released a new study on business digital maturity in banking, conducted with Jim Marous and Emerald Research Group. The survey of 150 digital decision makers from U.S. banks and credit unions revealed that institutions leading in digital maturity are growing nearly 10 times faster than less advanced peers.
The research identified three key pillars of digital maturity: user experience, employee productivity, and mindset/culture. While larger institutions often lead in digital maturity, the study found that 20% of digital leaders have less than $1 billion in assets, demonstrating that smaller institutions can excel in digital transformation.
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.
Kemba Credit Union has partnered with Alkami Technology (Nasdaq: ALKT) to launch its digital banking platform for both retail and business members. The platform provides intuitive self-service tools, personalized user experience, enhanced member engagement, and advanced fraud detection capabilities. Through Alkami's single platform experience, Kemba aims to drive growth in new deposit accounts, enhance cross-sell opportunities, and strengthen loyalty. The platform's extensibility solutions, including SDK and APIs, will allow Kemba to customize their digital banking platform and connect with fintech ecosystem functionality.
Alkami Technology (Nasdaq: ALKT) announced the pricing of a secondary offering of 7,500,000 shares of common stock by selling stockholders including General Atlantic, S3 Ventures Fund III, George B. Kaiser, and Brian R. Smith. The underwriter, J.P. Morgan Securities , has a 30-day option to purchase an additional 1,125,000 shares. The offering is expected to close on November 8, 2024. Alkami will not receive any proceeds from this offering as all proceeds will go to the selling stockholders. The offering is being made through an effective shelf registration statement filed with the SEC.
Alkami Technology (Nasdaq: ALKT) announced a secondary offering of 7,500,000 shares of common stock by selling stockholders including entities affiliated with General Atlantic, S3 Ventures Fund III, George B. Kaiser, and Brian R. Smith. The selling stockholders may grant underwriters a 30-day option to purchase up to 1,125,000 additional shares. J.P. Morgan Securities is acting as the sole underwriter. Alkami will not receive any proceeds from the offering as all net proceeds will go to the selling stockholders. The offering is being made through an effective shelf registration statement filed with the SEC.
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.
Alkami Technology (ALKT) reported strong Q3 2024 results with total revenue of $85.9 million, up 26.9% year-over-year. The company improved its GAAP gross margin to 58.9% from 54.0%, while non-GAAP gross margin reached 62.8%. GAAP net loss narrowed to $(9.4) million from $(15.5) million, and Adjusted EBITDA increased to $8.3 million from $0.8 million.
The company added nine new digital banking clients and renewed 14 existing clients. Live registered users grew by 2.6 million to 19.5 million compared to the prior year. Alkami was recognized as the top digital banking provider in credit union market share by FI Navigator.
Alkami Technology (Nasdaq: ALKT) hosted a webinar focusing on emerging fraud threats in check and real-time payments. The session highlighted that 65% of organizations report check fraud, while real-time payments are projected to grow 33% annually to $277 billion by 2032. Industry experts from Alkami, Alacriti, and ABNB Federal Credit Union discussed strategies for strengthening security frameworks through proactive fraud mitigation and layered defense approaches. The webinar emphasized the importance of compliance management systems and third-party risk management in maintaining security and regulatory compliance, particularly as 82% of U.S. consumers use platforms like Zelle, Venmo, and Cash App.
Alkami Technology, Inc. (Nasdaq: ALKT) has been named the 2024 winner of the 'Best Banking App' category in Tearsheet's The Big Bank Theory Awards. This recognition highlights Alkami's superior Mobile Banking Platform and industry-leading user experience powered by data. The award comes at a time when high-quality mobile application experiences are important in the financial services industry.
Key features of Alkami's platform include:
- Advanced telemetry data for real-time user experience insights
- Cross-platform development framework for consistent experiences across iOS and Android
- Mobile-first features like Snapshot, Remote Deposit Capture, P2P payments, and Bill Pay
Alkami was also recently categorized as a 2024 IDC FinTech Rankings Top 100 solution provider and has been certified by J.D. Power for providing 'An Outstanding Mobile Banking Platform Experience.'
FAQ
What is the current stock price of Alkami Technology (ALKT)?
What is the market cap of Alkami Technology (ALKT)?
What does Alkami Technology, Inc. do?
Where is Alkami Technology, Inc. based?
What is the ORB Platform?
What recent innovation has Alkami introduced?
How did Alkami perform financially in Q1 2024?
What is the Digital Sales & Service Maturity Model Assessment?
What is the significance of Alkami's partnership with SWIVEL?
How does Alkami help financial institutions transform digitally?
What is the focus of Alkami's future developments?
What recognition has Alkami received recently?
