Alkami Research Identifies Consumer Financial Trends and Opportunities for Financial Institutions in State of the Industry Report

Rhea-AI Summary

Alkami Technology, Inc. (NASDAQ: ALKT) has released the
2023 Alkami Data Telemetry Report: State of the Industry, which analyzes consumer financial trends and identifies opportunities for Regional and Community Financial Institutions (RCFIs) amid economic uncertainty. The report includes insights from over five years of data from more than a million account holders across 20 financial institutions, supplemented by market research from 800 digital banking consumers. Key findings indicate an increase in consumer withdrawals and credit card reliance due to inflation. Alkami aims to support RCFIs by providing tailored guidance to improve customer loyalty and drive revenue growth. This effort underscores Alkami's commitment to offer actionable insights for financial institutions striving to differentiate from larger banks.

Positive

• The report identifies significant opportunities for RCFIs to enhance customer loyalty and increase revenue through tailored financial guidance.
• Alkami's extensive data analysis provides a strategic advantage for RCFIs looking to engage consumers effectively.

Negative

• None.

Report identifies areas of opportunity for Regional and Community Financial Institutions (RCFIs) to differentiate against competing megabanks and neobanks

PLANO, Texas, April 20, 2023 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for banks and credit unions in the U.S., today released The 2023 Alkami Data Telemetry Report: State of the Industry^SM, Emerging Financial Institution Opportunities in an Uncertain Economy, a new report based on proprietary data sources that analyzes consumer financial trends and identifies market opportunities for RCFIs.

The Alkami Data Telemetry Report uses de-identified data collected over nearly five years, across more than a million account holders, and represented by nearly two dozen financial institutions ranging in assets from $500 million to $15 billion. The data was further supplemented by Alkami's primary market research among more than 800 digital banking consumers to identify current attitudes and perceptions of the latest financial services and national economy.

This report offers insights into the current inflationary environment and its impact on consumers—such as leading to greater withdrawals to fund "normal" expenses, an increasing reliance on credit cards, and heightened stress. More importantly, drawing from primary consumer research, the data reflects significant opportunities for RCFIs to provide tailored financial guidance and offers to consumers expecting the same to increase loyalty and revenue.

"This first Telemetry report, taken from the wealth of de-identified transaction data in Alkami's Platform, demonstrates our commitment to providing RCFIs with actionable insights to help consumers through this inflationary cycle," said Alex Shootman, Alkami chief executive officer.

"Along with this report, we have created a repository of the latest go-to data insights to serve the financial services space, openly available via alkami.com. Through analysis of proprietary telemetry data and primary research findings, Alkami intends to be an ongoing source of insights to help RCFIs differentiate from competitors, engage their account holders, and grow revenues," said Allison Cerra, Alkami chief marketing officer.

To download the full report, click here.

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

Media Relations Contact
Marla Pieton
marla.pieton@alkami.com

Katie Schimmel
katie@outlookmarketingsrv.com 

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SOURCE Alkami Technology, Inc.

FAQ

What does the Alkami 2023 Data Telemetry Report reveal?

The report reveals consumer financial trends and identifies opportunities for RCFIs, focusing on their ability to provide tailored financial guidance amid economic uncertainty.

How is Alkami Technology supporting Regional and Community Financial Institutions?

Alkami supports RCFIs by analyzing consumer data to provide actionable insights that enhance customer loyalty and drive revenue growth.

What consumer trends are highlighted in the Alkami report?

The report highlights increased consumer withdrawals and credit card reliance due to inflation as significant trends affecting financial behavior.

When was the Alkami Data Telemetry Report released?

The report was released on April 20, 2023.

Where can I access the full Alkami Data Telemetry Report?

The full report can be accessed through Alkami's website, specifically the insights repository.