Credit Union of Texas Selects Alkami For Its Business Banking Platform

Rhea-AI Summary

Alkami Technology, Inc. (Nasdaq: ALKT) partners with Credit Union of Texas (CUTX) to provide the first online business banking platform, unlocking an untapped market. The business banking solution aims to deliver a market-tested digital banking experience, supporting businesses at every stage of their financial journey through comprehensive payment solutions, seamless sub-user management, and actionable reporting, all built into a secure and scalable platform.

Positive

• Alkami's partnership with CUTX opens up a new commercial market for the credit union, allowing them to deliver the highest level of service to their small business members.
• The business banking solution is designed to address the feedback from CUTX members, providing them with functionality they will engage with on a daily basis.
• Alkami's focus on meeting the needs of both retail and business members is critical in today's competitive financial landscape, positioning regional and community financial institutions to drive growth in the business banking segment.

Negative

• None.

With Alkami's Business Banking solution, the credit union will unlock an entirely untapped market 

PLANO, Texas, Dec. 13, 2023 /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 it has partnered with Credit Union of Texas (CUTX) to provide the first online business banking platform available to CUTX business members.

Alkami's business banking solution provides a market-tested digital banking experience designed to seamlessly onboard new users and increase product penetration, adoption and engagement. Leveraging the solution, financial institutions can support businesses at every stage of their financial journey through comprehensive payment solutions, seamless sub-user management and actionable reporting, all built into a secure and scalable platform.

"Partnering with Alkami allows us to access a commercial market that we have never served before. By implementing the business banking solution, we will now be able to deliver the highest level of service to our small business members, providing them with functionality we know they will engage with on a daily basis," said Eric Pointer, president and chief executive officer of CUTX. "We pride ourselves on listening closely to our members, and launching a business banking platform comes in direct response to their feedback. We look forward to working with Alkami to expand the services we can provide in order to best address our members' needs with industry-leading digital banking and account opening solutions."

"CUTX presents a prime example of how digital banking can be a business driver for financial institutions that are committed to meeting the needs of their members, whether they be retail or business. This is particularly critical today, as regional and community financial institutions respond to growing competition from fintechs and the biggest banks and increased pressure to drive deposits," said Jeff Chen, vice president, product management at Alkami. "We are excited to continue our partnership with CUTX and support the credit union as it drives growth in the business banking segment."

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.

About CUTX

For almost 100 years, Credit Union of Texas has provided financial services to members throughout North and East Texas. Living out its vision to deliver an unexpected experience, CUTX has grown to over $2.5 billion in assets. Most Texas residents may qualify for membership. In the last year, CUTX was recognized with the Communities Foundation of Texas "Be in Good Company" Seal of Excellence, voted the Best Credit Union in DFW by the readers of The Dallas Morning News, and named the winner of the Torch Awards for Ethics from both the Better Business Bureau Serving North Central Texas and the International Association of Better Business Bureaus. For more information about CUTX, visit www.cutx.org.

Media Relations Contacts
Vested
alkami@fullyvested.com

Marla Pieton
marla.pieton@alkami.com

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SOURCE Alkami Technology, Inc.

FAQ

What is the partnership between Alkami Technology, Inc. and Credit Union of Texas (CUTX)?

Alkami Technology, Inc. (Nasdaq: ALKT) has partnered with Credit Union of Texas (CUTX) to provide the first online business banking platform, unlocking an untapped market.

What are the key features of Alkami's business banking solution?

The business banking solution aims to deliver a market-tested digital banking experience, supporting businesses at every stage of their financial journey through comprehensive payment solutions, seamless sub-user management, and actionable reporting, all built into a secure and scalable platform.

How does Alkami's partnership with CUTX benefit the credit union and its members?

The partnership allows CUTX to deliver the highest level of service to their small business members and address their feedback by providing functionality they will engage with on a daily basis.

Why is Alkami's focus on meeting the needs of both retail and business members critical in today's competitive financial landscape?

Alkami's focus on meeting the needs of both retail and business members is critical in today's competitive financial landscape, positioning regional and community financial institutions to drive growth in the business banking segment.