Elevations Credit Union Launches with Alkami's Online Retail, Business and Mobile Banking

Rhea-AI Summary

Alkami Technology, Inc. announced Elevations Credit Union's launch of Alkami's online business and retail banking platform. The seamless implementation process has allowed Elevations to grow its retail and business portfolio, leveraging the platform to improve digital banking capabilities and drive new account holder growth. The platform provides intuitive, self-service tools, enhanced account opening capabilities, data analytics, and payment fraud prevention. Elevations also benefits from SavvyMoney, Alkami's marketing and educational capability, to improve members' financial wellness.

Insights

Market Research Analyst

The partnership between Alkami Technology and Elevations Credit Union signifies a strategic move in the digital banking space, which has seen increased competition and demand for innovative solutions. The successful implementation of Alkami's platform by Elevations could serve as a case study for other financial institutions looking to enhance their digital services.

From a market perspective, Alkami's ability to provide a seamless transition and a comprehensive suite of tools for both retail and business clients could position the company favorably against competitors. This move could potentially drive Alkami's market share upwards, as their platform demonstrates the capability to meet the evolving needs of financial institutions. Furthermore, the emphasis on user experience and engagement could lead to higher customer satisfaction and retention rates for Elevations, which in turn, may translate into increased revenue and profitability for both entities.

Financial Analyst

The announcement of Elevations Credit Union adopting Alkami's digital banking platform may have a positive impact on Alkami's financial performance. The integration of services like SavvyMoney points to a potential increase in user engagement, which can lead to higher transaction volumes and data analytics opportunities. These factors are critical for Alkami's revenue growth as they expand their client base and deepen existing relationships.

Investors should note the potential for increased Research and Development costs associated with the continuous improvement of Alkami's platform to stay ahead of the curve. However, these investments could be offset by long-term gains from customer loyalty and the acquisition of new financial institutions attracted by Alkami's proven implementation success and comprehensive offerings.

Technology Analyst

In the rapidly evolving fintech sector, Alkami's single platform approach aligns with the industry's move towards integrated, all-in-one solutions. The platform's data analytics and fraud prevention capabilities are particularly noteworthy, as these are critical areas of concern for financial institutions. By addressing these needs, Alkami not only enhances its value proposition but also contributes to the overall strengthening of digital banking security measures.

The emphasis on a personalized user experience and the integration of financial wellness tools like SavvyMoney reflect a broader industry trend towards financial technology that empowers users. This focus on technology that enhances both the user experience and financial literacy could be a differentiator for Alkami, potentially leading to greater adoption rates among tech-savvy consumers and forward-thinking financial institutions.

Member base will now benefit from Alkami's single platform for retail, business and mobile

PLANO, Texas, Jan. 16, 2024 /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 Elevations Credit Union ("Elevations") has launched Alkami's online business and retail banking platform. Following a seamless implementation process, Elevations is now leveraging the platform to grow its retail and business portfolio and gain market share.

After beginning its digital transformation journey, Elevations looked for a digital banking vendor to expand and improve its digital banking capabilities. The Alkami Digital Banking Platform provides Elevations' retail and business members with intuitive, self-service tools within a personalized user experience, powered by a dataset rivaling the largest megabanks. Elevations now also benefits from enhanced account opening capabilities, data analytics that can drive improved engagement, and payment fraud prevention. Alkami's comprehensive single platform enables financial institutions like Elevations to drive new account holder growth and cross-sell opportunities while deepening institutional loyalty via reliable, innovative banking services.

After completing the implementation process, Elevations' members were able to seamlessly convert to Alkami's Digital Banking Platform, showcasing its effective and user-friendly characteristics. Elevations is also leveraging SavvyMoney, Alkami's marketing and educational capability, to improve members' financial wellness.

"As a credit union serving communities in Colorado's Front Range, we must keep pace with a member base that is incredibly technologically savvy and open to innovation. It was imperative for us to work with a vendor who matched our strategic approach and digital vision," said Craig Draayer, vice president of digital transformation at Elevations. "Alkami shares Elevations' user interface and user experience principles and emphasis on member engagement, and we know that with Alkami, we will never be in the position of outrunning our vendor. Due to Alkami's expertise and tried-and-true best practices, this implementation was one of the best I have seen in my career. We look forward to deepening our relationship with Alkami in the future as we roll out more industry-leading offerings for our members."

"Elevations understands that business growth is inextricably linked to innovation for financial institutions. We are proud to deliver the digital banking capabilities that will enable them to compete in an expanding market and empower their members with user-friendly solutions to navigate their financial portfolio," said Jeff Chen, vice president, product management at Alkami. "The success of Elevations' launch with our platform also demonstrates the business value of investing in technology with intuitive user experiences, allowing institutions like Elevations to devote more time to personalized human interactions with members focused on their financial journey."

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 Elevations Credit Union

Elevations Credit Union empowers its members and the communities it serves along Colorado's Front Range with financial solutions and education. In addition to offering a broad portfolio of consumer and business banking services, Elevations is the No. 1 credit union residential mortgage lender in Colorado. Founded in 1952 as the U. of C. Federal Credit Union in Boulder, the organization has grown from 12 members and less than $100 in assets to over 176,000 members, more than 580 local employees and over $3.4 billion in assets. Learn more at www.elevationscu.com.

Media Relations Contacts
Vested
alkami@fullyvested.com

Marla Pieton
marla.pieton@alkami.com

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SOURCE Alkami Technology, Inc.

FAQ

What did Alkami Technology, Inc. announce?

Alkami Technology, Inc. announced Elevations Credit Union's launch of Alkami's online business and retail banking platform.

What benefits did Elevations Credit Union gain from the platform?

Elevations Credit Union gained intuitive, self-service tools, enhanced account opening capabilities, data analytics, payment fraud prevention, and SavvyMoney, Alkami's marketing and educational capability, to improve members' financial wellness.

What does the Alkami Digital Banking Platform provide to Elevations' retail and business members?

The Alkami Digital Banking Platform provides Elevations' retail and business members with intuitive, self-service tools, enhanced account opening capabilities, data analytics, and payment fraud prevention.

Who is the vice president of digital transformation at Elevations?

Craig Draayer is the vice president of digital transformation at Elevations.

What did Jeff Chen, vice president, product management at Alkami say about Elevations' launch with their platform?

Jeff Chen stated that the success of Elevations' launch with their platform demonstrates the business value of investing in technology with intuitive user experiences, allowing institutions like Elevations to devote more time to personalized human interactions with members focused on their financial journey.