First Community Bank Invests in Alkami Platform to Transform Credit Card Application Process

Rhea-AI Summary

Alkami Technology (Nasdaq: ALKT) announced that First Community Bank will implement its Credit Card Origination System (CCOS) to enhance their online credit card application process. The new system aims to streamline and expedite the application, improving customer experience and underwriting efficiency. First Community Bank emphasized that Alkami's relationship with ICBA Bancard played a significant role in their decision. Alkami's CEO highlighted the integration benefits of CCOS, aiming for a seamless user-friendly digital banking experience.

Positive

• Implementation of Credit Card Origination System (CCOS) to improve application efficiency.
• Partnership with First Community Bank expands Alkami's market presence.
• Endorsement from ICBA Bancard enhances credibility and competitive edge.

Negative

• None.

PLANO, Texas, Feb. 8, 2022 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for U.S. banks and credit unions, announced today that First Community Bank will implement Alkami's Credit Card Origination System (CCOS). The new system will help simplify, shorten and improve the bank's online credit card application process for its customers.

"Our existing underwriting process for online applications was inefficient and labor intensive," said Robb Roberts, senior vice president, commercial lending of First Community Bank. "Once customers completed a basic web form, a lender began a manual, Excel-based review that took hours to days to complete. This lag time in receiving an approval decision resulted in a customer experience that fell short of meeting our core values."

Akami's CCOS will build customer interest for credit card products in an online shopping experience; provide a frictionless, mobile-first credit card application; improve underwriting consistency; and serve as a stepping stone to the expansion of product offerings specifically geared to meet the evolving demands of the bank's entire customer base.

Anthony Pitts, director of credit card services at First Community Bank, shared that Alkami's relationship with ICBA Bancard, the payments subsidiary of the Independent Community Bankers of America (ICBA), was a differentiator in the selection of its digital platform. "ICBA Bancard's endorsement lends a great deal of credibility to Alkami and was a significant consideration in our decision-making process. Partnering with Alkami strengthens our commitment to offering high quality digital banking products based on cutting-edge delivery systems to our customers."

Alkami's chief executive officer Alex Shootman said, "We are excited to have First Community Bank join our growing digital banking community. The rules-based decisioning engine provided by our Credit Card Origination offering will seamlessly integrate with the bank's credit bureau, enabling them to maximize efficiency, eliminate redundant data entry, and provide faster credit decisions. It's one of the ways we're helping First Community reach its goal of creating a more robust, user friendly digital banking experience."

About First Community Bank
First Community Bank, which is locally owned and managed, opened August 4, 1997, in Batesville, Arkansas, and currently operates 29 full-service branches in Arkansas and Missouri. First Community employs more than 500 professional bankers and reports assets of $2.05 billion as of December 31, 2022.

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. The Alkami Platform is the digital banking and fraud mitigation platform of choice for over 280 financial institutions. Alkami's investments have resulted in a premium platform that has enabled it to replace older, larger and better-funded incumbents and provide clients with world-class experiences reflecting their individual digital strategies.

Media Relations Contact
Jennifer Cortez
jennifer.cortez@alkami.com

Audrey Pennisi
audrey@outlookmarketingsrv.com

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SOURCE Alkami Technology, Inc.

FAQ

What is Alkami Technology's latest announcement related to First Community Bank?

Alkami Technology announced that First Community Bank will implement its Credit Card Origination System to streamline their online credit card application process.

How will CCOS benefit First Community Bank's credit card application process?

CCOS will simplify and shorten the credit card application process, improving customer experience and underwriting efficiency.

When was the press release from Alkami Technology issued?

The press release was issued on February 8, 2022.

What role did ICBA Bancard play in First Community Bank's decision to use Alkami's services?

ICBA Bancard's endorsement was a significant factor in First Community Bank's decision to choose Alkami's digital banking solutions.

What is Alkami Technology's stock symbol?

Alkami Technology trades under the stock symbol ALKT on Nasdaq.