Liberty Bank Launches Alkami's Digital Banking Platform

Rhea-AI Summary

On March 29, 2023, Alkami Technology Inc. (Nasdaq: ALKT) announced that Liberty Bank in Connecticut has successfully launched the Alkami Digital Banking Platform. This transition involves converting approximately 150,000 customers to Alkami's platform, which supports business, retail, and mobile banking. Liberty Bank aims to enhance its digital offerings and customer experience as part of a comprehensive tech overhaul. The partnership is expected to bolster Liberty's competitive position by delivering innovative solutions and personalized communication channels, aligning with Alkami's vision for the future of digital banking.

Positive

• Partnership with Liberty Bank to launch Alkami Digital Banking Platform, enhancing customer base by approximately 150,000.
• Improved digital banking experience positioning Liberty Bank for future growth.
• Alkami's platform offers extensibility for long-term integrations, enhancing service offerings.

Negative

• None.

Redefining digital transformation for the strategic financial institution of the future

PLANO, Texas, March 29, 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., announced today that Connecticut-based Liberty Bank has launched the Alkami Digital Banking Platform, and is successfully converting a substantial portion of their customer base—approximately 150,000—to Alkami's single platform for business, retail and mobile banking.

The move to the Alkami Platform is a crucial step in Liberty Bank's full technology stack overhaul with the objective to bring the most innovative products and seamless user experience to its customers and strategically position the bank for future growth.

"We set out to transform the Liberty user experience from the ground up by rebuilding our digital assets and partnering with the best solution providers in the market," said David Mitchell, EVP, GM and chief digital officer at Liberty Bank. "We chose Alkami as a strategic partner for many reasons. They are the leading provider with a single platform for retail and business customers with a growing customer base of likeminded strategically driven financial institutions. Alkami's vision for the future of digital banking closely aligns with our business strategy; and, perhaps most importantly, they have demonstrated true commitment and a proven ability to continuously deliver new solutions that will enable us to rise above our competition now and well into the future."

The Alkami Platform will enable Liberty Bank to leverage data to enhance personalized communication channels for both their retail and business customers. As a core component to the bank's larger tech stack, the best-in-class Platform also has the extensibility for long-term integrations.

"Financial institutions can no longer piecemeal their digital transformation efforts, they must consider the entire account holder experience. A complete digital sales and service platform enables the exceptional experience that FIs need to provide today: one that rivals burgeoning fintech companies and even those of non-banking platforms like Amazon," said Stephen Bohanon, Alkami's co-founder and chief strategy and product officer. "Liberty Bank has risen to this challenge, and we are thrilled to be an integral part of their transformation. We look forward to further innovating digital banking together."

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 and digital loan origination, payment security, and data analytics and marketing solutions. To learn more, visit www.alkami.com.

About Liberty Bank
Established in 1825, Liberty Bank is the oldest and largest independent mutual bank in the country. With more than $7 billion in assets, Liberty has 56 banking offices across Connecticut and one in Massachusetts. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance and investment services. Liberty has been voted a 'Top Workplace' every year since 2012 and designated a 2021 and 2022 Best-In-State Bank in Connecticut by Forbes Magazine. www.liberty-bank.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 is the significance of Alkami Technology's partnership with Liberty Bank?

The partnership enables Liberty Bank to convert approximately 150,000 customers to Alkami's Digital Banking Platform, enhancing their digital offerings and user experience.

When was the Alkami Digital Banking Platform launched by Liberty Bank?

Liberty Bank launched the Alkami Digital Banking Platform on March 29, 2023.

How does the Alkami Digital Banking Platform benefit Liberty Bank?

The platform allows Liberty Bank to provide a seamless user experience and innovative banking solutions, positioning the bank for future growth.

What type of customers will be served by Alkami's platform at Liberty Bank?

Alkami's platform serves both business and retail customers at Liberty Bank.

What is Alkami Technology's stock symbol?

Alkami Technology's stock symbol is ALKT, listed on Nasdaq.