Alkami Technology, Inc. Stock Price, News & Analysis

Alkami Technology (Nasdaq: ALKT) has been awarded the Banking Partner of Excellence™ Award at the 9th Annual Best Banks in America™ Super Conference. This recognition comes from nominations by elite performing banks and voting by industry-expert judges, highlighting Alkami's exceptional service and innovation in the digital banking sector.

The award follows Alkami's recent achievements, including:

• Listing in the 2024 IDC FinTech Rankings Top 100 Solution Provider list
• J.D. Power certification for providing "An Outstanding Mobile Banking Platform Experience"

Alkami's mobile banking platform outperformed industry benchmarks across 146 best practices in app development, design, and functionality. This recognition underscores Alkami's commitment to excellence in cloud-based digital banking solutions for U.S. financial institutions.

Alkami Technology (Nasdaq: ALKT) has been named to the 2024 IDC FinTech Rankings Top 100 list of solution providers. This prestigious ranking recognizes the leading global enterprises serving the financial services and FinTech industries. IDC Financial Insights compiles this Fortune 500-style list based on calendar year revenues from financial institutions for hardware, software, and services.

The IDC FinTech Rankings highlight companies that provide important technological innovation to keep financial services at the forefront of modern digital experiences. IDC forecasts worldwide IT spending in the financial services industry to exceed $800 billion by 2026. Alkami's inclusion in this list underscores its commitment to helping financial institutions execute digital transformation initiatives and enhance customer experiences.

Alkami Technology (Nasdaq: ALKT) recently hosted a webinar titled 'A Banking Executive Masterclass: Preparing for Open Banking in the United States.' The event featured insights from Alkami's CTO Deep Varma, product owner Jamie Lang, and CCG Catalyst's senior research analyst Tyler Brown. They discussed open banking's impact on financial institutions and provided guidance on preparation strategies.

Key points included:

• The importance of educating both financial institutions and consumers about open banking
• Alkami's readiness for open banking with its developer-first approach and API capabilities
• The upcoming CFPB rule recognizing open banking standards
• Consumer demand driving the push for open banking
• The need for financial institutions to proactively prepare for this shift

Alkami Technology (Nasdaq: ALKT) was named to CNBC's 2024 World's Top 250 Fintech Companies List, specifically under the Banking Solutions category. The selection, based on a detailed analysis by Statista of over 20,000 data points from more than 2,000 eligible firms, recognizes Alkami among 25 companies driving innovation in banking processes such as Banking-as-a-Service (BaaS) and Open Banking.

CEO Alex Shootman emphasized the honor and Alkami's commitment to enabling regional and community financial institutions to compete with megabanks. Additionally, Alkami was certified by J.D. Power for providing an 'Outstanding Mobile Banking Platform Experience,' reflecting high performance in the J.D. Power North America Mobile App Satisfaction Index.

Alkami Technology, Inc. (Nasdaq: ALKT) has released commissioned research findings on the perspectives of artificial intelligence (AI) in banking. The study reveals a significant gap between regional and community financial institutions (RCFIs) and consumers regarding AI's potential and adoption. Key findings include:

- 96% of financial institutions see AI as critical in the next five years, compared to only 61% of consumers.
- 78% of institutions view AI as a catalyst for new business opportunities.
- Millennials are most comfortable with AI using their data for better digital banking experiences.
- Younger generations prioritize AI for financial wellness, while RCFIs focus less on this application.

The study also found that most financial institutions are in the early stages of AI implementation, but those experimenting with AI report high success rates in areas such as customer service, data insights, and security.

Alkami Technology, Inc. (Nasdaq: ALKT) has integrated credential stuffing protection into its digital banking platform's challenge-response authentication process. This enhancement automatically checks for human behavior in the background without requiring visual puzzles or additional time, ensuring a seamless experience for legitimate users while improving security.

The integration is part of Alkami's layered approach to fraud detection and prevention in online banking, addressing the rising threat of credential stuffing in the financial services market. The solution is compliant with Web Content Accessibility Guidelines (WCAG) 2.1 Level AA, ensuring accessibility for all users, including those with disabilities.

Customers like Quontic Bank and Mountain America Credit Union have reported reduced potential fraudulent activities and improved security for their account holders without added complexity.

Alkami Technology (Nasdaq: ALKT) has announced the pricing of a secondary offering of 5,000,000 shares of common stock by selling stockholders. The offering is expected to close on August 12, 2024. J.P. Morgan Securities is acting as the underwriter and sole book-running manager. The underwriter has a 30-day option to purchase up to an additional 750,000 shares. Alkami will not sell any shares or receive any proceeds from the offering. The offering is being made pursuant to an automatically effective shelf registration statement on Form S-3, which became effective on August 8, 2024.

Alkami Technology (Nasdaq: ALKT) has announced a secondary offering of 5,000,000 shares of common stock by its Selling Stockholders. The offering includes an option for the underwriter to purchase an additional 750,000 shares. J.P. Morgan Securities is acting as the sole underwriter and book-running manager. Importantly, Alkami will not sell any shares or receive any proceeds from this offering. The offering is being made through an automatically effective shelf registration statement on Form S-3, filed with the SEC. A prospectus supplement and accompanying prospectus will be available on the SEC's website.

Texans Credit Union has launched Atomic Financial's direct deposit switching solution in partnership with Alkami Technology (Nasdaq: ALKT). This integration combines Atomic's technology with Alkami's Digital Banking Platform, allowing Texans' members to manage and switch their direct deposits efficiently through their payroll providers without HR involvement. The new feature aims to increase deposit growth, improve account acquisition, and strengthen member relationships.

The partnership has already shown significant improvements in direct deposit conversion rates while eliminating paper processes and reducing wait times. Texans Credit Union has been working with Alkami since 2022 to develop customized digital banking enhancements, including a user-friendly online loan application interface. These advancements offer increased functionality, customization, and control over account features for a modern digital banking experience.