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Overview of Alkami Technology, Inc.
Alkami Technology, Inc. is a cloud-based digital banking solutions provider dedicated to empowering credit unions and banks with innovative, secure, and scalable technology. The company’s robust platform delivers a well-integrated suite of online and mobile banking capabilities, leveraging advanced security, a modern user interface, and intelligent data solutions to redefine digital banking.
Comprehensive Digital Banking Platform
At the heart of Alkami’s offering is its digital banking platform, a fully cloud-native, multi-tenant solution designed to help financial institutions onboard and deeply engage new account holders. The platform is engineered to drive operational efficiency by streamlining processes such as digital account opening, streamlined retail and commercial banking transactions, and sophisticated data analytics.
Key Features and Capabilities
- Cloud-Based Architecture: Alkami’s platform is built on a true cloud architecture that ensures flexibility, extensibility, and scalability, enabling financial institutions to adapt to rapid technological advancements without sacrificing security or performance.
- User-Centric Design: Featuring a modern interface coupled with a customizable feature set, the platform enhances the user experience for both individual account holders and institutional customers.
- Data and Marketing Solutions: With a focus on leveraging clean, tagged transaction data, the platform offers robust marketing and data analytics tools. These capabilities empower financial institutions to personalize customer experiences, improve cross-selling strategies, and drive revenue growth.
- Advanced Security Measures: Security is integrated deeply into the platform, offering features like credential stuffing protection and innovative challenge-response authentication processes. These measures provide financial institutions and their customers with confidence and trust in digital transactions.
- Scalable and Extensible: With a comprehensive set of APIs and a software development kit (SDK) for easy integration, financial institutions can extend the platform functionality to suit specific needs, ensuring that the solution evolves alongside changing market demands.
Market Position and Competitive Edge
Alkami Technology, Inc. occupies a unique position in the digital banking landscape. By providing a platform that addresses both the functional needs of modern banking and the evolving demands for enhanced security and data analytics, Alkami stands out among its peers. Its approach of combining retail and business banking solutions with data-driven marketing tools establishes a competitive edge, enabling clients to build stronger, more profitable digital communities. The platform not only supports standard transactional services but also integrates advanced machine learning and artificial intelligence techniques to optimize engagement and operational performance, setting a new benchmark in digital banking solutions.
Integration and Innovation
Financial institutions leveraging Alkami’s solutions benefit from seamless integration with existing backend systems, ensuring minimal disruption while upgrading digital capabilities. The platform supports a wide array of banking functions—from transactional payments and digital account opening to comprehensive data insights—which provides a holistic framework for growth and customer engagement. By continually iterating on its technology stack, Alkami addresses both current and emerging challenges in the financial services industry, such as fraud detection, compliance, and the need for rapid service innovation.
Industry Expertise and Trustworthiness
Alkami’s success is underpinned by its commitment to expertise and transparency. Its solutions are designed with meticulous attention to industry requirements, incorporating robust security protocols and user-friendly designs that make digital banking efficient and secure. The company’s proactive approach to addressing evolving cybersecurity threats and its dedication to creating scalable solutions further attest to its standing as a trusted partner for financial institutions striving to succeed in a dynamic marketplace.
Conclusion
In summary, Alkami Technology, Inc. is a critical player in the digital banking space, offering a state-of-the-art cloud-based platform that effectively bridges the gap between technological innovation and the practical needs of financial institutions. Whether through secure, intuitive digital experiences or data-driven marketing insights, Alkami is committed to driving the digital transformation of banking institutions, ensuring they remain competitive and agile in an ever-evolving industry.
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.
Alkami Technology (Nasdaq: ALKT) reported strong Q2 2024 financial results, with total revenue reaching $82.2 million, up 24.9% year-over-year. The company's GAAP gross margin improved to 59.4% from 53.9% in the previous year, while non-GAAP gross margin rose to 63.2%. Despite a GAAP net loss of $(12.3) million, Alkami achieved a positive Adjusted EBITDA of $4.6 million, compared to a loss in the year-ago quarter.
The company added 2.7 million live registered users, bringing the total to 18.6 million. Alkami signed eight new digital banking clients in Q2, including a tier one credit union and a large Midwestern bank. The company's subscription revenue grew by 28%, outpacing overall revenue growth.
Alkami Technology, Inc. (Nasdaq: ALKT), a leading cloud-based digital banking solutions provider for U.S. financial institutions, has announced its plan to report second quarter 2024 financial results on Wednesday, July 31, 2024, after the market close. The company will host a conference call at 5:00 p.m. ET on the same day to discuss the results with investors.
A live webcast of the event will be available on the 'News & Events' page of Alkami's investor relations website. Additionally, a live dial-in will be accessible domestically at 1-800-836-8184 and internationally at 1-646-357-8785, using conference code 83045. A webcast replay will be made available on the Alkami investor relations website following the call.
Alkami Technology (Nasdaq: ALKT), a leading cloud-based digital banking solutions provider, has become the first digital banking provider certified by J.D. Power for "An Outstanding Mobile Banking Platform Experience." This certification places Alkami in the top quintile of all companies assessed by the J.D. Power mobile experience benchmark, covering both user satisfaction and sustainable UX practices. The assessment includes metrics such as visual appeal, speed, range of services, ease of navigation, and clarity. Recent research commissioned by Alkami highlights the digital banking experience as the top priority for consumers selecting financial providers. Alkami CEO, Alex Shootman, emphasizes the importance of this certification in offering confidence to financial institutions regarding mobile user experience excellence.
Alkami Technology, a leading provider of cloud-based digital banking solutions, announced that Mountain America Credit Union (MACU) has extended its partnership with Alkami for another five years. Initially partnered in 2017, Alkami has supplied MACU with advanced digital banking tools and Data & Marketing Solutions, allowing MACU to make data-driven strategic decisions using cleansed and categorized data.
The Alkami Digital Banking Platform offers intuitive, self-service tools and a personalized user experience, helping community financial institutions like MACU increase revenue and reduce costs. MACU's CTO, Kelly Albiston, emphasized the continued enhancement of their digital banking experience, aligning with their commitment to cutting-edge technology. Alkami's CTO, Deep Varma, expressed pride in maintaining MACU's trust amid a competitive market and looks forward to furthering their partnership with new technological innovations.
Alkami Technology has released its 2024 Telemetry Data Report, which examines the impact of high interest rates on U.S. consumers and financial institutions. The report is based on transaction data from over 2.5 million account holders and a survey of 1,500 digital banking consumers. Key findings include that 67% of Americans report a significant impact on their living standards due to rising interest rates, with 59% living paycheck to paycheck. Mortgage originations have declined by 72.5% from December 2020 to December 2023, while HELOC balances rose by 31.7% from December 2021 to December 2023. Auto loan payments increased by 57.1% from December 2019 to December 2023, and CD openings surged by 10.8x from Q4 2021 to Q1 2023. Credit card payments increased by 19% since 2020, and BNPL users grew 5.17x from 2019 to 2023. The report aims to help financial institutions understand and navigate these trends to improve customer loyalty and digital banking experiences.
Alkami Technology (Nasdaq: ALKT), a cloud-based digital banking solutions provider, launched a video campaign highlighting the role of community financial institutions in supporting their account holders. The initiative, in collaboration with Northwest Federal Credit Union, Connexus Credit Union, and Patelco Credit Union, was showcased at Alkami Co:lab 2024. The campaign features stories of how these credit unions assist members in key life moments, such as obtaining loans for cars or small businesses. This project builds on last year's social media campaign, emphasizing the integral role of regional banks in their communities. CEO Alex Shootman expressed pride in partnering with these institutions to deliver exceptional service and foster long-term relationships.
Alkami Technology, a leader in cloud-based digital banking solutions, has seen a 76.5% rise in new contracts for its Data & Marketing Solutions over the past two years compared to the previous period. Financial institutions using these solutions achieve an average 13X ROI. The tools include Transaction Data Cleansing, Customer Insights & Marketing Automation, and AI Predictive Models, which help banks and credit unions better understand and serve their account holders. These advanced solutions enable personalized banking experiences, deeper user engagement, and more effective marketing campaigns. Financial institutions are increasingly adopting these technologies to stay competitive in a fragmented market.
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