Digital banking has transformed the financial services industry, offering customers and members unparalleled convenience and access to their finances. However, banks and credit unions face a scrupulous decision-making process when selecting a new vendor for their digital banking solutions. With so many options available, it’s hard to know which provider is right for your financial institution. There’s so many factors to consider beyond the digital experience, are they culturally a good fit? Is there alignment between your institution’s growth goals and the vendor’s product roadmap? Are they committed to being a true, transparent partner?
Among the numerous providers in this space, Alkami is the first digital banking solutions provider to be certified by J.D. Power for providing “An Outstanding Mobile Banking Platform Experience”.
J.D. Power 2024 Mobile App Platform Certification ProgramSM recognition is based on successful completion of an audit and exceeding a customer experience benchmark through a survey of recent servicing interactions. For more information, visit jdpower.com/awards.
Let’s dive deeper into each of these aspects to conceptualize how our approach drives positive business results for banks and credit unions.
48% of millennials have been so frustrated trying to complete a digital banking task that they just gave up
A crucial element of any digital banking solution is its usability. Alkami places a strong emphasis on user experience, ensuring that the platform is intuitive and easy to navigate. The user interface is designed to be visually appealing and straightforward, enabling users to perform tasks like managing accounts, paying bills, transferring funds, and accessing various banking services without any hassle. This user-friendly approach reduces the learning curve for new users and enhances overall satisfaction. By prioritizing the needs and preferences of consumers and businesses, Alkami ensures that our platform is accessible and easily consumable for a multi-generational audience, including those who may not be as tech-savvy.
The modern banking user demands an excellent experience, regardless of how, or when they access their digital banking apps. The mobile user experience is crucial, and must be not only functional, but also highly performant and reliable, especially “on the go” and in time sensitive situations where the users need visibility and access to manage their finances.
Our industry-leading cross-platform development framework allows us to deliver consistent and scalable mobile user experiences across iOS and Android. Our single codebase platform automatically refreshes your mobile app, providing your end users with the latest feature and interface upgrades, regardless of their operating system or device type.
One size does not fit all, especially in the banking industry, where institutions have unique needs and requirements. Alkami’s digital banking solutions offer high levels of customization and control, allowing banks and credit unions to tailor and augment the digital experience to their specific audience. Institutions can leverage Theme Builder to modify the mobile app’s appearance to align with their brand identity and leverage the software development kit (SDK) to build custom widgets and workflows. This flexibility is crucial for financial institutions looking to differentiate themselves in a competitive market. By providing a personalized banking experience, Alkami enables financial institutions with the right tools to build stronger relationships with their customers or members.
Fraud and security is a paramount concern for both financial institutions and their account holders and for good reason. As mobile banking usage has continued to increase, so has mobile fraud. In BioCatch’s 2023 Digital Banking Fraud Trends in North America report, they found that mobile fraud had surged from 47% in 2022 to 61% in 2023.
In order to safeguard our financial institution customers’ reputation and account holders, Alkami has deployed a layered security approach integrated into the mobile app; protecting users without causing friction. We’re addressing security concerns whether that be account takeover, phishing, credential stuffing, bots, or payments fraud; while keeping an eye on emerging fraud trends.
Financial institutions often rely on various systems and third-party services to provide comprehensive digital banking solutions. Alkami’s digital banking platform is built with the future in mind. Our developer tools promote seamless integration capabilities, to easily connect with our customers’ existing systems and third-party applications, via banking application programming interfaces (APIs). The ability to integrate allows financial institutions to enhance their service offerings without the need for a complete system overhaul. For example, banks and credit unions can integrate with payment processors, financial wellness tools, and customer relationship management (CRM) systems to offer a more comprehensive and convenient banking experience. This integration capability not only improves operational efficiency but also ensures a seamless user experience.
In order to grow at scale and maintain share-of-wallet with account holders, we recognize that financial institutions need market-leading solutions that are intuitive, relevant, and drive engagement among digital banking users. Inspired by innovation, the Alkami product team and ecosystem of strategic fintech partners work hand-in-hand to ensure our customers can quickly introduce new vetted and trusted technology as consumer and business needs evolve.
With Alkami’s partner program, banks and credit unions can seamlessly integrate tools into their mobile app for personalized financial insights like credit score or home value, instant payments, 24/7 artificial intelligence-powered virtual assistants, and more. These features empower users to intuitively manage their finances and achieve their financial goals while safeguarding the institution and account holders from fraud. On top of that, they enable financial institutions to drive business objectives like operational efficiency and improved satisfaction.
Discover how Unitus Community Credit Union successfully leveraged Alkami’s digital banking solutions to lower operational expenses and increase service accessibility and options for members’ everyday financial needs. These digital tools have not only cut costs but also boosted member engagement and retention across their digital channels.
Scalability is a critical factor for any digital banking platform, as it must be equipped to quickly accommodate changes in traffic and utilization levels, without compromising performance. Alkami is heavily investing in industry-leading technologies that will allow us to automatically scale our cloud services. As our cloud services receive more traffic, we will be able to instantaneously scale up to support that traffic gracefully, resulting in a more performant and consistent user experience for your end users.
Even the best digital banking platform can fall short if users do not know how to use it effectively. To ensure our customers are set up for success, we provide comprehensive support and training for financial institutions to maximize their platform’s potential. This includes onboarding assistance, a marketing starter kit for implementation communications, ongoing training sessions, and dedicated support teams to address any issues. By equipping staff with the knowledge and skills they need, financial institutions can provide exceptional service to their account holders. Additionally, ongoing support ensures that any technical issues are resolved promptly, eliminating downtime and maintaining availability.
Alkami has really stood apart as a vendor that has been very much focused on how they support us.
Samantha Pause, Chief Innovation and Brand Officer at Mascoma Bank
Learn how Mascoma Bank utilized Alkami’s expertise to successfully implement innovative commercial banking solutions. This partnership emphasizes the significance of flexibility and mutual support in technology integration.
At Alkami, our customer is the north star. We see their success as our success. From initial conversations through implementation and launch, the Alkami team is committed to helping regional and community financial institutions achieve their business goals and grow at scale. We take pride in the fact that our customers leveraging the digital banking platform are gaining tangible results; transforming what was once a cost into a profit center.
Tune in to hear how Connexus Credit Union transformed their digital banking platform from a cost center to a revenue center; resulting in a rapid return on investment in just three months, and providing a simple, reliable and relevant user experience to their members.
Our digital banking solutions are the result of a meticulous focus on user experience, layered security, customization, and continuous innovation. By integrating seamlessly with existing systems, offering scalable solutions, and providing comprehensive support and training, Alkami helps financial institutions provide superior digital banking solutions and differentiate their experiences.
Interested in learning how Alkami can serve as your institution’s trusted partner and deliver digital banking solutions that meet the evolving needs of your account holders?
