Premier Bank Excels with Alkami’s Digital Banking Solution

Premier Bank, a commercially chartered institution in Ohio with assets amounting to $8.5B, is integrating a new Data & Marketing Solution as part of their unified digital banking solution.

This journey, spearheaded by Kathy Bushway, the bank’s Chief Marketing Officer (CMO), will enable them to continue to deliver best-in-class service and provide their account holders with individualized messaging through personalized banking that is relevant to them based on the stage of their financial journey.

Overcoming Operational Challenges

Premier Bank, like many other financial institutions, faced significant challenges with its existing data systems. These systems were siloed, requiring manual data gathering processes that were time-consuming and inefficient. The lack of automation and integration hindered the bank’s ability to quickly access and utilize data.

Bushway reflects on the cumbersome nature of their previous setup, stating, “We had so many disparate systems that we were pulling data from, trying to gather it, doing everything very manually.” They identified a valuable opportunity to implement a streamlined, automated solution that would seamlessly integrate with their existing infrastructure, including their digital banking platform.

This opportunity aligned perfectly with their OWN IT (Opportunity, Wisdom, Nurture, Integrity and Teamwork) core values:

• Opportunity: Seize new chances for growth.
• Wisdom: Make smart strategic choices.
• Nurture: Continuously improve systems and processes.
• Integrity: Stay true to their mission to empower their team to deliver smart solutions that bring lasting value to every relationship.
• Teamwork: Boost efficiency and collaboration.

The Search for a Digital Banking Solution

Premier Bank embarked on a comprehensive search for a partner that could provide a leading cloud-based digital banking solution. This decision was not taken lightly, as the new system would significantly impact the bank’s operations. The detailed process involved evaluating several potential partners, comparing their offerings, and assessing their ability to meet Premier Bank’s unique strategic goals and needs.

Bushway describes the process as a critical decision-making journey, “We looked at several, we compared everybody and it was a very big decision for us because it is like a [core] conversion, almost like a merger, not quite as involved, but almost.” The meticulous evaluation process culminated in the selection of Alkami. Premier Bank and Alkami’s values align, creating a strong foundation for mutual growth and success.

Be positive. Be prepared. Be present. Seek the Answer: There is always an answer. Explore different voices. Be boldly curious. Finish Strong: Own it. Act with urgency. Get it done right. Celebrate.]

Implementing Alkami’s Digital Banking Solutions

The implementation of a new digital banking solution was a significant new start for Premier Bank in accomplishing a digital transformation goal that ultimately enhanced the account holder experience, and positioned them to be technology leaders in the market. The transition was managed diligently, ensuring minimal disruption to the bank’s operations. Bushway highlights the smooth transition process by stating, “What convinced us that this is the right partner for us was the level of engagement, the flexibility, the really wanting to do the right thing, just feeling like we picked a true partner. And that has proven true all the way through implementation.”

Enhancing the Account Holder Experience

One of the primary goals of Premier Bank’s digital transformation was to enhance the account holder experience with personalized banking. By leveraging Alkami’s Data & Marketing Solutions, the bank aims to gain deeper insights into their account holders’ needs and preferences. This data-driven approach will allow Premier Bank to personalize interactions and deliver timely, relevant messages based on life journeys.

Bushway explains the anticipated benefits, “We’re mostly really looking forward to being there for our customers for whatever is going on in their life. So being able to have enough data to understand where they are in their journey through life and how we can help them, when we can give them messages anytime that they hit that criteria, and to be able to personalize and talk directly to that customer about what’s important to them.”

According to recent research commissioned by Alkami, in partnership with The Center for Generational Kinetics, 44% of digital banking Americans wish their financial provider offered a more personalized digital banking experience, including 56% of younger Millennials (28-35) compared to 28% of Boomers (59-65). Personalized banking is becoming a demand from consumers that enhances account holder satisfaction as they feel known by their financial institutions, and leads to stronger relationships and loyalty.

Premier Bank’s Digital Transformation Strategy

In this episode of the FIsionaries podcast, host Jim Marous sits down with Varun Chathok, EVP and CIO, and Kathy Bushway to discuss the bank’s innovative approach to digital transformation. Leveraging advanced technology and a powerful digital culture, Premier Bank enhances both account holder and employee experiences. Feedback from staff and account holders has been overwhelmingly positive, with Bushway noting that the transition to Alkami, “went very smoothly and it’s just such a great upgrade… So we’re really excited about it and our customers are loving it.” As Premier Bank moves forward with the full implementation of their new data and marketing solution, they remain focused on delivering exceptional service and maintaining operational excellence.

Conclusion

Premier Bank’s journey towards integrating a new, unified digital sales and service platform  highlights the importance of technological innovation in the banking sector. By addressing operational challenges and enhancing account holder experience through insights from transaction data to drive personalized messaging, Premier Bank is setting a benchmark for other financial institutions. The successful transition to the new system is a testament to the bank’s commitment to excellence and their readiness to embrace the future of banking.