Highlights you won’t want to miss from Alkami Co:lab’s Growth Strategies sessions

2024 Digital Banking Performance Metrics Report Insights

Alkami has partnered with the industry experts at Cornerstone Advisors to produce an exclusive report for banks and credit unions that give financial institution executives the intelligence they need to measure and manage their digital investments, channels, and operations in 2024 and beyond. 

Joining Alkami Co:lab for the third year, Ron Shevlin, the chief research officer at Cornerstone Advisors, shared the stage with Elizabeth Gujral, a senior consultant at Cornerstone Advisors, as they uncovered insights and key findings from the 2024 Digital Banking Performance Metrics research report. Session attendees walked away with key benchmarking metrics from top performing financial institutions and insights on the major shifts impacting the industry.

Navigating Today’s Challenges, Preparing for Tomorrow’s Opportunities

This chief executive officer (CEO) panel facilitated by Melissa Pomeroy, chief revenue officer of the Cooperative Credit Union Association (CCUA), delves into the dynamic world of credit unions, exploring the intricate challenges they face in today’s rapidly evolving financial landscape. During the session, they discussed digital transformation, economic uncertainties, changing member expectations and the emergence of artificial intelligence (AI) in banking. The credit union CEO panelists, Ken Senus from St Mary’s Bank, Ron Draper at Somerville Municipal Federal Credit Union, and Larissa Thurston from St. Mary’s Credit Union shared valuable insights, strategic approaches, and innovative solutions to help credit unions not only navigate but thrive in this complex environment.

Inspiring Innovation at Scale

Joey Zollinger, vice president, partnerships at Alkami, discussed the increasing competition in the financial sector over the past decade, especially with the rise of specialized and well-funded fintech companies. He highlighted that many fintechs are interested in partnering with traditional financial institutions, but the overwhelming number can make it difficult to find that perfect partnership. Zollinger engaged Sabeh Samaha from Samaha Associates and Shane Fowler from Keesler Federal Credit Union in a discussion around how to evaluate potential partnerships and create differentiation within the digital banking platform.

Emphasizing the importance of culture in a partnership, they advised considering whether a fintech’s culture aligns with that of the financial institution. It’s also important to gain a strong understanding of their roadmap, financial health, and staffing capabilities to ensure they can meet current and future account holders’ needs. Central to this process is the focus on account holders and integrating fintech products into the institution’s product management process with clear metrics to measure success. This approach aims to navigate the complexity of partnering with fintechs effectively, ensuring mutual benefits and enhanced services for account holders and the institution.

Developing Back-Office Efficiencies with Digital Banking

During this session, industry experts including Nola Sedlaczek, principal solution engineer at Alkami, Heather Bianchini, digital manager at Unitus Community Credit Union, Mandi Hanson, assisted vice president of digital experiences at Gate City Bank, and Jacob Leick, director, product management at Alkami, shared their insights on leveraging digital banking solutions to streamline back-office operations. They discussed the importance of data in identifying opportunities for efficiency and enhancing customer service through AI, emphasizing the need for financial institutions to adopt a proactive approach in their relationship management.

The session highlighted innovative strategies like robotic process automation to save significant hours and costs, the application of data analytics for informed decision-making, and the integration of advanced digital banking tools for both consumers and businesses. The panelists underscored the transformative impact of these digital solutions on improving operational efficiency, customer or member experience, and ultimately driving institutional growth.

Accelerating Deposit Growth in a Competitive Rate Environment

The competition for deposits and loans has changed drastically over the last decade. Financial institutions are in a race against megabanks and neobanks who are competing for the attention of consumers. During this session, Mark Leher, director, product management from Alkami shared the stage with Sundeep Kapur from Digital Credence and Emily Nichols from Grow Financial Credit Union. Each shared their unique perspectives on how financial institutions can combat deposit outflow and execute a future-proofed strategy to grow deposits amid rising interest rates and a vastly competitive landscape.

Using Data and Customer Insights to Power FI Growth

In this session, Mark Deese, senior solutions engineer, Rachel O’Neill, principal solutions engineer, and Mariah Martz, senior digital marketing strategist at Arkansas Federal Credit Union, shared how financial institutions are leveraging data to educate users and enhance their journey. They delved into how financial institutions can thrive in the fluctuating economic landscape by breaking down data silos to foster growth and refine strategies.

The speakers highlighted the importance of democratizing data access, allowing teams to harness information to fuel institutional growth. The discussion went beyond the traditional use of data in marketing, focusing on personalizing user experiences to support financial wellness. This approach, deemed the future of banking, involves crafting services and products that precisely meet individual user needs—be it debt reduction, wealth accumulation, or credit improvement.

Want to be a part of the co:laboration? Save the date for Alkami Co:lab 2025. We’re headed to Nashville, y’all! 

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