PLANO, Texas, September 30, 2022 – Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for banks and credit unions in the U.S., and its data analytics and engagement solution, Segmint, have released their 2023 Strategy Guide, Navigating The Economic Impact: 2023 FI Budgeting & Data Strategies, to give FIs actionable strategies they can employ now to deepen and grow account holder relationships and drive revenue growth in 2023.

The guide highlights seven economic challenges for the financial industry that will guide best practices for 2023, including:

• The home and personal loans rollercoaster, with a drop in mortgage originations of 32% YOY and a hit to personal loans due to the rise in interest rates
• Inflation’s effect on credit cards and the fact that 62% of card holders have taken some “new action” with their cards as a result of inflation, and 78% have potentially costly knowledge gaps in how credit cards work
• The shift to a Subscription Economy, with 75% of companies who sell direct to consumers planning to offer subscription services by 2023
• The rise in the use of Buy Now Pay Later (BNPL) services, as 43% of Americans have used a BNPL service, up from 31% in 2021, further eroding loyalty to their financial institutions
• The growing popularity of cryptocurrency, with 44% of executives at financial institutions planning to offer cryptocurrency services to clients by the end of 2022
• Generational trends toward use of neobanks, big tech and fintechs, jeopardizing the relationship with younger account holders
• The explosion of data, with 2.5 quintillion bytes of data generated each day

“FIs can turn these obstacles into opportunities with a well-planned data strategy,” said Nate Shahan, vice president of product management for Alkami. “Banks and credit unions have a wealth of insights within their account holder data. FIs who harness and use this data intelligently can execute a data-driven strategy, utilize predictive AI modeling, integrate data with email channel delivery and leverage marketing technology—all of which can boost acquisition, share of wallet, loyalty and growth. But they must take action now to mitigate the growing impact of these economic headwinds.”

Download the 2023 Strategy Guide here.