The Best Moments of our Retail Banking Sessions at Alkami Co:lab

Highlights you won’t want to miss about Alkami’s digital banking solutions

That’s a wrap for Alkami Co:lab 2023! In case you missed any of the conversations held by the retail banking team, we’re here to give you the inside scoop. Let’s start with a strong foundation, the Alkami Platform.

5 Facets of a Powerful Digital Sales and Service Platform

Banking has evolved rapidly over the last 40 years, with the weight and reliance on legacy back-end core systems gradually shifting to newer technologies. Financial institutions (FIs) require modern, proficient and interconnected systems to not only support the caliber of financial experiences that account holders demand today, but also facilitate opportunities for sales and growth.

In this session led by Alkami’s Melissa Henricks, director, product management and Jules Meyer, director, software engineering, emphasize 5 foundational layers that are table stakes for powering a digital sales and service platform, and how Alkami is actively supporting each of these areas so FIs can operate efficiently, delight account holders, and thrive for years to come.

Now that we’ve addressed the foundational aspects of our platform, let’s build upon that and explore how you can accelerate deposit growth and win new account holders.

Grow Deposits & Acquire Account Holders with Omnichannel Digital Account Opening

Consumers are faced with so many decisions when it comes to opening a new account, and even more so if they are shopping for a new primary FI. Neobanks and megabanks have set the standard with competitive interest rates and quick, digital applications. In this session led by Har Rai Khalsa, Alkami’s vice president, general manager of digital account opening & loan origination solutions, we discovered how FIs can win new account holders while delivering an exceptional user experience for digital account opening. By prioritizing intuitiveness and simplicity, your FI can streamline onboarding with minimal data inputs, electronic signatures, and faster funding methods – enabling you to excel in three key areas: user acquisition, operational efficiency, and fraud prevention.

But what happens once that new account holder has been successfully onboarded and registered within digital banking? That’s where this next session comes into play! 

Driving Interchange Income with a Best-in-Class Card Experience

David Hanna, Alkami’s senior product manager, is joined on stage by Mark Hufnagel the VP, CIO at Corning Credit Union to discuss how FIs can implement a best-in-class card management solution within digital banking. 

Now, FIs can offer cardholders one central location for self-service with real-time alerts and controls that allow them to manage card usage, authorizations, limits, travel notices, and more. 

Learn how to delight cardholders with the digital card capabilities they expect as the industry moves towards contactless payments:

• Automatically update their preferred card at e-commerce sites
• Offer digital credentials within the app to utilize their card before the physical plastic arrives
• Seamlessly push provisioning new or replacement cards to Apple Pay or Google Pay – eliminating manual data entry or human error

Once we’ve engaged with that cardholder and enabled them with self-service, how can we continue to foster that banking relationship and empower them on their financial journey? 

Supporting Account Holders Through Challenging Times with Financial Wellness

It’s no secret that times are tough right now. According to the Financial Health Network’s 2022 Financial Health Pulse™, financial health declined for the first time in five years, with 70% of American adults stating they are experiencing financial instability – 15% were financially vulnerable and 55% were financially coping. 

For this session, we turned to our clients, Nathan Ashworth the SVP of technology at AMOCO Federal Credit Union, and Wendy Williamson, the VP, digital delivery at Campus Federal Credit Union to hear more about their financial wellness strategies. As Jeff Chen, Alkami’s VP, product management, led the conversation, we covered changes in overdraft fees, how to assess your account holders’ financial health, how to improve their credit score, and how to elevate their profitability while deepening product adoption.

Taking it one step further, FIs shouldn’t only be concerned about guiding account holders towards financial wellness but helping them across all of their banking needs.

Conversational Banking with Chat and Virtual Financial Assistants

In the age of immediacy, consumers expect 24/7 support wherever they are. “With 80% of consumers more likely to purchase from a company that provides a personalized experience, personalization is no longer optional,” (The Financial Brand, 2022). That means they don’t only expect instant service, but also for you to truly understand them and their banking needs. This is where AI-powered chatbots and virtual financial assistants have become efficiency engines for an FI’s call center, enabling FIs to better support their account holders with shorter wait times, improved satisfaction, and positive digital experiences. Alkami’s Product Manager, Connor Pickens, Unitus Community CU’s Digital Manager, Heather Bianchini, and Landmark CU’s Senior VP, Digital Strategy, Ryan Jandris, discussed how the two credit union leaders have elevated their customer service capabilities through their partnership with Alkami.

At this point, your account holders have just about all the tools they need to feel confident navigating their finances within your digital banking platform. However, you may still run into users leaving your app for Venmo or Paypal. Let’s solve that. 

Faster Payment Landscape

A Federal Reserve survey found that in the wake of the pandemic, the need for instant payments has exploded, with 62% of consumers wanting their FI to offer faster payment capabilities. To unravel this complex topic, Alkami’s Senior Product Manager, Jeff Bucher sat down with Alacriti’s SVP Faster Payments, Mark Majeske and Alkami clients – ABNB FCU’s Director of Operations, Cassandra Tucker, and Veridian CU’s Digital Integration Analyst Amanda Ott. Together, they talked about how Alkami will support instant transfers, the history of payments in the U.S., applicable use cases at your FI, and explored the depths of faster payments’ myths and realities. This is a session you won’t want to miss!