- Report examines levels of digital maturity across financial
institutions, with the most advanced institutions reporting up to
twice the annual revenue growth as the least advanced
- Research reveals that digital banking sophistication is not
solely determined by size; one quarter of institutions excelling
digitally have less than $500 million
in assets
PLANO,
Texas, Feb. 15, 2024 /PRNewswire/ -- Alkami
Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based
digital banking solutions provider for financial institutions in
the U.S., today launched the Alkami Digital Sales & Service
Maturity Model, based on research conducted across 215 US financial
institutions with at least $200
million in assets and completed in December of 2023. The
study, developed by Alkami in partnership with financial services
influencer Jim Marous and Emerald
Research Group, paints a picture of the spectrum of maturity by
categorizing banks and credit unions into distinct segments based
on their readiness and implementation of digital strategies.
Some of the study's key highlights include:
- Digital maturity is linked to revenue growth, with the most
advanced institutions reporting up to twice the annual revenue
growth as the least advanced. These digitally mature institutions
have fully deployed modern data technology, are more likely to
source talent from outside the financial services sector, and
prioritize investments to improve the account holder
experience.
- Organization size does not solely determine digital maturity.
One-quarter of financial institutions excelling digitally have less
than $500 million in assets. In
contrast, more than one in seven of the least digitally mature
institutions have more than $5
billion in assets. The differences between those
outperforming or underperforming peers in their asset class center
around cultural identity, attention to platform feedback, and data
modernization progress, among others.
- Even among the most digitally mature in the study, there is
room to raise the bar. For instance, while digital account opening
is offered by the majority of the most advanced institutions, only
one quarter of them provide a 5-minute online account opening
experience for new account holders and half are struggling to
automate critical back-office processes.
"The banking sector faces a transformative challenge: to adapt,
innovate and thrive in an increasingly digital landscape," said
Jim Marous, owner and CEO of the
Digital Banking Report. "Digital experience is now closely tied to
a bank or credit union's brand. Our hope is that the insights in
this report spur productive conversations in the industry and
enable financial institutions to not only react more quickly to
digital change but also proactively leapfrog account holder
expectations."
"US financial institutions are currently operating in the most
competitive market they have faced in years, forcing banks and
credit unions to raise their game to drive deposits and account
holder engagement. This means that the preferred way consumers
choose to bank, the digital banking channel, must evolve from the
service channel it primarily is today to the digital sales and
service channel that account holders and financial institutions
need and deserve," said Allison
Cerra, chief marketing officer at Alkami. "We are proud to
offer the market this comprehensive benchmark to understand the key
differences separating segments when it comes to prioritizing and
implementing digital strategies."
To download the report, click here.
About Alkami
Alkami Technology, Inc. is a leading cloud-based digital
banking solutions provider for financial institutions in
the United States that enables
clients to grow confidently, adapt quickly, and build thriving
digital communities. Alkami helps clients transform through retail
and business banking, digital account opening, payment security,
and data analytics and marketing solutions. To learn more,
visit www.alkami.com.
Media Relations Contacts
Vested
alkami@fullyvested.com
Marla Pieton
marla.pieton@alkami.com
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SOURCE Alkami Technology, Inc.