ICYMI: The Best of Alkami 2020 Vision
Every year, we host our most remarkable clients for 2020 Vision, a three-day event where we present our roadmap for the next year and provide tips and best practices to make the most of the Alkami Platform.
This year we welcomed 460 attendees from 111 financial institutions (FIs) serving more than 5 million end users and 13 valued technology partners. The vision we shared: enable financial institutions to grow confidently and build a thriving digital community in your own unique way.
We’re sharing the following highlights from this year’s conference to catch you up on where the financial services industry and online banking solutions are headed in 2020.
Outsmarting, Not Outspending
Nearly 10 years ago, the top 30 banks (Megabanks) and fintechs in the U.S. began investing vast amounts of money into technology to digitally seize market position from community and regional financial institutions. Financial institutions without partners or deep pockets found digital banking technology providers offered slow, closed, siloed, and inefficient solutions. Keeping up has been a challenge for most financial institutions as the Megabanks spend roughly $25 billion annually on technology alone.
But, as Alkami CEO Mike Hansen stated in his general session presentation, it’s not green matter that wins the day, it’s red matter and gray matter – heart and smarts will make a little money go a long way. Technology certainly helps our remarkable clients but staying competitive also requires the community itself. That’s just one of the reasons for our annual client conference. We’ll be covering what outsmarting, not outspending to stay competitive looks like in a future blog.
Maximum Innovation with Maximum Availability
When financial institutions talk about innovation, there’s typically a tradeoff – innovation (features, security, UX), for availability (uptime, performance, quality). In 2017, our CTO Mark Haney said he wasn’t a fan of that exchange and initiated his plans to maximize innovation and availability for our clients. This year, he was able to share the bright future at the end of the conscious journey toward Amazon Web Services (AWS) migration and componentization.
AWS and componentization are the two factors that can give financial institutions all the benefits of innovation with lower risk. AWS supports maximum availability. By breaking down our application to its microservice elements, our clients on AWS are experiencing faster performance, some achieving 20% improvement post-migration, and in some cases even zero downtime. This updated approach offers more benefits and is more complex than we can get into here, however. Look out for our blog where we’ll dig deeper on what you can gain with the innovation and availability from the AWS platform.
The Financial Wellness Landscape
The conversation on personal finance management has shifted to financial wellness and is growing. Chief Sales and Strategy Officer and Founder Stephen Bohanon emphasized that it’s not just the Megabanks who are getting in on financial wellness. Companies like Apple are developing their own financial wellness tools that users will soon be able to choose over FI offers.
It seems to be now or never for FIs to provide financial wellness for users, but there are obstacles. FIs and digital banking solutions providers focused on personal finance management are dealing with various applications and a lack of a cohesive experience. But to stay prepared, relevant, and competitive, they’ll have to bring savings, credit, spending, and budgeting tools together under financial wellness.
Want to know more about what’s next in digital banking?