The landscape of digital banking is rapidly evolving, driven by technological advancements and changing consumer preferences. Personalization has become prerequisite in ensuring retention and satisfaction, as customers and members expect tailored experiences that cater to their individual needs and preferences – known as the concept of personalized banking. From customized financial advice to individualized product recommendations, banks and credit unions are leveraging data analytics in banking and artificial intelligence (AI) in banking to deliver personalized experiences that foster deeper account holder relationships and loyalty in the highly competitive digital banking space.

In addition to utilizing Alkami’s data and financial services marketing solutions, you can also use Alkami’s banking application programming interfaces (APIs) as an additional method to gather key data about your end users, so you can deliver personalized banking experiences that are relevant and meaningful to their unique financial journey. This blog will cover what Alkami’s banking APIs are, what kind of data can be gathered from these APIs, and how you can use them.

What are banking APIs?

Banking APIs are vital in modern financial services, as they facilitate seamless integration between different financial platforms. Establishing this connectivity allows for an efficient and secure exchange of data and transactions. APIs are the building blocks for innovation by enabling third-party developers to build innovative financial products and services, ultimately enhancing user experience and expanding accessibility to financial resources within the digital banking platform.

What kind of user data can be gathered from Alkami APIs?

At Alkami, we offer end-user APIs that financial institutions can leverage to access key user data right at their fingertips, while maintaining utmost security for how the data is used. Our user and business entity endpoints allow financial institutions to securely retrieve data for their retail and commercial users, which can be used to populate or streamline approved fields for third-party integrations, to send personalized alerts, or even to execute targeted marketing campaigns for a personalized banking approach. Some examples of user data that can be accessed by financial institutions include account information (balances, limits, account display name, account type, and status), user information (name, contact details, and assigned roles), and additional fields such as account preferences, login history, external account linking, and more.

Use case #1: Leveraging user data to enable financial management

One of the most common use cases that financial institutions use Alkami’s user data APIs for is to develop financial management applications within the digital banking platform. These applications rely on APIs to retrieve account information, transaction history, spending patterns and more – allowing users to track spending and manage their money more effectively.

Use case #2: Bringing user awareness to new products via financial services marketing

Have you ever received advertisements or offers from an institution or company of which you are already an end user, for products or services you already have? This experience can be interpreted as impersonal, leading to irritation and even apathy when it comes to seeing additional advertisements. Another way financial institutions are delivering a personalized banking experience is by leveraging Alkami’s user data APIs to identify financial products that their users don’t currently have. By doing so, financial institutions can run targeted marketing campaigns to those users, marketing financial products such as loans, savings accounts, credit line increases, and more.

Use case #3: Powering conversational AI bots with APIs

Virtual financial assistants (conversational AI chatbots) that we have integrations with utilize Alkami’s APIs and external AI frameworks to power more personalized banking interactions with end users. As they assist with various questions and requests, the APIs retrieve relevant account information about the user, and the chatbot reacts responds to the user’s messages and actions, as directed by their AI engine that they are connected to, such as Glia, Eltropy, Clinc, Google Dialogflow, or a custom framework.

Offering personalized banking: what can it do for you?

• Foster engagement: With APIs, you can access real-time data from your users including information on their recent transactions, and location-based services. Use this data to “meet them where they are” and deliver relevant notifications and messages that will capture their attention, right in the moment.

• Create opportunities for growth: Leverage the data from our APIs to identify users that are qualified for new financial products. Run targeted marketing campaigns with this information to make the users aware of these offers. By doing so, your financial institution will be equipped to deliver both digital sales and service, driving revenue and growth opportunities for you, while empowering your users to stay engaged and grow with your institution.

• Become the trusted advisor: Using our Alert Notification API, you can alert users in real-time regarding activity such failed transactions, overdrafts and more. By delivering time-sensitive alerts and meaningful advice, your users will be more informed and in control of managing their finances, and gain greater confidence in your financial institution.

As you look for strategies to keep up with the ever-evolving digital landscape, personalized banking experiences, driven by data can provide you with the competitive differentiation that you need to deepen account holder relationships and loyalty.

Want to learn more? Schedule a demo with an Alkami representative to learn more about our banking APIs and how you can use them to deliver a more personalized banking experience to your users.