Thank you to everyone who attended our webinar, Both Sides of the Balance Sheet. We would like to recognize and send a special thank you to Citizens State Bank of New Castle’s Chief Digital Officer, Justin Dunmyer. After meeting with multiple vendors and demoing their products, Justin understands the challenges community financial institutions face when selecting a partner. Justin’s experience, along with Alkami’s VP & General Manager of Digital Account Opening & Loan Origination, Har Rai Khalsa’s business acumen, allowed them to give valuable insight on working with a single vendor to support both sides of the balance sheet.
In September 2021, we finalized a strategic acquisition with MK Decision for their digital account opening and loan origination platform. This opportunity has enabled us to provide our customers with a comprehensive banking journey from account opening to core and digital banking.
Whether you are looking for a vendor to launch your digital transformation or transitioning from a legacy provider, this recap will highlight the key efficiencies a single fintech partner can provide for digital account opening and loan origination.
Leveraging Digital Consistency to Increase Brand Recognition
As a result of the COVID-19 pandemic, digital channels have accelerated dramatically. In fact, 45% of consumers expect to use online services exclusively after the pandemic (IDology, 2021). Take a moment to consider how this shift will impact your institution. Is your digital branch effectively building consumer interest and onboarding new applicants?
Many legacy providers fail to preserve the integrity of your brand due to clunky interfaces and limited product offerings. To overcome this obstacle, Alkami supports both sides of the balance sheet through an intuitive onboarding experience and streamlined back-office operations.
The first 90 days of the banking relationship are crucial for retaining clientele and cross-selling other financial products. When using multiple vendors, institutions often experience friction navigating their online platforms, ultimately jeopardizing their opportunity to cross-sell. This makes it increasingly difficult to implement consistent messaging and convert existing applicants.
Alkami creates a seamless, consistent consumer experience for deposits, cards, and loans. Consumers shop for financial products in an online Store branded to their institution. Once the applicant selects the right product(s) for their needs, they complete a mobile-first Checkout process with Driver’s License Scan to prepopulate application data. To help grow both deposits and loans, Alkami introduced Cart, where consumers can apply for multiple products in a single application. Checkout generates configurable workflows that request data inputs specific to the type of financial product the applicant added to Cart.
Key Takeaway #1: Ensure consistent digital channels for a unified consumer journey.
A Back-Office Platform that Streamlines Application Processing
In the digital age, community financial institutions are striving for efficiency in banking processes. Employees that operate with outdated technology struggle to work effectively due to functionality issues surrounding legacy providers. Back-office teams want to enjoy a user-friendly experience, just like your applicants!
To improve operational efficiency, Alkami introduced Dashboard, a centralized order processing system that promotes workflow collaboration, streamlines decisions, and leverages existing data for cross-selling opportunities. Employees can accelerate their training time by learning how to operate a single back-office system rather than managing multiple legacy platforms, making teams more successful.
While financial institutions may have a digital onboarding experience, relying on multiple vendors for identity and credit integrations can cause friction for back-office teams. Alkami has integrations with all three credit bureaus, as well as top identity verification providers. Our automated Decisioning engine pulls data from third parties and leverages end-to-end data flow to eliminate manual underwriting. With rules-based Decisioning, financial institutions can provide faster decisions to their applicants.
Key Takeaway #2: Reduce team training time with one platform supporting deposits and loans.
Connecting with Your Applicants
Since the start of the pandemic, consumers have relied on mobile banking more than ever before. To adapt to applicant needs, community financial institutions must simplify their digital onboarding experience.
The first step towards exceeding consumer expectations is creating efficiency. We streamline the application process by empowering applicants to open a new account or apply for a loan directly from their mobile banking app. Now, existing clientele can prepopulate their application data while streamlining KYC processes by leveraging their relationship with your institution. Eliminate manual data entry by seamlessly sending approved applications directly to the core with real-time debit and credit card digital issuance to Apple Pay and Google Pay.
The largest asset that financial institutions have is data. By leveraging data, community financial institutions can increase sales and build valuable relationships with their clientele. Oftentimes, fintech vendors fail to offer granular data in an easy-to-read format. With Alkami as your fintech partner, you can analyze quantitative applicant data in a centralized order processing system and identify opportunities to cross-sell other financial products.
Key Takeaway #3: Centralize imperative applicant data, and leverage the same integrations for all products.
Spring into Action
We are dedicated to providing our clients with exceptional service and cutting-edge technology.
Don’t fall behind the times. Stay competitive by making the switch to a single vendor for digital account opening and loan origination.
We understand that each institution has its own unique needs, and we want to hear yours. Contact us to grow both sides of your balance sheet.