alkami

Alkami Names Mary Nelson as Chief Delivery Officer

Plano, Texas, Nov. 21, 2016 Alkami Technology Inc., a provider of digital banking solutions, announced today that Mary Nelson has been named as chief delivery officer effective November 21st. In this role, Nelson will be a member of the Office of the CEO and play a key role in providing local and focused executive leadership for all client delivery, services and support efforts.

Alkami engaged an external executive search firm to scour the country for the right person. In the end, the best talent was already at Alkami as the VP of Delivery. Mary has proven to be an extraordinary leader with a passion, style, character and skill set to be the right choice for this role. She has a strong track record of building high-performing teams and delivering strong results at Alkami.

Prior to joining Alkami, Mary served as the senior vice president at Monitise, Inc. where she provided implementation leadership for clients including Visa, Inc. and the top 20 US banks. She also served as the vice president of customer services at Mblox where she led the implementation, support and billing services to clients around the world at a time of tremendous growth.

Mary earned her Bachelor of Business Administration Degree with a double major in Finance and Management from the University of Portland where she graduated with honors. She also earned her MBA from Portland State University.

About Alkami Technology

Alkami Technology, Inc. provides online and mobile banking solutions for credit unions and banks. Based in Plano, Texas, the company’s flagship product, the ORB Platform, delivers security, flexibility, extensibility and a superior architecture for the future of digital banking. With its modern interface, intelligent content delivery system and customizable feature set, the ORB Platform is the ultimate digital banking solution for financial institutions. Alkami provides the ORB Platform as a SaaS solution. For more information about Alkami, please visit www.alkamitech.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech.

alkami

Alkami Names Mark Haney as Chief Technology Officer

Plano, Texas, Oct. 24, 2016 – Alkami Technology Inc., a provider of digital banking solutions, announced today that Mark Haney has joined the company as its chief technology officer effective September 26th. In this role, Haney will be a member of the Office of the CEO and play a key role in leading Alkami’s technology strategy and all aspects of the company’s technological development, quality assurance, cloud infrastructure, corporate IT infrastructure and information security.   

Haney brings more than 17 years of experience in software development and information technology to Alkami. He has demonstrated success in entrepreneurial and large-scale global organizations in a range of industries, including Trilogy, Lockheed Martin, Ford Motor Company, Toyota and Nokia. In these roles Haney has earned a reputation and track record of exceptional results in technology innovation, scaling, reliability and security for large and complex enterprises. Mr. Haney joins Alkami as the company advances its investments in technology talent and expertise for the future.

Most recently, Haney led the engineering team as chief technology officer at ExamSoft Worldwide, Inc., overseeing all development, IT and product initiatives. He was very successful in driving the product roadmap, strategic partnerships and technology integrations, as well as contributing to the overall vision for the company. During his tenure, the customer base grew nearly six times to over 1,200 institutions in 8 countries, including many of the most recognized academic institutions in the world such as Harvard Medical School, Cornell Weill School of Medicine and the National University of Singapore. Prior to Examsoft, he served as General Manager for Artemis International, leading a global enterprise software company serving Global 2000 clients in nearly a dozen countries leading their Product & Portfolio Management software needs.

Haney earned a Bachelor of Science from Carnegie Mellon University’s School of Computer Science with a dual degree in Information Systems Management, where he graduated Magna Cum Laude. He also earned a Masters of Business Administration from Southern Methodist University’s Cox School of Business, where he graduated with honors. Haney was recently named a D CEO magazine finalist for its inaugural CIO/CTO Awards, which honors chief information officers, chief technology officers and others in top IT posts in North Texas. 

“We were searching the country for just the right person to join our executive leadership team here in our headquarters that was a technologist through and through and was also smart and possessed a strong vision for the future of technology, a broad experience base with the best companies, a passion for innovation, a commitment to excellence, boundless energy, and rock-solid character. We found all of that in Mark,” said Michael Hansen, CEO of Alkami Technology. “At Alkami, we are absolutely focused on our mission to deliver the most elegant, intuitive, engaging, secure, integrated, extensible, and evolving digital banking platform to the most digitally-focused financial institutions in America. We conducted a nationwide search to find the right candidate for our chief technology officer and Mark is the perfect addition.”

Hansen continued, “We have tremendous FinTech technology depth and were looking for an innovator from outside our space to complement and extend us. He is a technologist at heart and has repeatedly demonstrated the ability to envision and reliably deliver new and truly innovative technology solutions in his prior roles. We are confident that his competence, experience and character will play a pivotal role in creating and delivering an ever more enabling digital banking platform for our customers.”

About Alkami Technology

Alkami Technology, Inc. provides online and mobile banking solutions for credit unions and banks. Based in Plano, Texas, the company’s flagship product, the ORB Platform, delivers security, flexibility, extensibility and a superior architecture for the future of digital banking. With its modern interface, intelligent content delivery system and customizable feature set, the ORB Platform is the ultimate digital banking solution for financial institutions. Alkami provides the ORB Platform as a SaaS solution. For more information about Alkami, please visit www.alkamitech.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech.

alkami

Open Technology Solutions Selects Alkami’s ORB Platform to Strengthen Digital Banking Experience at Member Credit Unions

Plano, Texas, Oct. 17, 2016Alkami Technology, a provider of online and mobile banking solutions for financial institutions, announced that Open Technology Solutions (OTS), a Centennial, Colo.-based Credit Union Service Organization (CUSO), has selected its ORB digital banking platform to provide OTS’s member credit unions, including Denver-based Bellco Credit Union, New York-based Bethpage Federal Credit Union (Bethpage FCU) and Baltimore-based SECU of Maryland (SECU), with a modern and highly-customizable digital banking platform for more than 750,000 members. Alkami’s ORB platform will integrate with each credit union’s Fiserv DNA core system.

Alkami’s ORB platform will provide OTS and its member credit unions with  enhanced digital banking by providing an elegant and consistent user interface. It provides a modern, unified platform across all devices and functional offerings, including retail, business, mobile, bill pay, personal finance management (PFM), Person-to-Person payments, marketing and more. ORB has a highly scalable and distributed architecture, which enables the platform to support growing user bases. Additionally, OTS’ member credit unions can build their own apps and product extensions, as well as integrate new features and functions using the flexibility of Alkami’s platform.

“As part of developing a robust digital strategy, we began searching for a platform that was focused around the user experience and offered consistency across all channels to better attract, serve and retain members,” said Mike Atkins, CEO at Open Technology Solutions. “With Alkami’s ORB platform, our member institutions can deliver the same capabilities across different platforms while optimizing the user experience. Our credit unions will seamlessly consolidate various alert platforms, and we expect ORB will increase member engagement with our digital channels, as well as serve as a strong acquisition tool for prospective members.”

“When evaluating various digital banking platforms, the primary criterion was that it provides an exceptional, modern user experience,” said Kyle Markland, chief operating officer of Bethpage Federal Credit Union. “Alkami stood out against others because it’s not a one-size-fits-all solution, but rather a flexible platform that can be highly customized to the needs of each institution and its members. We’re confident that ORB will allow us to better attract future generations of members who may manage their finances primarily in a mobile environment.”

ORB also features an integrated content management system that delivers one-to-one product marketing and cross sell opportunities. This enables OTS’s member credit unions to effectively promote products and services that are tailored and relevant.

“According to Javelin, half of the U.S. adult population now banks using smartphones and tablets – an increase of 29 million since last year,” said Stephen Bohanon, chief strategy and sales officer of Alkami Technology. “This increase indicates a strong shift in consumers’ preference, placing greater pressure on institutions to ensure a superior digital experience. Institutions like Bellco, Bethpage FCU and SECU recognize this, and in response, are innovating their digital channels to meet new demands. We look forward to supporting this journey as their digital banking partner of choice.”

About Open Technology Solutions

Open Technology Solutions, LLC (OTS) is a Credit Union Service Organization (CUSO) providing information technology services to its three, owning-credit unions and another CUSO:  Bethpage Federal Credit Union (Bethpage FCU), Bellco Credit Union (Bellco), SECU of Maryland (SECU) and S3 Shared Service Solutions, LLC (S3). Based in Centennial, Colorado, the company delivers a broad range of remote and on-site managed information technology services including infrastructure, security, core business application and software development/integration services.  For more information about OTS, please visit www.open-techs.com.

About Alkami Technology

Alkami Technology, Inc. provides online and mobile banking solutions for credit unions and banks. Based in Plano, Texas, the company’s flagship product, the ORB Platform, delivers security, flexibility, extensibility and a superior architecture for the future of digital banking. With its modern interface, intelligent content delivery system and customizable feature set, the ORB Platform is the ultimate digital banking solution for financial institutions. Alkami provides the ORB Platform as a SaaS solution. For more information about Alkami, please visit www.alkamitech.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech.

alkami

Alkami Technology Recognized as a Company to Watch in American Banker and BAI’s 2016 FinTech Forward Rankings

Plano, Texas, Oct. 5, 2016 – Alkami Technology, a provider of online and mobile banking solutions for financial institutions, was recognized as a “Company to Watch” as part of the 2016 FinTech Forward rankings released by American Banker and BAI at BAI Beacon, which is being held in Chicago.

The FinTech Forward Companies to Watch highlights the most promising, innovative startups and recent market entrants bringing compelling new offerings and solid business models to fintech. Named alongside 20 other high-impact startups, Alkami was honored for helping shape the future of the financial services industry. This select group of companies is chosen by an advisory board comprised of industry experts from BAI and other financial services leaders.

“Financial services companies are increasingly turning to vendors to augment legacy technology, better understand data and provide customers with products that hold up across the digital universe,” said Robert Barba, technology editor of American Banker. “The companies we recognize as members of the FinTech Forward rankings are giving banks the tools they need to handle the challenges and opportunities they face.”

Alkami’s ORB is a modern, unified platform that provides financial institutions with an elegant user interface across all channels and functional offerings, including retail, business, mobile, bill pay, personal finance management (PFM), Person-to-Person payments, marketing and more. It delivers the ultimate digital banking experience to consumers, providing them a convenient way to manage their finances. Additionally, ORB’s intelligent content delivery system allows institutions to successfully promote products and services that are tailored, relevant and timely. Banks and credit unions are able to build their own apps and product extensions that can be easily integrated for all lines of business.

Because of Alkami’s drive to enhance the digital banking marketplace, the company has achieved several notable milestones. Alkami grew its live user base 1334 percent (to 1.8 million users) and its contracted users 574 percent (to 3,020,187 users) over the last three years.

“According to the Federal Reserve Board’s Consumers and Mobile Financial Services 2016 study, the banking industry continues to see growth in mobile banking, with nearly half of adults with smart phones using mobile apps to bank – a four percent increase from last year,” said Stephen Bohanon, founder, chief strategy and sales officer of Alkami Technology. “As mobile banking becomes commonplace, what will set financial institutions apart will no longer be whether they offer it. It will be based on the user experience brought about by great design and tightly coupled integration across the enterprise. ORB gives banks and credit unions a competitive advantage by placing a strong emphasis on delivering the ultimate digital banking experience. We’re committed to helping our clients offer truly innovative services, and being named a Company to Watch is a testament to that commitment.”

About Alkami Technology

Alkami Technology, Inc. provides online and mobile banking solutions for credit unions and banks. Based in Plano, Texas, the company’s flagship product, the ORB Platform, delivers security, flexibility, extensibility and a superior architecture for the future of digital banking. With its modern interface, intelligent content delivery system and customizable feature set, the ORB Platform is the ultimate digital banking solution for financial institutions. Alkami provides the ORB Platform as a SaaS solution. For more information about Alkami, please visit www.alkamitech.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech.

iccu

$2 Billion Idaho Central Credit Union Launches Alkami’s ORB Platform to Support Business Members’ Digital Banking Needs

Plano, Texas, Oct. 3, 2016 Alkami Technology, a provider of online and mobile banking solutions for financial institutions, announced that Chubbuck, Idaho-based Idaho Central Credit Union (ICCU) has successfully launched its ORB digital banking platform for its consumers as well as its growing business banking users to provide a customized and innovative experience. ORB seamlessly integrates with ICCU’s Fiserv DNA® core platform.

ICCU is delivering the ultimate digital banking experience to its members, and is supporting commercial members’ digital banking needs by launching Alkami’s ORB platform and new business banking product.  This new business banking product enables ICCU to compete with regional and national commercial banks for business accounts by offering a seamless, modern digital banking platform with business features such as ACH, wires, bill pay, and external transfers.

Alkami’s ORB offers a highly competitive business banking product suite for small to mid-size businesses with up to 500 employees. In addition to ACH, Wire, bill pay and external transfers, it also features dual authorizations, entitlements, payment templates, ACH upload and several other of the most popular business banking requirements. ORB enables businesses to manage their employees, payroll and vendors with the same fully integrated, cohesive experience that retail and mobile banking provides to consumers. With 27 financial institutions currently contracted for this service, Alkami is experiencing strong demand for their business banking solution.

“Business banking is becoming a greater emphasis for us,” said Shannon Marshburn, eCommerce Product Manager at Idaho Central Credit Union. “Our mission is to help our members seamlessly manage their finances by providing exceptional service and diverse products. To accomplish that mission, we recognized that we must invest in an innovative digital banking platform that not only delivers a consistent and enjoyable experience for both our retail and commercial users, but one that provides the features our business members need. ORB was that platform for us. We’re thrilled to have had a successful launch for our members and look forward to growing our business banking portfolio.”

“Digital banking for commercial clients is increasingly a major focus for financial institutions, especially as they look for ways to compete with regional and national commercial banks,” said Stephen Bohanon, founder, chief strategy and sales officer of Alkami Technology. “To remain competitive, the most innovative institutions like ICCU are updating their digital banking platforms with the business member in mind, ensuring that the features those members need and want are available. Coupled with an exceptional user experience, ICCU will deliver the ultimate digital banking platform, and we’re excited to be a part of that.”

About Idaho Central Credit Union

Headquartered in Chubbuck, Idaho, Idaho Central is Idaho’s largest credit union and offers 27 full-service locations throughout the state. We continue to look for expansion opportunities in order to meet the needs of Idahoans. While growth is vital to our success, we remain focused on our mission, “Helping members achieve financial success,” by providing exceptional service and diverse products to our membership. For more information, please visit www.iccu.com, visit them on Twitter at @Idaho_Central or on Facebook at www.facebook.com/IdahoCentralCreditUnion.

About Alkami Technology

Alkami Technology, Inc. provides online and mobile banking solutions for credit unions and banks. Based in Plano, Texas, the company’s flagship product, the ORB Platform, delivers security, flexibility, extensibility and a superior architecture for the future of digital banking. With its modern interface, intelligent content delivery system and customizable feature set, the ORB Platform is the ultimate digital banking solution for financial institutions. Alkami provides the ORB Platform as a SaaS solution. For more information about Alkami, please visit www.alkamitech.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech

desert-schools

$4 Billion Desert Schools Federal Credit Union Selects Alkami Technology’s ORB Digital Banking Platform

Plano, Texas, Sept. 13, 2016 – Desert Schools Federal Credit Union, Arizona’s largest credit union with $4 billion in assets, has partnered with Alkami Technology to provide its ORB digital banking platform to its more than 220,000 online banking users. Alkami’s platform will integrate with Desert Schools’ Corelation core platform.

With Alkami’s ORB, Desert Schools’ members will have access to a modern, unified digital banking platform that is consistent across all devices and functions including retail, business, mobile, bill pay, personal finance management (PFM), Person-to-Person payments, marketing and more. Providing a convenient way for members to manage their finances, ORB gives Desert Schools the ability to build their own apps, add product extensions and integrate new features and functions as needed to offer a highly customized digital banking experience.

“At Desert Schools, we’re committed to helping our members achieve their financial goals by providing the latest innovative tools,” said Tim Lipsky, SVP of Digital Strategy at Desert Schools Federal Credit Union. “We selected Alkami for their modern and engaging user experience, as well as their flexible and extensible platform, which aligns with our vision to strengthen our digital capabilities to meet our members’ needs. Alkami enables us to foster a digital relationship that is just as relevant and timely as conversations we’re currently having with members in our branches.”

ORB’s highly scalable architecture easily supports large and quickly-growing user bases. Additionally, it features an integrated content management system that delivers dynamic, real-time, one-to-one product marketing and educational content with visibility into cross selling opportunities. With ORB, Desert Schools can successfully promote products and services to its members that are tailored, relevant and timely.

“According to J.D. Power’s 2016 U.S. Retail Banking Satisfaction Study, there is an immediate lift in overall satisfaction when financial institutions offer mobile banking, and even more of a lift when the mobile banking experience is satisfying,” said Stephen Bohanon, founder, chief strategy and sales officer of Alkami Technology. “Financial institutions like Desert Schools are embracing this shift in consumer expectations by investing in digital technology that delivers a superior, engaging experience. We’re thrilled to be partnering with Desert Schools to help them maximize their digital offering, helping them continue to build long-term relationships with both current and prospective members.”

About Desert Schools Federal Credit Union

Desert Schools Federal Credit Union has been a full-service financial provider for over 75 years. As the largest Arizona based credit union, Desert Schools offers members a wide variety of high-quality personal and business financial solutions. It has close to 50 locations across three Arizona counties and provides personal solutions to more than 300,000 members. For more information about Desert Schools, please visit www.desertschools.org, visit them on Twitter at @DesertSchools or on Facebook at www.facebook.com/desertschools.

About Alkami Technology

Alkami Technology, Inc. provides online and mobile banking solutions for credit unions and banks. Based in Plano, Texas, the company’s flagship product, the ORB Platform, delivers security, flexibility, extensibility and a superior architecture for the future of digital banking. With its modern interface, intelligent content delivery system and customizable feature set, the ORB Platform is the ultimate digital banking solution for financial institutions. Alkami provides the ORB Platform as a SaaS solution. For more information about Alkami, please visit www.alkamitech.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech.

multiple-devices

Going Mobile: Perfecting Digital Banking for a Nation of Multi-Screeners

Part 3 of 3-part series

Within two years, more than 50 percent of all banking transactions will take place on mobile devices. This means that a majority of your member interactions will happen over a mobile phone or tablet – and you need to be ready.

“Google originally coined the term ‘multi-screeners’ to describe a shift in consumer behavior that is playing out in the marketplace today,” said Stephen Bohanon, founder and chief strategy and sales officer for Alkami Technology, Inc. “The life of a multi-screener is all about speed, convenience and constant connection. The average multi-screener juggles a variety of devices throughout the day and expects the experience you provide digitally to be consistent across all of them.”

Delivering Functionality Across Devices

According to Bohanon, meeting these expectations within a digital banking application requires a highly flexible, extensible platform that delivers dependable functionality in every possible context.

“As a credit union, you never want to deny your member a product simply because that member is using the wrong device,” he said. “If a member wants to open a loan from a smartphone, you need to be able to accommodate this request or you are driving that business right into the hands of a competitor.”

Bohanon emphasizes that mobile technology may be playing a greater role in the member experience today than many credit unions realize, and this trend is only going to accelerate in the future.

“Ten times a month the average credit union member logs in to a digital banking system, and most of the time they are on a mobile device,” he said. ‘If your mobile functionality is limited, you are limiting your opportunities to serve – and sell to your members.”

What Digital Consumers Expect

While offering a mobile banking app is a great first step toward serving today’s digital consumer, the quality of the mobile experience you provide is equally important.

“Your mobile application should have a native feel,” said Bohanon.  “This means that everything a member views and does on the mobile device should appear like it was purpose-built for mobile.”

Bohanon notes that integration across devices is also about more than easy navigation – its real value goes directly to your service proposition. “Information needs to be synced in real time across channels or it may appear to members that your right hand doesn’t know what the left hand is doing,” he said. “For example, if a member applies for a home equity loan in a branch, and the next day logs into the digital banking system only to find that the application has not been recorded, the member’s confidence in your credit union can be compromised.”

And even subtle disconnects are not lost on today’s consumer. “The branding elements must be impactful and applied across all devices,” he said. “Consumers really can tell when that is not the case. From the typefaces to the naming conventions, graphics and navigation, consumers value quality brands and are very savvy about recognizing them. Apple is a great model for credit unions. No matter which device you are using, or which studio made the movie or album, the iTunes experience looks exactly the same. And Apple goes one step further to extend that brand continuity across all of the company’s products, packaging and stores.”

To prepare credit unions for the digital member of the future, Bohanon advises them to consider one simple question. “If all of your physical branches were hypothetically shut down tomorrow, what would members be missing in the digital experience and especially on mobile?” he said. “For many members, the only reason they go to the branch today is because you don’t offer the product or service they need digitally.”

He continued, “Branches add tremendous value to your service model and are here to stay. However, to be successful in the long run, credit unions need to deliver every product and service across every channel their members access, and they need to make the experience as seamless and engaging as possible.”

For expert insights on how to take digital banking to the next level, read Modernizing Your Digital Banking System: A Blueprint for Success,” a free white paper available exclusively from CO-OP Financial Services.

See more at: http://blog.co-opfs.org/going-mobile-perfecting-digital-banking-nation-multi-screeners/#sthash.RrY1rTKg.dpuf


Other Articles in this Series:

Part 1 – Digital Banking and Bill Pay: Your Number One Branch of the Future

Part 2 – Intelligent Design Applied: Creating the Ultimate Digital Branch

hero-digital-banking

Intelligent Design Applied: Creating the Ultimate Digital Branch

Part 2 of 3-part series

Many credit unions pride themselves on the level of service they provide to members. It’s their point of differentiation. While in the branch most credit unions have member service down to a science, treating members well digitally can be a complex challenge. And with the vast majority of financial transactions moving through digital channels today, this is a challenge that must be addressed.

“To compete in the financial industry today and in the future, it is absolutely essential for credit unions to understand how to serve members well digitally,” said Jon Bartek, sales director of digital banking for CO-OP Financial Services. “And members have very high expectations of digital, a fact that is not lost on your competition.”

Big Banks are Going Digital

Bartek notes that large, global banks today are being rated much higher by customers for their service than in years past, based purely on their ability to deliver a superior digital experience.

According to Stephen Bohanon, founder and chief strategy and sales officer for Alkami Technology, Inc., the success banks are enjoying today is not happening by chance.

“Big banks are focusing their investments on digital banking today, spending millions of dollars a year to build platforms that engage customers, reinforce their brands, and sell products,” he said. “They are delivering real-time, seamless integration across products and devices, implementing platforms designed to grow and evolve with them, and deploying digital marketing elements throughout the experience with clear calls to action that make it easy for members to access products and services.”

Bartek emphasizes that, while consumer demand is fueling this move toward digital, a compelling business case is also driving the trend.

“Consider that the average digital transaction today costs a financial institution 20 cents, and the same transaction costs almost four dollars in the branch,” he said. “So the benefits of investing in digital go straight to your bottom line. And with 95 percent of the market accessible to credit unions through digital channels, it only makes sense to create a digital experience for members that is second to none.”

Managing Digital as a Branch

Bohanon notes that, while credit unions by and large are aware of digital’s pivotal role in their future growth and success, they don’t always give the channel the time and attention it deserves.

“Many credit unions call their digital banking solution a ‘digital branch,’ but they don’t support it like a branch,” he said. “Many times the platform is managed by the IT department and not by the retail group. Consider also that, for physical branches, credit unions examine all kinds of metrics to ensure they are treating members well. They ensure that employees know the members’ names, that the branch is clean and not too hot or cold, that the décor is inviting and modern. And they track foot traffic, wait times and cross-selling success – all to ensure a superior branch experience for members.”

Bohanon adds that the same type of analysis should be applied to the digital branch. “Credit unions need to make sure a member can do everything digitally that can be done in the branch,” he said. “Members should be able to easily apply for a credit card or loan – or close an account. Credit unions should also examine whether members are introduced to new products in the right context, and whether the experience is always easy, intuitive and seamless regardless of the product or device involved. And they need to have the technology in place to understand member needs and preferences well.”

Bohanon notes that one common mistake credit unions make is to advertise all of their products on the home page. “Most of your members go directly from the home page to your digital banking system,” he said. “In your physical branch, they walk in the door for service and you do a good job of cross-selling to them. However, for the most part members are not cruising your website unless they need something specific. So you have to maintain a strong marketing presence in the digital banking application itself.”

Bartek added, “When credit unions start viewing the digital branch as a physical branch, many of these issues take care of themselves. They know how members are responding to digital advertisements, and if the experience is simple and engaging – or if members are in a hurry to log out. Remember that your greatest and most frequent opportunity to interact with a member is through the digital channel. And while they are in there, it is your challenge – and opportunity – to serve them well.”

For expert insights on how to take digital banking to the next level, read “Modernizing Your Digital Banking System: A Blueprint for Success,” a free white paper available exclusively from CO-OP Financial Services.

See more at: http://blog.co-opfs.org/intelligent-design-applied-creating-ultimate-digital-branch/#sthash.jYgxEWuA.dpuf


Other Articles in this Series:

Part 1 – Digital Banking and Bill Pay: Your Number One Branch of the Future

Part 3 – Going Mobile: Perfecting Digital Banking for a Nation of Multi-Screeners

bill-pay-2

Digital Banking and Bill Pay: Your Number One Branch of the Future

Part 1 of 3-part series

Consumer sentiment is changing throughout the financial industry, and credit unions everywhere should take note.  While following the credit crisis mega banks saw many of their customers flee into the arms of credit unions, today that is no longer the case. 

“Banks have stepped up their digital strategy and investments in the platform, and these investments are paying off,” said Stephen Bohanon, founder and chief strategy and sales officer for Alkami Technology, Inc. “Banks today are delivering a much more engaging digital experience for customers, and retaining them as a result.”

In fact, research indicates that mega banks have closed the customer service gap by 50 percent, purely based on delivering a superior online experience.  With 60 percent of financial transactions completed digitally today – a number that is expected to jump to 90 percent within five years – it is more important than ever for a credit union’s digital platform to meet and exceed member expectations.

“Consider also that the average digital banking customer accesses the system three to four times a week, but visits a branch once a month,” said Bohanon.  “For credit unions, this means that a member’s opinion of your institution and the service you provide is determined almost exclusively by the quality of your digital banking solution.”

Engaging Today’s Digital Consumer

According to Jon Bartek, sales director for CO-OP Financial Services’ digital banking product line, what members expect from digital banking is changing and advancing rapidly.

“For today’s digital consumer, it is all about speed and convenience,” he said.  “If a member can securely transfer funds with a quick tap on a smartphone versus going to a branch or even logging into a PC, that member will choose the mobile option every time.”

Bartek emphasizes that digital banking is at its best when it delivers “one-stop shopping,” whereby members have their entire financial picture in front of them and can conduct all transactions from a consolidated view.  “Members today want a seamless digital experience and a single landing pad for all their financial transactions,” he said. 

The Importance of Bill Pay

According to Bartek, to create a seamless experience there must be tight integration between the digital banking platform and a best-in-class bill pay application. “The easier it is for members to setup, access and manage the bill pay application from within the digital banking solution, the more they are apt to use it,” he said.   

And while bill pay applications are designed primarily for viewing, paying and filing bills electronically, the solution you choose should extend well beyond this basic functionality.  “The ability to expedite a payment the same day or overnight is essential, and advanced features such as person-to-person payment options are becoming increasingly important to consumers,” said Bartek.  “The application should also be highly intelligent with respect to member notifications and alerts.  Should anything go awry with a payment, the member needs to know about it immediately.”

And while Bartek affirms that not all credit union members will ultimately take advantage of digital bill pay, those that do are typically top-tier members.

“According to the research, members that use their credit union’s bill pay application maintain balances that are two to 12 times higher than members that don’t,” he said.  “And active bill pay users are 35 percent less likely to end their relationship with the credit union.”

He continued, “Digital platforms are redefining the banking industry as consumers are increasingly drawn to them.  While physical branches will always have their place in the credit union business model, there will come a time when many of your members may never set foot in one.  So to remain prevalent and relevant in the marketplace of tomorrow, remember that an investment in digital is an investment in your number one branch.”

For expert insights on how to take digital banking to the next level, read “Digital/Mobile Banking; The Indispensable Utility That’s Also Integral to Your Strategy for Success,” a free white paper available exclusively from CO-OP Financial Services.

See more at: http://blog.co-opfs.org/digital-banking-bill-pay-number-one-branch-future/#sthash.TI0rz7fs.dpuf


Other Articles in this Series:

Part 2 – Intelligent Design Applied: Creating the Ultimate Digital Branch

Part 3 – Going Mobile: Perfecting Digital Banking for a Nation of Multi-Screeners

meeting-higher-and-higher-expectations

Meeting Higher and Higher Expectations

Which companies set your members’ expectations for their online banking experience? HINT: These companies are not from the financial sector.

“The more accounts a customer opens with us, the more punishment we seem to dish out.” This interesting quote was uttered by the online banking director from one of America’s largest banks (and yes, we can verify it). The executive was referring to the disjointed experience many users are forced to navigate when trying to look up balances for the accounts they have with a bank or credit union.

Some online banking experiences will offer a single sign-on (SSO). But oftentimes the experience after the login is still a collection of product interfaces managed and designed by a number of different product vendors. The look and feel is never consistent across all of these vendors, and this can cause a member’s interaction to get confusing as the online tools change from screen to screen.

Why is a disjointed experience worth fixing? For two reasons.

First, it isn’t financial institutions that are setting the standard for great online experiences. The highest traffic online destinations are retailers like Apple and Amazon. It’s on these sites where users experience an intuitive navigation no matter what products they are purchasing: videos, music, books, magazines, etc. It’s that kind of seamless experience your members expect. Regardless of the product they are viewing.

Second, over 60% of banking transactions occur through digital channels. The Federal Reserve’s 2015 report on banking channel preference provided this figure, and went on to project that 90% of all banking transactions will take place in digital channels by 2020. So the impression a credit union makes on its members is largely through the online banking channel. And the impact of that channel is only going to get bigger in the near future.

Is there an alternative to the disjointed approach? Yes!

Banks and credit unions have the ability to offer the world-class online experience that their members get at sites like Netflix and Google. It starts with the all the back office functions being aggregated with an API. From there, an intuitive interface can be designed. “The right API provides the framework for creating a consistent look and feel across all products and services,” says Vera Maxakova, Lead User Interface Designer at Alkami Technology. “It gives the user a seamless experience that can also match the credit union’s branding.”

When beginning the design process Maxakova recommends reviewing a number of different influences including the credit union’s website and even some design trends used by social media networks. “Familiarity is key,” she says. “Design starts by creating a user experience that makes it easy for a member to conveniently take care of their banking needs.”

To see how your members can enjoy the same seamless experience they get at Apple, Amazon, and other world-class retailers, contact Alkami Technology for a free demonstration of design and functionality by clicking here.

About Alkami Technology

Alkami Technology, Inc. provides online and mobile banking solutions for credit unions and banks. Based in Plano, Texas, the company’s flagship product, the ORB Platform, delivers unparalleled security, flexibility, extensibility and a superior architecture for the future of digital banking. With its modern interface, intelligent content delivery system and customizable feature set, the ORB Platform is the ultimate digital banking solution for financial institutions. Alkami provides the ORB Platform as a SaaS solution. For more information about Alkami, please visit www.alkamitech.com, visit them on LinkedIn at www.linkedin.com/company/alkami-technology or on Twitter at @alkamitech.