Redefining digital transformation for the strategic financial institution of the future
March 29, 2023 (Plano, Texas) – Alkami Technology Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for banks and credit unions in the U.S., announced today that Connecticut-based Liberty Bank has launched the Alkami Digital Banking Platform, and is successfully converting a substantial portion of their customer base—approximately 150,000—to Alkami’s single platform for business, retail and mobile banking.
The move to the Alkami Platform is a crucial step in Liberty Bank’s full technology stack overhaul with the objective to bring the most innovative products and seamless user experience to its customers and strategically position the bank for future growth.
“We set out to transform the Liberty user experience from the ground up by rebuilding our digital assets and partnering with the best solution providers in the market,” said David Mitchell, EVP, GM and chief digital officer at Liberty Bank. “We chose Alkami as a strategic partner for many reasons. They are the leading provider with a single platform for retail and business customers with a growing customer base of likeminded strategically driven financial institutions. Alkami’s vision for the future of digital banking closely aligns with our business strategy; and, perhaps most importantly, they have demonstrated true commitment and a proven ability to continuously deliver new solutions that will enable us to rise above our competition now and well into the future.”
The Alkami Platform will enable Liberty Bank to leverage data to enhance personalized communication channels for both their retail and business customers. As a core component to the bank’s larger tech stack, the best-in-class Platform also has the extensibility for long-term integrations.
“Financial institutions can no longer piecemeal their digital transformation efforts, they must consider the entire account holder experience. A complete digital sales and service platform enables the exceptional experience that FIs need to provide today: one that rivals burgeoning fintech companies and even those of non-banking platforms like Amazon,” said Stephen Bohanon, Alkami’s co-founder and chief strategy and product officer. “Liberty Bank has risen to this challenge, and we are thrilled to be an integral part of their transformation. We look forward to further innovating digital banking together.”
About Liberty Bank
Established in 1825, Liberty Bank is the oldest and largest independent mutual bank in the country. With more than $7 billion in assets, Liberty has 56 banking offices across Connecticut and one in Massachusetts. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance and investment services. Liberty has been voted a ‘Top Workplace’ every year since 2012 and designated a 2021 and 2022 Best-In-State Bank in Connecticut by Forbes Magazine. www.liberty-bank.com
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