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Driving Strategic Objectives via the Online Banking Platform

Arkansas Federal Credit Union

Stacy Starks, SVP of business initiatives and digital services at Arkansas Federal Credit Union (AFCU), highlights the technology advancements and successes they’ve experienced with their membership since partnering with Alkami for their online banking platform in 2021. AFCU’s digital roadmap for 2024 focuses on enhancing the member experience and expanding digital services. They have implemented various self-service features such as Card Hub, which integrates card limits, controls, and alerts into the digital banking experience, and new payment solutions for faster payments. Additional enhancements include virtual assistants and chat features to offer round-the-clock support to their members. AFCU’s transition to Alkami’s online banking platform has led to substantial improvements for the credit union’s app ratings, digital banking user engagement metrics, and the availability of financial management tools, like credit score insights and credit score simulations. AFCU also highlighted significant achievements in fraud prevention and the development of digital features that emulate in-branch services.

Upon implementing Alkami’s online banking platform, the credit union has experienced the following benefits:

  1. Enhanced Digital Banking Features:
    • AFCU has introduced several new services that empower their members with better card management, financial wellness solutions, and advanced payment solutions to speed up transactions. These improvements are part of a broader strategy to enhance the overall member experience and increase digital sales opportunities.
  2. Significant Increase in User Engagement and Satisfaction:
    • The transition to Alkami has notably improved member engagement on the digital banking platform – with active users increasing from 55,000 to 85,000 and app store ratings jumping from around 2.5-3 to 4.8-4.9. This demonstrates the positive impact of their digital enhancements on user satisfaction and engagement.
  3. Commitment to Security and Convenience:
    • AFCU has placed a strong emphasis on security with the implementation of Alkami’s partner, AppGate, whose product helps detect and prevent fraud. This focus on security is coupled with the credit union’s efforts to provide secure and seamless money movement features. By bringing these two focuses together, the credit union can mitigate fraud with a rules-based approach. 
    • Continue reading about AFCU’s proactive security approach here.

Since leveraging the online banking platform, AFCU has observed dramatic improvements in their performance metrics:

  • App Store Ratings: Improved from about 2.5-3 to 4.8-4.9 for both iOS and Android.
  • Active Digital Banking Users: Increased from 55,000 to 85,000.
  • Retail Wires: Executed 105 retail wires in one month, totaling over $1.5 million, all through digital banking channels.
  • Mobile Deposits: Increased from an average of 8,000 per month to around 10,000-11,000 per month.
  • Fraud Prevention: Successfully prevented approximately $200,000 in member-to-member transfer fraud and intercepted a $91,000 fraudulent wire.

Interested in learning how your institution can assess your digital maturity and identify areas that will accelerate growth? Take Alkami’s Digital Sales & Service Maturity Model Assessment. By taking this 5 question assessment, the model will compare your responses to benchmark data collected from hundreds of U.S. based regional and community institutions and determine just how digitally mature your FI is. Get your results now, and with it details to support you on your path forward.

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