Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a digital sales and service platform provider for financial institutions in the U.S., announced the launch of their Digital Banking Conversion Toolkit, a resource hub designed to empower bank and credit union leaders through each stage of their digital banking conversion journey.
Switching digital banking platforms is one of the most critical decisions a financial institution will face that encompasses strategy, leadership, and transformation. Backed by market research conducted in partnership with Emerald Research Group, the Digital Banking Conversion Toolkit was built based on the perceptions, experience, insights, and best practices from bank and credit union leaders who recently switched or explored switching digital banking platforms. This toolkit was designed as a resource to empower bank and credit union decision makers through each stage of the switching journey, from conducting internal needs assessments to creating institutional readiness for their implementation.
“This toolkit is built for all financial institutions—not just those that partner with Alkami,” said Alex Shootman, chief executive officer at Alkami. “Whether an institution, big or small, has limited resources or a large-scale team, the Digital Banking Conversion Toolkit offers a proven foundation informed by best practices and research-backed insights. Our goal is to equip banks and credit unions to lead and navigate their digital transformation with confidence and clarity.”
While 87 percent of digital banking decision makers that converted in the past three years had a positive conversion experience, the intel learned from this type of project are vital to the regional and community financial institution leaders engaging in these career-defining moments. The Digital Banking Conversion Toolkit has been developed to break down the five key stages across the switching process and provide assets under each for support: Evaluation & Research, Requirements Gathering, Technical Refinement, Final Vendor Selection, and Implementation & Launch.
In addition to Alkami’s Digital Banking Conversion Toolkit, findings from the research study were analyzed and used as the foundation for a short Digital Banking Conversion Readiness Assessment—built just for financial institutions—to objectively evaluate their current state and determine which steps they need to take next to have a positive conversion experience. Once completed, their results will direct them to key resources that can be used as guidance along their journey.
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Sixty three percent of financial institution decision makers surveyed are very or somewhat satisfied with their current platform provider1, however they may still consider exploring alternatives primarily because they want to evolve their digital banking platform and technology offerings for account holders. This is in line with consumer sentiment, where half of all consumers that use digital banking would change institutions for a better user experience (UX)2; meaning to retain account holders, UX is critical.
The hub can be accessed and be a source for any financial institution, and the contents are not specific to Alkami or its solutions.