The collaboration will see Kemba Credit Union implement Alkami’s digital banking platform for retail and business members.
The new platform aims to better member experience by offering intuitive self-service tools, improved engagement, and advanced fraud detection capabilities. It provides a unified experience for retail and business banking, supporting Kemba Credit Union’s goals of driving deposit growth, expanding cross-sell opportunities, and boosting member loyalty.
Alkami’s solution also includes extensibility features, such as a software development kit (SDK) and APIs, allowing Kemba Credit Union to tailor the platform to specific member needs and integrate with broader fintech services.
In the financial services sector, the push for digital transformation has become a strategic imperative, especially among mid-sized banks and credit unions. As of 2023, 71% of global businesses have become digital, driven by increasing consumer demand for simple, user-friendly experiences. A study by Onfido shows that 8 out of 10 consumers prefer a full digital banking experience, a trend that accelerated during the COVID-19 pandemic and shows no sign of slowing down.
To stay competitive, mid-sized banks and credit unions invest heavily in modern, cloud-based solutions that offer a unified user experience across retail and business banking. Additionally, better security measures, such as advanced fraud detection and AI-driven monitoring, are becoming critical components.
The adoption of API-based connectivity and extensibility solutions is another key trend driving this digital shift. APIs allow financial institutions to integrate with third-party fintech services, enabling them to expand their service offerings and stay agile in a fast-evolving landscape. This trend underscores a broader move towards Open Banking, where simple integration across the fintech ecosystem can significantly improve customer satisfaction and provide a competitive edge in an increasingly digital marketplace.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now