The company plans to use the funds to increase operations and the accelerate development of its platform, which allows banks to modernise and personalise digital customer interactions. More specifically, banks can leverage Archway’s platform to incorporate their basic banking services into web, mobile, voice, and AI technologies. Archway facilitates the integration of a bank’s internal core technology stack to customer-facing applications with a singular access point via an API.
Archway representatives cited by retailbankerinternational.com emphasised the highly regulated nature of banking infrastructures and how many banking systems lack customer service optimisation due to them being focused solely on running the bank itself. They also explained how a cloud-native approach can help banks navigate complexity while allowing them to easily integrate the technologies their consumers want.
WaFd Bank officials expressed that client experience improvements, as well as stronger controls, and more efficiency, should be driven by technology.
Originally founded as Pike Street Labs, Archway was formed by WaFd Bank to digitally transform their client experiences. WaFd is a 105-year-old publicly traded firm that operates more than 200 branches in eight states. The company spun off Pike Street Labs and integrated it with Madrona Venture Labs, the startup studio associated with Seattle venture capital firm Madrona Venture Group. Since then, the software company has been developing a complex platform that makes it simple for banks to create digital experiences built on the most modern technologies.
According to Archway, modern banks are willing to offer improved customer experiences, and they need to innovate to compete, but they are slowed down by traditional bank tech, whether we’re talking about legacy technologies, unsupportive vendors, or costly contracts. Over 10,000 banks and credit unions in the US are affected by this problem, even though they want to be able to pick and choose the best providers, have a simple way to integrate those providers together, and deliver frictionless experiences to their clients.
Archway Software’s solution is a single access point to seamlessly connect any banking platform to third-party financial software providers, with pre-assembled integrations to vetted vertical services.
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