Save the Day with “Always On” Access to Digital Banking Solutions

J.D. Power 2024 Mobile App Platform Certification Program SM recognition is based on successful completion of an audit and exceeding a customer experience benchmark through a survey of recent servicing interactions. For more information, visit jdpower.com/awards.

At Alkami, we havezero-downtime deploymentsfor our major releases. This means that whenever a major release is deployed to our financial institution clients, their end users are not impacted or interrupted. No slowdowns, no error screens, no hiccups. Our engineering teams at Alkami meticulously measure and track key metrics like availability and uptime, on-time deployments, mobile crash rates, and more. Since we shared our TechFin visionand commitment in 2023, we've made significant improvements across our Reliability, Quality, Performance, Efficiency and Scalability pillars of focus. To learn more about how technology is shaping Alkami's Digital Banking Platform, read our Co:lab 2024 Technology Track recap blog.

Empowering Financial Decision-Making

Your account holders need to be able to monitor their account balances, recent transactions, and pending payments at any time, so they can make timely and informed financial choices. Providing them with greater visibility and control can help them prevent overdrafts, manage budgets, and confidently plan for both immediate and future expenses.

Additionally, with financial wellness solutionssuch as credit score insights, account aggregation, savings goals, home value tracking, and more, you can give your account holders direct visibility into their financial health, along with actionable tips and personalized advice on how to reach their goals. For example, you may have account holders that are looking to purchase their first home, but don't know where to start. Giving them instant access to their credit score will help them understand where they currently stand, and what kind of loan rates they would be eligible for. This personalized and relevant information will help to build greater trust and confidence with your account holders, and can lead to long-term engagement and loyalty.

79% of Gen Z want to save more and to better understand personal finance.

Source: Insider Intelligence, 2024

According to Alkami's market study, "Application and Consumer Perception of Artificial Intelligence in Banking,"over 21% of younger consumers (millennials and Generation Z) would be comfortable with artificial intelligence (AI) informing financial tips on how to reach their financial goals, increase their credit score, pay down debt, and the like. Imagine offering your customers and members the actionable advice they need to take control of their financial futures within your digital banking solutions. As younger generations look for guidance, it creates a tremendous opportunity for financial institutions to fill the gap and serve as a trusted advisor who understands their needs and can empower them to achieve their financial goals. Through Alkami's partner program, financial institutions can introduce a financial wellness virtual assistant who can offer meaningful financial education and advice to account holders 24/7.

Increasing Security and Fraud Prevention

24/7 digital banking access also requires 24/7 security and fraud prevention. Financial institutions can enhance their security and minimize fraud risk by partnering with trusted providers who bring specialized expertise and advanced fraud detection toolsto combat modern fraud trends. These providers offer sophisticated solutions that useAI and data analytics to identify suspicious patterns and stop potentially fraudulent transactionsin real time. By leveraging these tools, financial institutions can proactively protect their account holders and feel rest assured that security and fraud prevention is constantly running in the background.

Additionally, with real-time alerts, consumers and businesses can be notified instantly, whenever unusual or suspicious activity occurs within their accounts. This gives them the chance to lock their accounts, change their passwords, and perform other measures to protect their finances. Real-time alerts have become more granular and flexible, allowing account holders to designate how they want to receive their alerts (such as 'email' or 'text message') and if they want to set any trigger events (such as 'foreign transaction occurred') or dollar amount thresholds (such as 'transaction over the amount of $500') to initiate the notification. This quick response not only helps prevent further unauthorized access but also gives account holders peace of mind, knowing they can act fast to keep their money safe.

Offering 24/7 access to digital banking solutions isn't just about convenience; it's a powerful tool for enhancing satisfaction, empowering financial decision-making, and ensuring greater security. With 'round-the-clock' availability, account holders can manage their finances whenever and wherever they need, resulting in a more responsive and personalized experience. This constant access also enables account holders to monitor their accounts more closely, make timely financial decisions, and detect any suspicious activity immediately - boosting security and fraud prevention. By prioritizing these capabilities, financial institutions can truly transform the digital banking experience, and deepen the trust needed to establish the highly coveted PFI status with their account holders.