Research shows small business digital transformation continues, opening door to deeper financial relationships
PLANO, TX, May 11, 2022 /PRNewswire/ — Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a cloud-based leader digital banking solutions supplier for banks and credit unions in the United States, announced the publication of a new research report, “Digital Banking Market Pulse: Small Business Recovery in Light of FI Paradigm Shift.” The report explores the stability of relationships between financial institutions (FIs) and small businesses (SMEs) in the wake of the COVID-19 pandemic.
For the report, Alkami surveyed 400 small businesses to understand the impact of COVID on them and what they think about the future.
“The pandemic has accelerated the adoption of fintech for many small businesses, causing their business model to evolve,” said Allison Cerra, marketing director of Alkami. “With the help of digital transformation, small businesses are bouncing back in greater numbers. FIs have the opportunity to grow the relationship with these businesses by meeting them online, on mobile, and on their terms.”
Key findings of the report include:
- Primacy is the key. The relationship with the Primary Financial Institution (PFI) prevails. The key for FIs is to gain primacy through the deposit account, which is how more than half of SMEs define their PFI relationship. The digital account opening is the on-ramp to a broader financial relationship with these companies.
- SMEs invest in their business. Fifty-three percent of SMEs cited technology as an investment priority, opening the door for financial providers to grow the relationship.
- IFs have most of the mind share. More than 60% of SMEs believe that the “bank” of the future will be a financial services company (vs. a technology company).
Cerra will share report details on Thursday May 19at 2:00 p.m. ETduring the American banker Web-seminar: Small Business Recovery in Light of the FI Paradigm Shift. register here to participate.
About Alkami
Alkami Technology, Inc. is a leading provider of cloud-based digital banking solutions for financial institutions in United States that empowers customers to grow with confidence, adapt quickly, and build thriving digital communities. Alkami helps customers transform through retail and enterprise banking, digital account opening, loan origination and multi-payment fraud prevention solutions. To learn more, visit www.alkami.com.
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Jennifer Cortez
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Katie Schimmel
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SOURCEAlkami Technology, Inc.
