Research provides context and framework for identifying appropriate metrics for financial institutions to track
PLANO, Texas, June 1, 2022 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for banks and credit unions in the U.S., announced the release of its newest research report, "2022 Digital Banking Performance Metrics," an exclusive report for banks and credit unions that gives financial institution executives the context they need to measure and manage their digital investments, channels, and operations.
Created in collaboration with Cornerstone Advisors, the report draws on a study of 66 financial institutions (FIs) with an average asset size of $5.2 billion. The report shares metrics and benchmarks to help bank and credit union executives:
- Understand key metrics related to digital banking operations and performance; and
- Establish goals and targets based on high-performing financial institutions.
"Our analysis revealed what we are calling 'the 11 hallmarks of high-performing institutions,' which represent metrics FIs should be using as a benchmark to assess their own performance," said Mary Nelson, chief client officer of Alkami. "The data clearly shows that consistently, high-performing FIs meaningfully outperform other institutions in these areas. By strategizing using these metrics, FIs will be able to focus their efforts to achieve superior digital banking results, and thereby overall business performance."
The full report includes:
- Performance segmentation. Five key business metrics used to segment the FI data set into high-, middle- and low-performing categories.
- 11 hallmarks of high-performing institutions. Areas in which high-performing institutions performed meaningfully better than their peers.
- Emerging digital metrics. Data FIs should be tracking into the future as an indication of digital channel success.
- Digital banking metrics framework. A structure to help FIs identify appropriate metrics to focus on and track.
"The report will help financial institutions think strategically about the role and performance of the digital channel," added Ron Shevlin, chief research officer, Cornerstone Advisors. "There is no end to the number of performance metrics a company can define and measure. This study provides a digital banking metrics framework to help FIs focus on the metrics that will move the needle now and in the future."
Access the full report here.
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening and loan origination, multi-payment fraud prevention, and data analytics and engagement solutions. To learn more, visit www.alkami.com.
Cornerstone Advisors is a management and technology consulting firm, bringing innovative insights and strategic execution to banks, credit unions and fintechs, helping them reach the next level of performance.
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SOURCE Alkami Technology, Inc.