Alkami Technology scored a big win today, recording a sale of its digital banking platform to Patelco Credit Union.
Off-the-radar Alkami was launched in 2009 and has secured $43 million of venture funding to date. The company offers the ORB (online relationship builder) digital banking service, which is what Patelco purchased.
Patelco appears to be Alkami’s greatest win so far. The top 30 credit union has $4 billion of assets and more than 280,000 members.
Alkami, in fact, has made inroads, despite going up against Fiserv, nCino, Digital Insight, Jack Henry, and others. At the end of last year, it had 40 clients, mainly credit unions. Its ORB product has gotten good reviews, too. Here’s what Gonzo Banker wrote about it last year:
So, which vendor’s functionality would make it into my product? I would take the marketing functionality from Alkami’s ORB (Online Relationship Builder). The product allows the institution (CU only at this point, though the company is looking for its first bank customer in 2015) to tag content. The tags link similar products and services. So, if I click on an offer that is tagged as “loan,” I will see other product offers with the same tag. My behavior dictates the offers I see. Further, like Amazon, demographics can then be used to filter which version of the offer a customer sees. Younger folks who click on retirement would not see a picture of their grandparents, but rather something suggesting building a nest egg.
Patelco said the adoption of ORB is part of the credit union’s implementation of Apple Pay, which will take place this fall. That says something about the sophistication of functionality of Alkami’s ORB product.
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