Alkami Technology, Inc. (Nasdaq: ALKT) is a prominent provider of cloud-based digital banking solutions for financial institutions in the United States. The company has recently launched an Engagement AI Model through its AI Predictive Modeling solution, marking a groundbreaking development in the industry. This innovative model combines artificial intelligence (AI), machine learning (ML), and Alkami’s proprietary Key Lifestyle Indicators® (KLIs) to assist financial institutions in identifying account holders who are most likely to contribute to retention and account growth, as well as increase their engagement with a wide range of products, services, and digital channels.
Here are some key points about Alkami’s Engagement AI Model and its significance:
- Unique Model: Alkami’s Engagement AI Model is described as the first of its kind in the industry. It leverages advanced AI and ML techniques along with Alkami’s proprietary KLIs to enhance the engagement and retention strategies of financial institutions.
- Use of Attrition Model: This model can help financial institutions identify account holders who are at a high risk of leaving, which is essential for developing win-back strategies. According to Alkami’s research, account holders who are identified as having a high risk of attrition are significantly more likely to leave compared to highly engaged account holders.
- Focus on Engagement: The Engagement AI Model essentially flips the attrition model. Instead of just identifying those at risk of leaving, it identifies highly engaged account holders and factors in Alkami’s KLIs to predict which behaviors are most likely to drive further engagement. This approach enables financial institutions to allocate their resources and budget effectively toward retaining and growing engaged account holders.
- Daily Assessment: The model continuously assesses all account holders within a financial institution on a daily basis, enabling it to pinpoint those who exhibit behaviors historically associated with deeper engagement. This allows financial institutions to create highly relevant campaigns that are more effective in driving growth. This approach not only reduces account acquisition costs but also empowers institutions to engage with individuals more likely to respond to targeted campaigns.
Alkami Technology, Inc. offers a range of digital banking solutions, including retail and business banking, digital account opening, payment security, data analytics, and marketing solutions. The company’s goal is to help financial institutions grow confidently, adapt quickly to changing market conditions, and build thriving digital communities.
About Alkami
For more information about Alkami Technology and its solutions, you can visit their website at www.alkami.com.