New 2023 strategy guide offers 4 data-driven strategies to address 7 challenges facing FIs today
PLANO, TX, September 30, 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, and its data analysis and engagement solution, Segmentpublished their 2023 strategy guide, Navigating Economic Impact: FI 2023 Data Budgeting and Strategiesto give FIs actionable strategies they can use now to deepen and grow relationships with account holders and drive revenue growth in 2023.
The guide highlights seven economic challenges for the financial sector that will guide best practices for 2023, including:
- The real estate and personal loans rollercoaster ride, with mortgages down 32% year-on-year and personal loans hit hard due to rising interest rates
- The effect of inflation on credit card and the fact that 62% of cardholders have taken “new action” with their cards due to inflation, and 78% have potentially costly knowledge gaps in how credit cards work
- The transition to a Subscription Economy75% of direct-to-consumer companies plan to offer subscription services by 2023
- The increase in the use of Services Buy Now, Pay Later (BNPL)as 43% of Americans have used a BNPL service, up from 31% in 2021, further eroding loyalty to their financial institutions
- The growing popularity of cryptocurrency44% of financial institution executives planning to offer cryptocurrency services to their customers by the end of 2022
- Generational trends towards the use of neobanks, big tech and fintech, jeopardizing the relationship with young account holders
- The data blastwith 2.5 quintillion bytes of data generated every day
“Financial institutions can turn these obstacles into opportunities with a well-planned data strategy,” said Nate Chahan, Vice President of Product Management for Alkami. “Banks and credit unions have a wealth of information about their account holder data. Financial institutions that harness and use this data intelligently can execute data-driven strategy, use predictive modeling AI, integrating data with messaging channel distribution, and leveraging marketing technology — all of which can drive acquisition, wallet share, loyalty, and growth. But they must act now to mitigate the growing impact of these economic headwinds.”
Download the 2023 strategy guide here.
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 and digital loan origination, multi-payment fraud prevention, and data analytics solutions and of commitment. To learn more, visit www.alkami.com.
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SOURCEAlkami Technology, Inc.