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PRNewswire 26-Jun-2024 10:00 AM
More than two-thirds of Americans say they have experienced a significant impact on their standard of living
PLANO, Texas, June 26, 2024 /PRNewswire/ -- Alkami Technology, Inc. (NASDAQ:ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced today the release of its latest research, the 2024 Alkami Telemetry Data Report. The report examines the high interest rate environment and its impact on consumers and financial institutions. The transaction data was compiled from an aggregated panel of more than 2.5 million account holders. The data was supplemented by an Alkami-commissioned research study, conducted in partnership with The Center for Generational Kinetics that surveyed 1,500 digital banking consumers in the U.S., to assess how the current macroeconomic environment has impacted attitudes and behaviors of the different generations.
As U.S. consumers are facing a credit reliance with rising levels of debt reaching over $17T by the end of Q1 2024, the report highlights trends relating to common consumer deposits, and credit products like mortgages, home equity lines of credit (HELOCs), auto loans, credit cards and buy now pay later (BNPL). The findings examine the implications for deposit, loan, and payment products at regional and community banks and credit unions. Key findings regarding these products for financial institutions include:
"Through this research, and Alkami's other tools like the Digital Sales & Service Maturity Model Assessment, banks and credit unions can not only assist their account holders in mitigating the effects of high interest rates to strengthen loyalty and provide the best digital banking experience, but also can be informed on where their institution may lie on the competitive curve," said Mark Leher, director, product management at Alkami.
To read the full 2024 Alkami Telemetry Data Report, visit here. Financial institutions can take action now to assess their competitive position and digital maturity level by taking Alkami's Digital Sales & Service Maturity Model Assessment.
About Alkami
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 commercial banking, digital account opening, and data and marketing solutions. To learn more, visit www.alkami.com.
About The Center for Generational Kinetics
The Center for Generational Kinetics is a global research firm focused on delivering custom research that uncovers emerging trends, hidden behavioral drivers, and actionable insights for leaders. The firm has led more than 120 custom research studies around the world for global brands and industry pioneers. To learn more, visit GenHQ.com.
Media Relations Contacts
Vested
alkami@fullyvested.com
Marla Pieton
marla.pieton@alkami.com
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SOURCE Alkami Technology, Inc.