Cloud-based digital banking solutions provider Alkami Technology has developed and introduced an engagement artificial intelligence (AI) model for the financial services sector through its AI predictive modelling solution.
The new model integrates AI, machine learning (ML), and Alkami Technology’s proprietary Key Lifestyle Indicators (KLIs) to empower financial institutions.
According to Alkami Technology, financial firms will be able to recognise account holders who showcase behaviours that are most likely to contribute to retention and account growth, as well as bolster their engagement with products, service offerings and digital channels.
Besides, with the help of the attrition model, financial institutions can identify account holders who have a high risk of leaving, enabling the organisation to have a chance to develop win-back tactics.
Based in the US, the cloud-based digital banking solutions provider supports its customers in transforming through digital account opening, payment security retail and business banking, data analytics, and marketing solutions.
Alkami Technology product management director Mark Leher said: “When we looked at the full spectrum of attrition scoring, our research showed that attrition is significantly lower among highly engaged account holders, so we developed a model that not only identifies these highly engaged account holders but also layers in Alkami’s KLIs—labels describing the type of transaction or behaviour a customer or member engages in—to best predict which behaviours drive incremental engagement.”
In March 2023, Alkami Technology announced that US-based Liberty Bank launched the Alkami digital banking platform. The launch enabled Liberty Bank to switch nearly 150,000 of its customer base to a single platform for business, retail, and mobile banking.
