US-based Archway has raised $15m in a Series A funding round to support the launch of its modern banking platform for community and regional banks.
Archway’s banking platform will support banks in modernising and personalising digital consumer interactions.
The funding round was led by venture capital firm Madrona and Seattle-headquartered regional bank WaFd Bank.
With the new platform, banks are expected to seamlessly integrate their core banking products into the latest web, mobile, voice, and artificial intelligence (AI) technologies.
Archway started off by developing a datalake that enables banks to have a 360 view of each customer and understand their customer base to serve them better.
Besides, the firm had launched an integration with TalkDesk, which is a call centre solution used in the banking sector, and Amazon’s conversational AI service Lex.
According to Archway, its team is further introducing other integrations, including loan processing, forecasting, and other standard banking services.
Archway offers a single access point through an application programming interface (API) to easily connect a bank’s core internal technology stack to consumer-facing applications.
The company is also said to assist banks in securely consolidating and integrating their data, offering a single source of truth for decision support and eliminating the complexities of merging back-end systems.
Archway president Dustin Hubbard said: “The consumer fintech revolution has reimagined what is possible for banks, but the technology is hard to build and expensive to integrate.
“Banking infrastructure is heavily regulated, and many banks have systems that work well for the business of running the bank but are not optimized for customer service, which puts the bank at a disadvantage.
“With a cloud-native approach, we are abstracting the complexity for banks and enabling them to easily integrate the technologies their consumers want.”