Banking sector is aggressively moving to innovative IT solutions, driven by the need to better integrate business units, drive innovation, enhance security and build resilient operations.
Cloud-based solutions provide them an easier and flexible alternative to traditional on-site implementation while also enabling capex savings.
In one of the recent deals in IT for Banking, Alkami Technology, a cloud-based digital banking solutions provider for banks and credit unions in the U.S., has just won a new contract from Mascoma Bank.
Mascoma will use Alkami’s digital banking platform as part of a full technology stack overhaul with core banking technology from Thought Machine.
The innovation is expected to drive future growth for the firm. It will also allow them to better serve the existing customer base, attract new customers and grow strategically into the future,” said Clay Adams, president and CEO of Mascoma Bank.
Driven by the vision of Raphael Reznek, CTO of Mascoma, the team opted to completely revamp the system and implement an embedded finance system.
“We chose to partner with Alkami because they offer the best balance of deep extensibility with robust ‘out of the box’ capabilities and configurations,” Adams added.
The Alkami platform will be integrated with Thought Machine’s core banking platform, Vault, to provide a complete cloud-based banking platform that is capable of being easily configured and scaled. Mascoma will be able to get to market quickly and have the ability to customize based on the bank’s unique needs using a modern API architecture and real-time data, the company sad.
“Raphael Reznek along with our leadership team has a vision to build a digital platform that will put us in control of our destiny and serve as a roadmap for other community banks to follow. The new tech stack more than answers that call,” added Samantha Pause, chief marketing and product officer at Mascoma.