- Towpath Credit Union achieves a 15% year-over-year revenue growth through digital transformation with Alkami Technology.
- Product adoption at Towpath increased from 1.7 to 2.45 products per member.
- The credit union converted over 800 members to e-documents and generated $2.6 million in auto loan business.
Alkami Technology (ALKT, Financial) has announced the successful completion of a comprehensive digital transformation for Towpath Credit Union, located in Ohio. The implementation involved the adoption of Alkami's Digital Banking Platform and Data & Marketing Solution, significantly enhancing member engagement and business performance.
The transformation results are noteworthy: Towpath Credit Union reported a 15% increase in year-over-year revenue, a substantial rise in product adoption from 1.7 to 2.45 products per member, and the generation of $2.6 million in auto loan business. Additionally, over 800 members switched to e-documents, indicating an improvement in operational efficiencies.
The credit union's digital update included integrated features such as card controls, SavvyMoney credit score monitoring, and transaction enrichment, all designed to provide a seamless and modern banking experience for its members. This transformation reflects Towpath's commitment to stay competitive and offer state-of-the-art financial solutions without compromising personal service values.
Alkami's collaboration with Towpath has not only improved its operational metrics but also reinforced its position as a leading provider of cloud-based digital banking solutions. These achievements provide a solid foundation for Alkami investors, showcasing the platform's ability to deliver tangible financial returns and enhanced client relationships.
