Alogent NXT Named a Digital Banking Solution Finalist in the 2022 Innovation Series
Originally published by Callahan and CreditUnions.com, Alogent was named a finalist for the 2022 Innovation Series in the digital category. Click here to read the full article on CreditUnions.com.
The annual award series invited solution providers to share details about their innovations and the benefits they deliver to the credit union market. The CreditUnions.com and Callahan Teams then reviewed product information, use cases, case studies and other differentiators, and selected 4 finalists that help credit unions thrive with innovative ways to serve their members. The below interview with Alogent's CEO, Dede Wakefield, is an excerpt from the larger article.
Describe your innovation.
Dede Wakefield: NXT is a unified online, mobile, and digital banking platform with integrated capabilities for consumers and businesses. Its single platform employs the most rigorous security and permission-based framework to protect credit unions and their members – without compromising user experience. Built from the ground up on a modern tech stack, its open and API-based platform is scalable and configurable, paired with hundreds of pre-built configurations to leading industry solutions. NXT’s added SDK offering allows for even more flexibility and customization to address unique institutional needs and goals. NXT’s robust out-of-the-box features allow for a fast go-to-market, including its personal financial management (PFM), personal insights, gamification, and SMB tools, all keeping members engaged and in-solution.
Employees benefit too with permission-based access and visibility into robust data that can be applied to personalization campaigns, promotional messages, or product improvements – such as insights around user journeys, feature adoptions, transaction trends, and more.
What opportunity or challenge does it address?
DW: Members want choice and convenience, and to be ‘more than just a number,’ while institutions today are working hard to keep account holders in-house due to the rise of market entrants. NXT allows credit unions to offer robust but secure, intuitive tools that support members through the digital channels they wish to bank, increasing engagement and ultimately, institutional loyalty. With its complete digital ecosystem of capabilities, the platform is sticky and keeps members engaged with features like campaigns, product recommendations, and financial advice – all backed by user behavior data for enhanced personalization. With this added level of member service, similar to that in a branch, members leverage additional service offerings, keeping them loyal to their credit union through an established, trusted relationship. In addition to driving engagement, NXT’s single platform for consumers and businesses allows credit unions to deploy a unified solution and eliminate pain points of a two-system approach. For credit unions that leverage more than one Alogent solution across their institution, added flexibility and interoperability across the entire suite can be seen.
How does it increase member value?
DW: Digital banking adoption rates confirm that members prefer the convenience of banking remotely – although their expectations around service levels and personalization closely match what they envision when in the branch. NXT offers a one-stop-shop for all things online, mobile, and digital banking – inclusive of consumer and business functionality through a simple, intuitive user journey. Through the same, secure platform, members gain access to tools that keep them engaged. Leveraging user behavior data and other insights, campaigns around complementary solutions, offerings based on their financial stories or life events, or educational content can be deployed – specific to the member and ultimately positioning the credit union as their trusted financial advisor.
What differentiates this innovation from competitors?
DW: NXT is a unified solution built around customer feedback and market best practices, leveraging the most modern tech stack to address member needs today and well into the future. Its prioritization on the user journey makes it simple and intuitive to use, and built-in capabilities boosts engagement through data-backed features and personalization campaigns. With an open and API-based platform, NXT is scalable, configurable, and secure, paired with an SDK for added flexibility to address the unique needs and goals of credit unions and their members.
Other 2022 digital finalists include:
Alacriti’s Orbipay Platform
Digital Onboarding engagement platform
Jack Henry & Associates, Banno Digital ToolkitSM
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