NEW YORK—Twelve community and regional banks across United States have announced the Alloy Labs Alliance, a consortium to accelerate technology adoption.
Some of the banks included in the alliance are CenterState Bank, Citizens and Northern Bank, Columbia Bank, QCR Holdings and Mercantile Bank. Alloy Labs would ensure banks can work with fintech startups to shape their solutions while reducing execution risk, Investing News reported.
The alliance is set to function as a platform for these banks to identify shared areas of opportunity and for them to build smaller workgroups as they zero in on specific opportunities or pain points, Investing News explained.
“Every bank needs to innovate in order to drive down operating costs while ramping up the value we can deliver to the customer” Chris Nichols, chief strategy officer of CenterState Bank, stated in a release.
Other Banks Invited to Pay Role
Banks not yet ready to adopt new technologies can still be a part of this alliance as they can contribute in the continuing research while scripting the framework of the consortium.
First National Bank of Omaha, a subsidiary of First National Bank of Nebraska and Lincoln Savings Bank along with NBKC Bank, Reading Cooperative Bank, Inland Bank and Gulf Coast Bank and Trust Company complete the original members of the alliance.
The association, whose founding members have assets in the range of $251 million to $20 billion, said that the approach would aid banks as they adopt new technology without massive IT budgets, Investing News noted.