Alkami Technology, a cloud-based digital banking solutions provider for US financial institutions, is to acquire data analytics company Segmint.
Alkami aims to help its clients transform through retail and business banking, digital account opening, loan origination, and multi-payment fraud prevention solutions.
The company said the acquisition will benefits financial institutions in two ways. Firstly, combining the data sets of Alkami and Segmint will provide a more complete view of the account holder while both training Segmint’s current data models for greater precision and expanding them to additional use cases.
Secondly, financial institutions will be able to use this data to target, engage, and grow customer relationships through their most pervasive and efficient channel—the digital banking experience.
The acquisition is expected to expand Alkami’s total addressable market by approximately $1bn and enable new cross-selling opportunities across a larger installed base.
Alex Shootman, CEO of Alkami, said, “Our customers want to deepen their customer relationships and grow revenue. To do so, they must transform raw account and transaction data into insights that lead to highly personalised communications.
“Segmint applies machine learning to transaction data to help FIs [financial institutions] better understand their account holders and automates messaging with incredible precision and personalisation across multiple channels.”
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