WARSAW – Five Star Bank, a subsidiary of Financial Institutions Inc., has joined a consortium of community and mid-sized banks to more effectively and efficiently adopt technology.
The goal of the consortium is to quicken the pace of innovation, helping to level the playing field and enable institutions such as Five Star Bank to compete against large, national players, Five Star officials said in a news release.
The Alloy Labs Alliance was launched in 2018 by 12 founding banks from across the country and has grown to more than 40 institutional members.
“Five Star Bank recognizes that its consumers and businesses are increasingly seeking to engage through digital channels to meet their daily banking and lending needs,” said Martin K. Birmingham, president and CEO of Five Star Bank. “The Alloy Labs Alliance is another step in our rapid evolution in delivering a personalized digital experience that spans the full breadth of our customers’ banking needs.”
Earlier this year, in response to changing customer behaviors and preference for digital channels, Five Star Bank enhanced its digital banking capabilities to deliver “anytime, anywhere” banking with a range of new features and financial tools for businesses and individuals, Five Star said.
“Five Star Bank is committed to a thoughtful partnership strategy to quickly deliver compelling digital products and services that meet customer expectations,” said Sean Willett, chief administration officer of Five Star Bank. “Being part of the Alloy Labs Alliance gives us access to forward-thinking peers, the ability to share best practices and resources, and will further accelerate our digital capabilities.”
Members of the Alloy Labs Alliance take part in exclusive research, surveys and benchmarking, and have the opportunity to join peer workgroups to address the needs of specific customer groups or technologies. Members also participate in the newly launched Concept Lab, a reverse accelerator program that allows banks and emerging technologies to work together to build new products that create opportunities for the banks to differentiate their services.
“No bank can afford not to innovate in this day and age, but it’s not very efficient or even very effective for them to try to do it all themselves internally,” added FinTech Forge’s cofounder, JP Nicols.
FinTech Forge manages the consortium on behalf of its members. “We built the Alloy Labs Alliance as a shared innovation lab to help member banks share the costs and the risks of testing and trying new things in a structured and managed process,” Nichols says. “Maybe even more importantly, they can share the learnings with their peers, so they can get to market more quickly.”
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