The Alloy Labs Alliance, founded by Fintech Forge along with regional and community banks, has added Five Star Bank, a subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), to the consortium. Launched in 2018, the Alloy Labs Alliance started with 12 banks and now claims over 40 institutional members.
The consortium of smaller banks seeks 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 to be more competitive.
Martin K. Birmingham, President and CEO of Five Star Bank, said they recognize the need to engage via digital channels to meet the needs of their customers:
“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.”
Five Star Bank enhanced its digital banking capabilities earlier this year.
“We are excited that Five Star Bank has joined the Alloy Labs Alliance,” said Jason Henrichs, co-founder of Fintech Forge, which manages the consortium on behalf of its members. “They bring a strong commitment to serving their customers, and also a strong commitment to continuous improvement. We are looking forward to their contributions to the group’s efforts.”