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US community banks forge Alloy Labs Alliance

Thursday 8 November 2018 | 02:37 PM CET

A group of 12 US community and regional banks have founded Alloy Labs Alliance, a consortium approach to innovation and technology adoption.

Fintech Forge will manage the alliance, and Crowe, a public accounting, consulting and technology company, will provide advice and services regarding regulatory and compliance matters.

Alloy Labs is a platform for banks to identify shared areas of opportunity, and establish smaller workgroups to share best practices through implementation.

Working collaboratively, the banks aim to work with fintech startups to shape their solutions. Alloy Labs says it is currently working on both customer facing applications and back office efficiencies. No specifics on that at present.

Alloy Labs says banks that aren’t ready to begin adopting new technology can still join the alliance to learn from others in the group, share in ongoing research, and shape the direction of the consortium.

Along with the two above, founders include Citizens & Northern Bank – Pennsylvania, Citizens Bank of Edmond – Oklahoma, Columbia Bank – Washington, First National Bank of Omaha – Nebraska, Gulf Coast Bank & Trust Company – Louisiana, Inland Bank – Illinois, Lincoln Savings Bank – Iowa, Mercantile Bank of Michigan – Michigan, nbkc Bank – Missouri, and QCR Holdings – Illinois.

More: Link