As part of its efforts to help banks of all sizes accelerate technological innovation, the American Bankers Association today announced a strategic partnership with Alloy Labs Alliance. The alliance—led by fintech experts from FinTech Forge—is a shared financial innovation lab and consortium comprising 32 community and midsize banks that come together to identify, evaluate and implement new technology and launch innovative products.
Banks joining Alloy Labs can choose from three different levels of participation, each separately priced: custom in-house sessions, peer working groups and access to Alloy Labs’ blueprint and implementation kit. Through ABA’s partnership, ABA member banks that join Alloy Labs will receive a discount on pricing.
“Alloy Labs has provided us with the knowledge to lead our team in innovative ways and align our customer priorities, helping us assess and implement the best technologies for our bank,” said Howard Jaffe, president and COO, Inland Bancorp, Oak Brook, Ill., and a member of the ABA Endorsed Solutions Banker Advisory Council. “The key advantage is that the alliance gives you the benefit of a peer group facing similar challenges and developing similar strategies. Alloy Labs has allowed Inland to innovate faster than we ever could on our own.”