In a step to explore new technologies and fintech opportunities, 12 US-based community and regional banks have formed a new alliance.
The new group, called Alloy Labs Alliance, will enable the banks to form small workgroups to explore new avenues.
In addition, the workgroups will identify potential partners and share the best practices among the participant banks.
US fintech alliance
FinTech Forge will be managing the US fintech alliance, while Crowe will be responsible for providing regulatory and compliance support and services.
Alloy Labs Alliance will operate as shared innovation lab reducing costs associated with innovation and research. The fintech alliance is expected to benefit all member banks, which does not have large innovation and IT budgets.
FinTech Forge founder and managing director Jason Henrichs said: “We work with banks at all stages of their evolution. Some are just creating their internal capacity, while others are leaders looking to extend the impact of their efforts with the network effect of working with others.
“Working collaboratively helps banks move faster while managing risk and compliance.”
The members of the fintech alliance include institutions with $251m to $20bn in assets. The founding members include CenterState Bank, Citizens & Northern Bank, Citizens Bank of Edmond, First National Bank of Omaha and Columbia Bank among others.
First National Bank of Omaha head of fintech partnerships Claire Devney said: “While we are actively engaged with fintech startups on our own, Alloy Labs was an opportunity to accelerate our efforts.”
Currently, Alloy Labs is working to increase back office efficiencies as well as implement customer facing applications.