US-based UMB Bank has joined Alloy Labs Alliance, a consortium of community and mid-sized banks, to adopt technology effectively and efficiently.

The goal of the consortium is to offer its members access to resources to allow banks like UMB to compete against national players.

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Members of the alliance can form small workgroups to explore new avenues, identify potential partners and share the best practices among the participants.

Additionally, members have access to a reverse accelerator program called Concept Lab, which allows them to build partnerships with startups that operate outside the traditional banking space.

UMB executive vice president and executive director for institutional & fintech banking services Austin Braithwait said: “We are excited to join the Alliance and take advantage of the valuable opportunities it presents for us to interact, learn and share experiences and best practices with our peers who seek to stay on top of changing issues and trends in the banking industry.

“By discussing how we deal with our common challenges and considering together how we might approach new ones, we hope to bring additional knowledge and insight to our teams and continually improve our organization, particularly as it relates to our banking-as-a-service offering and clients.”

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The group was launched in 2018 by 12 founding banks and now has over 50 institutional members.

Alloy Labs co-founder JP Nicols said: “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.

“Member banks share the costs and the risks of testing and trying new things in a structured and managed process, and maybe most importantly they share the learnings so they can get to market more quickly.”